Don't worry about cross-border payment, what is the mainstream payment method in the world?

1. Credit card payments still dominate in developed marketsCredit cards are one of the most common payment methods in the American express automatic payments No...

Mar 07,2022 | Crystal

1. Credit card payments still dominate in developed markets

Credit cards are one of the most common payment methods in the American express automatic payments North American market. Research data from CardData shows that in the first quarter of 2019, the number of valid credit cards and CIF cards in the United States reached 693.9 million, the highest in U.S. history. Credit cards remain the preferred payment method for both online spending and offline sales, favored by U.S. consumers.

Data from Paymentwall shows that in the US economic market, credit card company payments account for more than 78%, followed by e-wallet payments, accounting for 18%. Therefore, if most of your student consumers in the global financial market are from developed countries such as North America, then the Chinese credit card payment method should be a must-have option in your payment service plugin.

2. Electronic bank transfers are highly trusted in certain areas

Online banking transfer is very popular in the Netherlands, Germany, Sweden, Poland, the Philippines, Malaysia and other places. If you want to successfully expand your business in these markets, online banking transfer is also a payment method worthy of your attention.

Internet penetration in these countries and regions is high, and the vast majority of local consumers shop online. As a result, money can be transferred from one bank to another in real time, making online banking one of the most convenient ways for local consumers to pay.

Other popular payment methods associated with online bank transfers include iDeal in the Netherlands, Sofort in Germany, Tenpay in China and Dragonpay in the Philippines.

3. Global alternative payment methods to accelerate business development

Global alternative payment methods such as short-term mobile payments, e-wallets, and App payments are accelerating their development. According to a McKinsey study, global e-commerce transactions exceeded $3 trillion in 2017, accounting for 13 percent of total global trade that year, and are expected to more than double by 2022. In addition, mobile e-commerce accounts for 48% of total e-commerce sales and is expected to reach 70% in 2022.

The rapid development and growth of e-commerce market transactions has promoted the development, testing and use of a large number of alternative payment methods around the world, in order to solve various pain points in the transaction management process of my country's e-commerce platforms. For example, Alipay and WeChat Pay in China, M-Pesa in African countries, Yandex Money in Russia, and MercadoPago in Brazil, these issues are all alternative payment services that local e-commerce consumers can trust, and can be used as an e-commerce Excellent teaching case studies of online trading for reference.

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