Online commerce continues to grow in our country, with 24.7 million buyers, according to the latest study on Ecommerce by iab Spain and 18.9 billion euros billed in the third quarter of 2022 according to the CNMC. And the consumer profile it is also more demanding.
They are not just looking for a product or service, they are looking for excellent digital experiences, a demand that goes through the personalization of offers, relevant content and a customer journey that is simple, comfortable and fast. On this last point, the payment process is decisive: any friction at that moment generates distrust, since security has become a fundamental aspect for the final conversion to take place, and it means cart abandonment.
Inside of the customer journey, the payment process has its own universe because there is more and more diversity and the buyer expects to find that favorite payment method that facilitates the purchase, from the most traditional ones such as the credit / debit card, to other more innovative ones such as the buy now and pay later (BNPL) or Bizum. PAYCOMET, payment gateway for ecommerce, has carried out a survey of electronic commerce professionals with the aim of identifying the most popular payment methods among ecommerce and its consumers.
The most integrated methods
Spanish e-commerce stores are increasingly incorporating more payment methods, however the card continues to reign, since 93.44% of online businesses offer this system. The TOP 3 is completed by Bizum, increasingly present with 50.82% and, surprisingly, The transferswith 47.54%.
- Google Pay and Apple Pay do not impact yet. Towards the bottom of the list would be Google Pay and Apple Pay, with an impact of 13.11% and 11.48% respectively, integration figures still low that respond to the fact that, as happens with other new payment methods, e-commerce wait for the adoption curve to increase and the volume of users to grow. However, the survey also indicates that 37.50% of e-commerce are already thinking of introducing Apple Pay and 35%, Google Pay, so the route they will have in the coming years remains to be seen.
- The most used by buyers. Among the most used payment methods in the surveyed e-commerce, the card is the indisputable favorite with 73.3%. In addition, it leaves the second position far behind, transfers, with 6.67%, a method that could have a greater impact among older generations such as baby boomers. Options like PayPalwith a use of 4.44% or other alternatives such as deferred payment methods are also in the top positions of the ranking.
- User experience and security. In the order of importance when choosing one payment method or another, user experience and security are two key factors. In their experiences, buyers look for seamless and easy processes. Therefore, it is necessary that the methods are agile and allow the payment to be completed in a few steps.
- On the other hand, security is essential. to build trust and online businesses must have at their disposal tools that help prevent, identify and manage possible fraud or criminal activities.
