Best Payment Methods. How to Make the Right Choice for Ecommerce in 2024?

Best Payment Methods for eCommerce

Payment methods are a central part of the user experience. For companies, especially in the e-commerce sector, offering customers all possible payment options is crucial to retain them and prevent them from going to another company, leaving their shopping cart behind.

One study shows that small businesses that offer various payment options have increased their revenues by almost 30%. Conversely, if you fail to provide the payment method that suits your potential users, you risk losing some of your potential income.

Which payment methods are suitable for eCommerce?

Even though online payments in ecommerce take place on the internet, they don't follow a uniform process. With the rapid expansion of ecommerce, how people settle payments for online goods and services has become diverse. Customer preferences for ecommerce payment methods differ significantly across the globe, and the landscape is continually evolving.

While credit and debit cards, as well as digital wallets, dominate as the most popular global ecommerce payment methods, specific regions still favor alternative options like bank transfers and cash on delivery (COD). Mobile payments are also on the rise, especially in markets with widespread smartphone usage.

By the way in our previous article read about payment trends that can increase your sales.

Presently, here are some of the widely used global ecommerce payment methods:

  • Credit and Debit Cards

Credit and Debits Cards like Payment Methods for eCommerce

Credit and debit cards stand out as the most prevalent means of payment for ecommerce transactions, providing customers with quick and convenient payment options.

  • Bank Transfers

Bank Transfer for eCommerce payments

Bank transfers, or electronic funds transfers (EFTs), permit customers to move money from their bank accounts to the business's accounts. While bank transfers are utilized globally, they are particularly favored in Europe and Asia, constituting 45% of ecommerce payments in the European Union in 2020, as per a survey by the European Central Bank.

  • Digital Wallets

Digital Wallets eCommerce Payment Solution

The popularity of digital wallets, such as PayPal, Apple Pay, and Google Pay, is on the rise. These wallets enable customers to securely store payment information and make swift payments with just a few clicks. In 2020, digital wallets emerged alongside credit cards as the most favored online payment method in the US, according to Statista.

  • Cash on Delivery (COD)

Cash on Delivery Payment Methods for eCommerce

COD is a payment approach where customers settle payments upon receiving their purchases. This method is prevalent in regions with low credit and debit card usage, with approximately 83% of customers in India favoring COD for online payments, according to Nielsen's Global Connected Commerce Survey. 

  • Mobile Payments

Mobile Payments for eCommerce

Mobile payments allow customers to make payments using their mobile devices. Projections indicate that mobile payments will make up over 43% of total retail ecommerce sales in 2023, up from approximately 42% in 2022.

  • Buy Now, Pay Later

Buy Now, Pay Later Payment eCommerce Solutions

This payment option enables customers to buy goods or services upfront and defer payment until a later date, often with additional interest or fees.

  • Cryptocurrency

Cryptocurrency eCommerce Payment Solution

Cryptocurrencies like Bitcoin and Ethereum serve as digital currencies for ecommerce transactions, gaining wider acceptance among online retailers.

  • Ecommerce payment gateways

Ecommerce payment gateways eCommerce Payment Solution




E-commerce payment gateways are online services that facilitate and authorize electronic payment transactions between buyers and sellers. 

E-commerce payment gateways contribute to a seamless and secure online shopping experience, providing a crucial infrastructure element for businesses engaged in electronic commerce.

  • Electronic Checks

Electronic Checks eCommerce Payment Solution

Electronic checks offer an alternative payment method for customers who prefer using their bank accounts rather than credit or debit cards. This method can be convenient for both businesses and customers, providing a secure and efficient way to process payments in the e-commerce landscape.

  • Direct Deposit

Direct Deposit eCommerce Payment Solution

Direct deposit offers several advantages, including speed, security, and convenience. It eliminates the need for physical checks, reduces the risk of loss or theft, and ensures that funds are available in the recipient's account on the scheduled payment date.

How to decide which payment methods to choose for your eCommerce project?

When selecting payment systems for your business, be sure to consider the geographical location of your customers. Here are the most popular payment methods according to different parts of the world:

In Europe:

  • Card Payments (Visa and Mastercard)
  • Credit and debit cards, such as Visa, Mastercard, and American Express, are widely accepted for online payments in Europe.

  • PayPal
  • PayPal is a popular online payment system that facilitates secure transactions and is widely accepted across many online retailers in Europe.

    Here you can read more about the PayPal on Germany.

  • Google Pay
  • Google Pay, a digital wallet developed by Google, enables users to make online and in-store purchases using their mobile devices.

  • Apple Pay
  • Apple Pay, developed by Apple, allows users to make online and in-store purchases using their iPhone, iPad, or Apple Watch.

  • Amazon Pay
  • Amazon Pay, provided by Amazon, allows users to make purchases on external websites using their Amazon account information.

  • Stripe
  • Stripe is a prominent online payment processing platform, enabling businesses to accept payments online and in apps, available across most European countries.

  • iDeal
  • iDEAL is a popular online payment method in the Netherlands, allowing secure payments through users' online banking accounts.

  • Giropay
  • Giropay, a German online payment system, enables secure online payments using users' online banking accounts in Germany.

  • SOFORT is an Austrian online payment system available in several European countries, allowing secure payments through users' online banking accounts.

  • Klarna
  • Klarna, a Swedish payment service provider, offers customers the option to pay later or in installments and is available in various European countries.

  • EPS (Electronic Payment Standard)
  • Developed by Austrian banks, EPS is an online payment system popular in Austria but not as widely used globally as other methods.

    In North America (USA and Canada):

    • Card Payments (Visa, Mastercard, American Express, Discover (USA).

    Similar to Europe, card payments are popular in the USA, with Discover cards also widely used.

  • Interac (Canada)
  • Interac, a popular online payment system in Canada, allows secure transactions using bank accounts through a mobile app or participating financial institutions. 

  • PayPal
  • PayPal is extensively used in the American and Canadian markets for its convenience and security.

  • Apple Pay
  • Apple Pay has a substantial user base in the United States and Canada, particularly due to the widespread popularity of iPhone devices.

  • Square
  • Square, a financial services and mobile payment company in the United States offers diverse payment solutions, including online payment platforms for businesses. 

    Additionally, when choosing payment systems, consider factors such as:

    • Customer preferences and market standards
    • Transaction fees
    • Security and fraud prevention
    • Compatibility with the e-commerce platform

    By the way our previous article can help you to better understand customer behavior.


    Payment systems play a critical role in e-commerce projects. If you don't take into account the preferences, geography, and convenience of the payment system for your customers, you risk losing potential revenue. Conversely, approaching this matter with necessary and detailed information about your customers will undoubtedly result in increased profits. If you need assistance in selecting and integrating payment systems for your e-commerce business, reach out to us, and our experts will help you address this issue and make your business more successful.

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