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The card maintains its leadership in the midst of a revolution in payment methods

The card maintains its leadership in the midst of a revolution in payment methods

He Spanish e-commerce is in a moment of stability and growth. This is supported by some data from CNMC extension regarding billing, exceeding 18.9 billion euros in the third quarter of 2022, 28.8% more than the previous year. Online shopping is already integrated into our consumption habits. In fact, according to the annual study ecommerce 2022 from iab Spain, 24.7 million Spaniards make purchases through e-commerce, or 78% of the population of Internet users in our country.

However, while online shopping is growing, the consumer profile is also more demanding. We are not just looking for a product or service, we seek excellent digital experiences, a demand that passes through the personalization of offers, relevant content and a simple, comfortable and fast customer journey. On this last point, the payment process is decisive: any friction at checkout generates distrust, as security has become a critical aspect for the final conversion to happen and can lead to cart abandonment. An opportunity for conversion lost, difficult to recover.

And not only that, you have to understand that within the customer journey, the payment process has its own universe. Since there is no single way to do it, there is more and more diversity and the buyer hopes to find that preferred payment method that facilitates the purchase, from the more traditional ones such as credit/debit card, to the more innovative ones such as buy now pay later (BNPL) or Bizum. During the month of May, PAYMENTpayment gateway for e-commerce, conducted a survey among e-commerce professionals with the aim of identifying the most popular payment methods among e-commerce and its consumers.

Paper continues to reign, Google Pay and Apple Pay have not yet affected

Spanish e-commerce stores are incorporating more and more payment methods, however, everyone knows it paper is that faithful companion that virtually any buyer has at their disposal. The survey therefore reveals that among the payment methods offered, 93.44% of online companies undertake to integrate this system. A TOP 3 that completes Bizum, increasingly present with 50.82% and wire transfers with 47.54%. A surprising but sensible fact as it is a low cost trading method and still preferred by some users.

towards the bottom of the list would find Google Pay and Apple Pay, with an incidence of 13.11% and 11.48% respectively, still low integration figures reflecting the fact that, as with other new payment methods, e-commerce is waiting for the adoption curve to rise and user volume to grow. However, the survey also indicates that 37.50% of e-commerce companies are already considering introducing Apple Pay and 35% Google Pay, so it remains to be seen where they will go in the coming years.

The most used

Among the payment methods most used by the buyers of the e-commerce surveyed, paper continues to be the flagship with 73.3%. Although it also affects the use of transfers in second position, with 6.67%. And it is that older generations, such as baby boomers, may be more likely to use this payment method. At the top of the ranking are also options such as PayPal, with a use of 4.44% or other alternatives such as deferred payment methods.

This idea makes us understand that, to a greater or lesser extent, all generations buy online. For this reason, e-commerce must integrate the payment methods preferred by its buyers, since if they are not found, the abandonment rate is likely to increase.

No method is expendable. For this reason, payment service providers must enable e-commerce to continue to innovate and integrate new methodologies in an easy way. In case of PAYMENT, offer solutions for all cases and preferences, from Bizum in Spain, PayPal, Sabadell Consumer online financing and soon Apple Pay and Google Pay. A platform that also thinks of the international customer with methods such as Multibanco, for Portugal, or Giropay, Trustly and iDeal for the Nordic countries, among others.

Experience and safety, essential

In order of importance in choosing one payment method or another, e-commerce speaks for itself: user experience and security are the two key factors. In their experiences, buyers look for simple and seamless processes. Therefore, the methods must be agile and allow you to complete the payment in just a few steps. On the other hand, security is essential to build trust and online businesses must have tools that help prevent, identify and manage possible fraud or criminal activity.

As for secure online payment systems, PAYMENT has the PCI-DSS Level 1 Certification, the highest standard of security in means of payment. In this way, customer card data is encrypted and stored in a secure vault, following strict security protocols. On the other hand, all e-commerce must have the SSL certificate to guarantee the identity of the site and the encryption of the data receivedin addition to compliance with specific PCI, PSD2 and data protection regulations (GDPR).

Spanish e-commerce wants to meet the expectations of an increasingly diverse customer who wants to make personalized purchases. PAYCOMET, as a payment gateway, allows companies to integrate the payment methods preferred by their consumers with the maximum guarantee of simplicity and security. A platform that has a team of developers with over 10 years of experience in the field of innovation, designed by payment experts who seek to offer secure and frictionless experiences.

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