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Blog  /  Online payments  /  Why need alternative payment methods in 2021?
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Why need alternative payment methods in 2021?

Time to read: 3 minute(s)

Our world is changing every second. If companies aren’t willing to adapt to change, they will have an uphill battle with little chance of winning.
In 2020, the number of cashless payment methods doubled in many countries. If we’re talking about Europe, in 2019, the number of cashless transactions was under 100 billion, whereas in 2020, it was 171 billion. And that’s far from the limit.
We’ll look at why you should provide cashless payment methods.

Popular cashless payment methods

As before, credit cards remain popular. However, today mobile applications and electronic purses are increasingly used for these purposes. Alternative payments have become so popular in Europe and worldwide that they already account for over 49% of all transactions.
Younger people are more likely to use these methods. But if you think that the older generation traditionally pays with cash, you’re wrong. That’s because alternative payment methods for goods are very convenient, and their benefits are obvious.

Why should one add alternative payment methods?

The answer to this question seems obvious. Give your customers a variety of payment options, and they’ll buy from you. But that’s not the only reason. There are other reasons.
Firstly, your conversion rate can increase significantly. You cannot be 100% sure how your customer prefers to buy products. So by providing just 1-2 ways, you run the risk of missing out and losing him or her forever. On the contrary, by offering all available methods, you will increase the convenience of shopping with you, and the customer will not have to change the payment method they are used to.
Secondly, by switching to alternative payment methods, you will enter new markets and attract an audience previously unavailable to you. It remains only to produce an outstanding quality and the goods people need. Moreover, with this task, you can do.
Thirdly, you will be able to beat your competitors. If your company does not produce a unique product, you have to compete with thousands of other firms. Providing a wide variety of methods will be your advantage. Don’t look at what payment methods are available on your competitors’ site, but give the best options available right away.
Your customers’ loyalty is another reason to offer alternatives to credit cards. After all, not everyone wants to share payment information and enter their card number online, which means without the option to pay by other methods, the customer may refuse to buy. Don’t let that happen. In addition, if the customer buys from you once and is confident that they can choose different payment methods, their loyalty to your company will increase significantly.
Don’t make customers waste time filling out massive application forms. No one likes that. Everyone wants to make purchases in seconds and as simple as possible. And that’s another reason to look more closely at alternative methods of payment.

The future is in cashless payments

Let’s be honest. No one wants to pay for items with cash. The Data shows an inevitable growth of the cashless payments, including the usage of alternative payments.

number of cashless transactions
Customers want to pay online, so the only way to win the competition is to go after them. Keep an eye on what payment methods are becoming popular, and be sure to add them. Customers will thank you for it.

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