What are Alternative Payment Methods
Alternative payment methods are ways of payment other than cash and major card payments(Visa, Mastercard etc). They include prepaid cards, mobile payments, e-wallets, bank transfers etc. These are usually dominant in a given country but not very popular internationally. They are recognized and supported by local banks and legal systems. They usually use technology companies , as opposed to banks and card networks , to process payments.
Why Integrate APMs?
The advantages of accommodating alternative payment methods on your platform are vast. As traditional payment methods become more expensive each year, many consumers are switching to cheaper, more accessible alternatives.
Businesses that have not integrated alternative payment methods on their platform are leaving money on the table and losing clients to their competitors. According to research, over two thirds of UK clients have abandoned an online sale due to poor payment options.
As stated earlier, alternative payment methods are usually localized so you will need to integrate them according to your target market. Popular payment methods globally include Paypal, Apple Pay and Stripe. In China, the most common mobile wallets are Alipay and WeChat Pay; while in The Netherlands, iDEAL is the dominant payment method.
This page was last updated on September 13, 2022.