E-commerce trends

Digital payments: the importance of alternative payment methods

19 April 2022



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With Worldz, you can offer your shop users an alternative payment method that allows them to pay with a social post

After the global pandemic, electronic means of payment have experienced a great development and the ecosystem of digital payments is no longer the same. More and more digital tools have been used to make online purchases and even the most cash-loving users have discovered the convenience of frictionless payments. For this reason, in the last 12 months, 67% of online businesses have accelerated plans to revamp Checkout, looking for a payments partner capable of responding to change and consumers’ new payment preferences.

Users prefer digital payment methods capable of making the shopping experience pleasant, efficient and frictionless. While security, speed and simplicity are the three key determinants of reducing cart abandonment at checkout, a fourth must be added to these features: alternative payment methods (APM). In an effort to attract more users, it’s crucial to offer a wide range of payment methods so you’re ready to accept all the methods consumers are demanding today. Generally, a user who is used to paying with a specific provider (Google Pay, Apple Pay, PayPal) will prefer to conclude the purchase always with the same one for convenience and simplicity, but above all because by now he is familiar with that specific system. If a digital shop doesn’t give the user this possibility, the customer could find some obstacles in the checkout phase and have second thoughts about the purchase, while the Merchant would lose the benefit of a sale related to a possible impulse buy.

During and after the pandemic, more and more digital businesses have learned the importance of having a smooth and fast checkout at their expense, but more importantly, the ability to grant the user a wide choice of payment methods. In this scenario, if you want to offer a different payment method and gain a competitive advantage, with Worldz you can allow users of your digital shop to pay part of their purchase with a social post:

  • thanks to the social login integrated directly on your platform, each user will discover the economic value of his social profile;
  • the user gets a credit proportional to his online popularity that he can use to make purchases if he shares the chosen product on his profile;
  • finally, thanks to the sharing, he will find his personalized credit directly in the cart and he will be able to conclude the purchase in a simple and fast way with an alternative and innovative payment method.

Find out more, contact us for the free demo.