The Fintech Sector, across the Globe, is growing at rates, above and beyond human expectations. The adaption of Online Payments by consumers, even in countries where cash was the main medium of exchange, are becoming habitual of Digital Payments.
Covid-19 Causing the Pivotal Shift
When the Pandemic Covid-19 struck, the world was forced to resound to in-door mechanisms, with strict regulations, and little innovation. However, technology truly saved the day during Covid-19. We can say that Covid-19 is largely responsible for the pivotal shift towards online adaption. Retail experiences and preferences have gone down, while demand for E-commerce has plummeted. This shift in consumer preferences is now fully integrated within their mindsets, and even post Covid-19, we don't see people switching back to cash-based spending or traditional methods of transactions, which is why the audience must be aware of the preferred and available online payment methods available in different countries all across the Globe.
Available Online Payment Methods across the Globe
One of the biggest hurdles and challenges for E-retailers and consumers, looking to transact online, is to find the right payment partner or method, based on geographic regions. While most payment partners have Global Integration and large outreach, there is still a significant number of countries where different types of payment methods and partners are preferred by the respective citizens. It is important to be fully aware of those country-wise payments methods. We will be accommodating you with a comprehensive list of top preferred and available online payment methods across the Globe, so that you’re well aware of your options.
Knowing or grasping which online payment method is best for a certain market or the other is paramount, simply because online shoppers are 80% more likely to secure and finalize a respective purchase if their preferred payment method is popping up in the available options. However, when traveling in certain countries, you must know the preferred available options in the region, instead of taking the short route with, say, PayPal. Times are changing, and regional preferences are increasing, which is why you must know your options fully.
Before we jump into the list of all the available preferred payment options across different countries of the world, you must know the types of online payments.
1. Debit and Credit Cards (Online Payment Gateways)
Despite the growth and innovation in the Fintech sector, the use of credit cards are still dominant amongst consumers, which is why it remains as one of the most popular choices for online purchases, from a global viewpoint. Debit and Credit cards are still being sought to, as online payment methods, simply because consumers believe they are more secure and comprehensive options for online transactions, since they are accustomed to it for good amount of time. Debit and Credit cards are also integrated with another category of online payments that are payment gateways like MasterCard and VISA, making it an ever more popular choice amongst consumers. Since payment gateways like PayPal and American Express are integrated with your respective Debit and Credit Cards, they are mentioned under one single umbrella of category, even the two, while being interdependent, are exactly the same.
2. Bank or Wire Transfers
This is another form of online payments that is slowly decreasing in demand, given how easy it is to send and receive payments through other mediums. However, cross-country or cross-boundary, users still resound to bank and wire transfers, when transacting online, since it has an additional perceived layer of security, due to bank’s direct involvement and authentication in the process. Despite the security and convenience, Bank transfers are fading away, and eventually becoming a thing of the past.
3. Buy Now Pay Later (BNPL)
Buy Now and Pay Later schemes are picking up immense pace, registering a growth of almost 170% in the last two years. Such schemes are primarily targeting the youth who have restricted cash flows, and can’t pay big sums in one go. Hence, small, interest-backed payments are devised, stretched across months. Companies like Klarna, AferPay, and Bread have already aligned with top brands to offer the BNPL option to customers in different countries.
4. Digital or E-Wallets
This is a category that has grabbed the most attention in the past few years, especially after Covid-19. Digital wallets, an online payment mechanism, is one of the fastest growing online payment methods all across the globe. It is projected to account for 50% of Global E-commerce sales by the year 2022. Some analysts have found that Digital Wallets and its usage in terms of online payments, have surpassed that of Credit and Debit Cards, as of late. Digital wallets are simplified forms of banking with no fancy bells and whistles. Just plain and simple mechanism to retain and transact. The most popular digital wallets include the likes of PayPal, GoogelPay, ApplePay, AliPay, Venmo, and vice versa.
5. Electronic Checks
While this is something that hasn’t captured mainstream attention, but the option still exists, and people are using it to make online payments. This method essentially involves withdrawing money from a checking account. The user authorizes the payment directly from his/ her bank account, and the processing, in terms of mechanism, is also similar to that of normal checks. Only difference is that the process is faster and snappier.
List of Top Preferred Payment Methods (Country-wise)
|
Company Name |
Operational Platform |
Technology |
Location/ Countries |
|
2C2P |
Online/ POS/ Mobile Application |
Payment Gateway |
Singapore |
|
AfterPay |
Mobile Application |
Post Payment System |
New Zealand |
|
Ayden |
Online/ POS/ Mobile Application |
Digital Payment |
Global |
|
AliPay |
Mobile Application |
Digital Wallet |
China |
|
Amazon Pay |
Online |
Digital Payment |
Austria, Belgium, Cyprus, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Netherlands, Portugal, Spain, Sweden, Switzerland, UK, USA |
|
American Express |
Online |
Credit Card |
Worldwide |
|
Apple Pay |
Online/ Mobile Application |
Digital Payment |
USA (except Puerto Rico & other unincorporated territories), UK (excluding British Overseas Territories but including Crown Dependencies), Canada, Australia, China (including Hong Kong and Macau), Singapore, Switzerland, France, Monaco, Russia, New Zealand, Japan, Spain, Ireland, Taiwan, Italy, San Marino, Vatican City, Denmark (including Greenland and Faroe Islands), Finland, Sweden, United Arab Emirates, Brazil, Ukraine, Poland, Norway, Kazakhstan, Belgium, Germany, Czech Republic, Saudi Arabia, Austria, Iceland, Hungary, Luxembourg, Netherlands, Bulgaria, Croatia, Cyprus (except Northern Cyprus), Estonia, Greece, Latvia, Liechtenstein, Lithuania, Malta, Portugal, Romania, Slovakia, Slovenia, Georgia, Belarus, Montenegro, Serbia, Mexico |
|
Atos |
Online |
Digital Payment |
Global |
|
Auhtorize.net |
Online |
Payment Gateway |
Australia, Canada, UK, USA, Europe |
|
Bancomat Pay |
Mobile Application |
Digital Payment |
Italy |
|
Bancontact |
Online |
Debit Card |
Belgium |
|
BankAxept |
Online |
Bank Transfer |
Norway |
|
BHIM |
Online/ POS/ Mobile Application/ QR |
Payment Gateway |
India |
|
BitPay |
Online (bitcoin) |
Cryptocurrency Payments |
USA |
|
bKash |
Online/ Mobile Application |
Digital Payment |
Bangladesh |
|
BKM Express |
Online |
Bank Transfer |
Turkey |
|
Boleto |
Online |
Payment Gateway |
Brazil |
|
BPAY |
Online |
Digital Payment |
Australia |
|
Braintree |
Online/ POS/ Mobile Application |
Digital Payment |
Australia, Canada, Europe, Hong Kong, Malaysia, New Zealand, Singapore, USA |
|
CartaSi |
Online |
Payment Gateway |
Italy |
|
Cartes Bancaires |
Online |
Payment Gateway |
France |
|
CM |
Online |
Payment Gateway |
The Netherlands |
|
Creditcall |
Online/ POS/ Mobile |
Payment Gateway |
USA, UK |
|
Dankort |
Online |
Debit Card |
Denmark |
|
Digital River |
Online |
Digital Payment |
Minnetonka, Minnesota, USA |
|
Discover |
Online |
Credit Card |
USA |
|
Dwolla |
Online |
Digital Payment |
USA |
|
Easypaisa |
Online/ Mobile Application |
Digital Wallet Payment |
Pakistan |
|
eWAY |
Online |
Payment Gateway |
Australia, New Zealand, Singapore, Hong Kong, Macau |
|
FirstData |
POS |
Payment Gateway |
USA |
|
Fortumo |
Online/ Mobile Application |
Digital Payment |
Bangladesh, Cambodia, Indonesia, Kazakhstan, Malaysia, Myanmar, Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, Vietnam, Bahrain, Cameroon, Cote d'Ivoire, Egypt, Iraq, Kenya, Kuwait, Morocco, Mozambique, Palestine, Qatar, Saudi Arabia, Senegal, Tunisia, Turkey, United Arab Emirates, Albania, Belarus, Bosnia & Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Kosovo, Latvia, Lithuania, North Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine, Austria, Cyprus, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK, Brazil, Chile, Colombia, Ecuador, Mexico, Uruguay, Canada |
|
Giropay |
Online |
Payment Gateway/ Digital Wallet |
Germany |
|
GooglePay |
Online/ POS/ Mobile Application/ QR |
Digital Wallet |
Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Chile, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Ireland, Italy, Japan, Latvia, Lithuania, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Russia, Singapore, Slovakia, Spain, Sweden, Switzerland, Taiwan, Ukraine, United Arab Emirates, UK, USA |
|
Google Pay Send |
Online/ Mobile Application |
Digital Payment |
USA, UK |
|
Heartland Payment Systems |
Online/ POS/ Mobile Application |
Payment Gateway |
USA |
|
iDEAL |
Online |
Bank Transfer |
The Netherlands |
|
Ingenico |
POS |
Payment Gateway |
France |
|
Interac |
Online |
Payment Gateway |
Canada |
|
IP Payments |
Online |
Payment Gateway |
Australia, New Zealand, UK |
|
Klarna |
Mobile Application |
Post Payment System |
Australia, Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Spain, Sweden, Switzerland, UK, USA |
|
Konbini |
Online/ Mobile Application |
Bank Transfer |
Japan |
|
Maestro |
Online |
Debit Card |
Belgium |
|
Mastercard |
Online |
Payment Gateway |
Global |
|
MB Way |
Mobile Application |
Mobile Payment |
Portugal |
|
M-Pesa |
Mobile Application |
Digital Wallet Payment |
Kenya, Tanzania, India, Lesotho, DRC, Ghana, Mozambique, Egypt |
|
MIR |
Online |
Credit Card |
Russia |
|
MPay |
Online |
Digital Payment |
Thailand |
|
Nagad |
Online/ Mobile Application |
Digital Payment |
Bangladesh |
|
Novalnet |
Online/ POS/ Mobile Application |
Digital Payment |
Global |
|
OFX |
Online |
Payment Gateway |
Australia, Canada, Hong Kong, New Zealand, UK, USA |
|
Opayo |
Online/ POS |
Payment Gateway |
UK, Ireland |
|
PagSeguro |
Online |
Payment Gateway |
Brazil |
|
Paylib |
Online/ Application |
Digital Wallet |
France |
|
Paya |
Online/ POS |
Payment Gateway |
North America |
|
Paymentwall |
Online |
Payment Gateway |
USA |
|
Payoneer |
Online |
Payment Gateway |
USA |
|
PayPal |
Online |
Payment Gateway |
USA, Argentina, Australia, Austria, Belgium, Brazil, China, France, Spain, Netherlands, Hong Kong, Japan, Canada, Mexico, Germany, Poland, Russia, Singapore, Sweden, Switzerland, Turkey, UK, Italy, India |
|
PayPoint |
Online |
Payment Gateway |
UK, Ireland, Romania |
|
Paysafe Group |
Online/ POS/ Mobile Application |
Digital Payment |
UK, USA, Canada, Austria, Bulgaria, Germany, Netherlands, Australia, Spain |
|
Paysbuy |
Online |
Payment Gateway |
Thailand |
|
Paytm |
Mobile Application |
Digital Wallet |
India |
|
PayU |
Online/ POS/ Mobile Application/ QR |
Digital Payment |
Netherlands, India, South Africa, Russia, Mexico, Brazil, Argentina, Chile, Colombia, Czech Republic, Hungary, Nigeria, Panama, Peru, Poland, Romania, Slovakia, Turkey |
|
Paytrail |
Online |
Payment Gateway |
Finland |
|
Payzone |
Online |
Payment Gateway |
Ireland |
|
PhonePe |
Online/ POS/ Mobile Application/ QR |
Digital Wallet Payment |
India |
|
PlaySpan |
Online |
Payment Gateway |
USA |
|
POLi |
Online |
Bank Transfer |
Australia, New Zealand |
|
PostePay |
Online |
Payment Gateway |
Italy |
|
Przelewy24 |
Online |
Bank Transfer |
Poland |
|
QIWI |
Mobile Application |
Digital Wallet |
Russia |
|
RatePay |
Mobile Application |
Post Payment System |
Switzerland |
|
Realex Payments |
Online |
Payment Gateway |
Ireland, UK |
|
Red Compra |
Online |
Payment Gateway |
Chile |
|
Red Dot Payment |
Online |
Payment Gateway |
Singapore |
|
RuPay |
Online |
Debit Card |
India |
|
SafeCharge International |
Online/ POS/ Mobile Application |
Digital Payment |
UK |
|
SEPA Direct Debit |
Online |
Direct Debit |
Germany |
|
Skrill |
Online |
Payment Gateway |
UK |
|
SOFORT |
Online |
Payment Gateway |
Germany, Switzerland, Austria |
|
Square |
Online/ POS/ Mobile Application |
Digital Payment |
USA, Canada, Japan, Australia, UK |
|
Stripe |
Online/ Mobile Application |
Digital Wallet Payment |
Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Luxembourg, Malaysia, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, UK, USA (invite-only in Brazil, Estonia, Greece, India, Latvia, Lithuania, Mexico, Poland, Slovakia, Slovenia) |
|
Tencent |
Online/ POS/ Mobile Application |
Digital Payment |
China |
|
TransferMate |
Online |
Payment Gateway |
Ireland |
|
TransferWise |
Online |
Payment Gateway |
UK |
|
TrueMoney |
Online |
Payment Gateway |
Thailand, Southeast Asia |
|
Trustly |
Online/ Mobile Application |
Bank Transfer |
Austria, Belgium, Bulgaria, Croatia, Czech Republic, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, UK |
|
Twint |
Mobile Application |
Post Payment System |
Switzerland |
|
Ukash |
Online |
Payment Gateway |
UK |
|
Union Pay |
Online |
Payment Gateway |
Worldwide |
|
Verifone |
POS |
Payment Gateway |
USA |
|
Vipps |
Online |
Bank Transfer |
Norway |
|
VISA |
Online |
Payment Gateway |
Global |
|
WebMoney |
Mobile Application |
Digital Wallet |
Russia |
|
WeChat Pay |
Online/ Mobile Application/ POS |
Digital Wallet |
China |
|
WePay |
Online |
Payment Gateway |
USA |
|
Wirecard |
Online/ POS/ Mobile Application |
Digital Payment |
Germany |
|
Worldpay |
Online |
Payment Gateway |
UK |
|
WorldRemit |
Online/ POS |
Payment Gateway |
UK |
|
Xsolla |
Online |
Payment Gateway |
USA, Russia |
|
Yandex.Money |
Mobile Application |
Digital Wallet |
Russia |
|
ZIP |
Online |
Payment Gateway |
Australia |
We have provided you with a comprehensive list of all the available and preferred online payment channels spread across different countries, so that you are well-equipped and aware of the options available.
