Ecommerce has been gaining traction for many years and will continue to grow and evolve into the new decade with the rise of alternative payment methods (APMs). The reason? Consumers demand convenience, efficiency and a positive customer experience— all of which paying by an alternative payment method can offer.
Our research with Censuswide shows that SMEs believe the use of alternative mobile payments such as WeChat Pay and Alipay are expected to double in the coming year. In addition, over two-fifths of SMEs expect to see traditional mobile wallets, such as Apple Pay, to be the primary method of payment in 2020.
Based on the expected uptick of alternative payment method usage, our research shows that of the 500 SME decision-makers surveyed, 39% of those not currently accepting mobile wallet payments will begin to do so in 2020, and one-fifth will start accepting even more alternative mobile wallets. What's more, nearly a quarter (24%) will begin accepting Pay By Bank, whereby a payment is made directly from the customer's bank account, another method that simplifies online purchases.
Enabling Alternative Payment Methods
Being able to offer a range of different payment methods is the first step for SMEs looking to survive, and thrive, in 2020 and beyond. Global Payments currently supports over 140 different payment types, enabling SMEs to offer their customers their preferred payment method from the tried and true to the newest alternative payment methods.