Market developments in recent years are leading to a diversification in the payment options available to consumers. This means that, beyond cash or card payments, more and more consumers worldwide are opting for alternative payment methods.
Alternative payments include digital wallets (such as the well-known PayPal), instant payment services (such as Bizum or Revolut), and new international alternative payment processing services. Principally, what are the differences between the new payment methods, and what are the short- and long-term benefits for your business? What are the main alternative payment methods, and how do you integrate them into your business?
What is the difference between PayPal and alternative payment services such as AliPay or Trustly?
The main difference between e-wallets, or electronic wallets, and alternative payment services such as AliPay, Trustly, and others, is that e-wallets require the opening and maintenance of a digital account. The user must then deposit money from her account. Alternative payment processing services, on the other hand, do not require the opening of a new wallet account. In this case, the user simply must link their bank details to the system, authenticate these data through their bank, and can start paying from their mobile device through these payment services’ applications. As simple as that.
Today there are many alternative payment services, whose popularity varies by country, more or less relevant to your business depending on the origin of your clientele. If you want to know in detail the profile, characteristics, and consumption habits of your customers, we have something for that purpose, our business intelligence tool. Through the management of financial data, and its processing and analysis, we can offer our customers financial statistics where they can know the key performance indicators or KPIs of their business, as well as track transaction activity, and analyse them individually.
Contact us for personalised, no-obligation expert advice.
International alternative payment methods
Knowing the importance of alternative payment methods, which ones have the most benefits for your business? And more importantly, how do you synchronise a payment gateway with all of them? The answer is simple: with the help of a financial expert in payment processing. compatible
At PayXpert, we have developed a payment gateway for alternative payment methods, with more than 100 different currencies, already benefitting more than 650 merchants in the UK, France, Spain, and Taiwan. Our goal is to contribute as much as possible to the creation of a global marketplace where merchants from all over the world can reach all their potential customers regardless of their origin.
Alternative payment methods of our payment gateway
- Alipay: the most popular online payment service provider in China, handling more than 100 million transactions daily, with more than 520 million active users. Alipay is an e-wallet that allows users to make payments from their mobile application. For merchants outside China, it is the ideal way to attract Chinese tourists.
- WeChat Pay: The most popular social network and app in China, with more than one billion monthly active users, is also one of the country’s favourite payment methods.
- RuPay: RuPay is an Indian multinational financial services and payment services system, conceived and launched by the National Payments Corporation of India (NPCI) on March 26th, 2012. It was created to fulfil the Reserve Bank of India’s (RBI) vision of establishing an open national network and multilateral payments system. PayXpert provides a UPI QR Code option in the UK market.
- Bancontact: this is the most popular payment card in Belgium, accounting for more than 50% of all transactions in that country.
- Carte Bancaire is the French interbank network; it offers VISA and MasterCard branded cards with more than 65 million units issued and more than one million acceptance points.
- Giropay: the reference bank transfer payment method for the German customer, integrating more than 1500 banks in the country. It processes more than one million transactions monthly.
- IDeal: the most popular payment method in the Netherlands, another safe bet for selling to tourists or online customers.
And many more: Przelewy24, Sofort, Trustly, etc. With an omnichannel solution from PayXpert, you have the tools to offer the best options to your customers. Much more than alternative payment channels: payment channels and devices developed to increase your business conversion while optimising the shopping experience.
