Zwitch
  • Embedded Finance
  • Perspective
  • Technology
  • Compliance
  • Security
Zwitch
Home Payment Gateway Payouts Zwitch Bill Connect API Marketplace
Zwitch Zwitch Zwitch
  • Embedded Finance
  • Perspective
  • Technology
  • Compliance
  • Security
Maximizing Sales with the Right Payment Options for Your Customers
  • Perspective

Maximizing Sales with the Right Payment Options for Your Customers

  • January 7, 2025
  • Saudamini Chandarana
Total
0
Shares
0
0
0

When customers make purchases, the experience at checkout plays a pivotal role in shaping their perception of a brand.  An efficient and frictionless payment process has become an essential part of any successful business strategy. Offering multiple payment options ensures businesses cater to diverse customer preferences, enhancing satisfaction and retention rates.

Why Offering Diverse Payment Options Matters

Data suggests that 13% of online shoppers abandon their carts due to limited payment methods (Baymard Institute). In an era where convenience drives decisions, businesses must prioritize flexible and secure payment solutions. From credit and debit cards to mobile wallets and Buy Now, Pay Later (BNPL) services, a range of options empowers consumers to choose what suits them best.

But how do payment options impact business revenue? Studies show that businesses providing diverse payment choices see an average of 30% higher revenue than those with limited options (PR Newswire). Furthermore, integrating preferred payment methods reduces cart abandonment rates, improves conversion, and builds trust.

Overview of Payment Options Available in the Market

A variety of payment options cater to the diverse needs of modern consumers. Here is a breakdown of the most popular payment methods:

Credit and Debit Cards

  • Meaning: These are widely accepted financial tools for in-store and online transactions, offering features like rewards programs, purchase protection, and ease of tracking expenses.
  • Advantages: Universally accepted, offers security for purchases, and helps users build financial discipline.

The number of payment cards in circulation worldwide grew by nearly one billion between 2022 and 2023 and is forecast to increase further. By 2028, it is expected that 29.99 billion payment cards will be in circulation.

Source: Statista

Mobile Wallets

  • Meaning: Digital wallets, accessible via smartphones or wearable devices, enable contactless payments securely and conveniently.
  • Advantages: Fast, secure, and increasingly popular with younger demographics.
  • Examples: Apple Pay, Amazon Pay, PhonePe.

UPI (Unified Payments Interface)

  • Meaning: UPI is a real-time payment system that facilitates instant money transfers directly between bank accounts, simplifying digital transactions.
  • Advantages: Zero fees, instant processing, and highly accessible.

UPI achieved 15,547 crore transactions worth ₹223 lakh crore from January to November 2024, showcasing its transformative impact on financial transactions in India.

Source: @FinMinIndia

Buy Now, Pay Later (BNPL)

  • Meaning: BNPL payment plans allow consumers to make purchases immediately while spreading the cost into smaller, manageable installments over time. This makes it easier for them to afford high-value items without the need for traditional credit cards.
  • Advantages: Increases average order values, appeals to budget-conscious consumers, and offers flexible repayment options.

Bank Transfers

  • Meaning: Direct money transfers between bank accounts, often used for large payments due to their simplicity and reliability.
  • Advantages: Cost-effective, transparent, and involves no intermediary fees.

Cash and E-Cash

  • Meaning: Traditional cash payments and digital cash equivalents, offering convenience and accessibility for all.
  • Advantages: Universally accepted, secure, and critical in regions with limited digital adoption.

Types of Payment Cards: A Breakdown

Payment cards remain the backbone of digital and in-store transactions. Here’s a look at the major types:

Credit Cards

  • Meaning: Credit cards allow users to borrow funds within a predetermined limit for purchases.
  • Benefits: They provide rewards, cashback, and purchase protection. They’re also essential for building a credit history.
  • Popular networks: Visa, Mastercard, American Express, and Discover.

Debit Cards

  • Meaning: Linked directly to a user’s bank account, debit cards enable payments using available funds.
  • Benefits: No interest charges or borrowing limits; they are universally accepted (online & offline) and offer instant access to funds, making them a convenient choice for everyday transactions.

Prepaid Cards

  • Meaning: These cards need to be pre-loaded with funds before use.
  • Benefits: They’re ideal for budgeting and are not tied to a bank account, making them accessible to individuals without traditional banking services.

Virtual Cards

  • Meaning: Digital versions of payment cards generated for one-time or limited transactions. 
  • Benefits: They offer enhanced security for online purchases, eliminate the need for a physical card, and significantly reduce the chances of fraud.

Corporate or Business Cards

  • Meaning: These are cards issued to companies to streamline employee expense management and facilitate business-related payments efficiently.
  • Benefits: It simplifies business expense tracking and often includes tailored perks such as travel insurance, higher credit limits, and exclusive rewards.

Payment Gateways: The Bridge Between Businesses and Payment Options

A payment gateway plays a crucial role in ensuring these payment cards and other methods integrate smoothly into the transaction flow. It’s the technology that securely authorizes payments, bridging the gap between the merchant and financial institutions.

Zwitch Payment Gateway, for instance, is engineered to optimize this process for businesses of all scales. By supporting over 150+ payment options—including credit and debit cards, UPI, wallets, and BNPL services—it ensures your customers have ample choices. Moreover, its real-time analytics and advanced fraud detection mechanisms enhance security and transparency.

Interested in our APIs? Let’s talk!

Tell us your automation goals, and we’ll set you up with a free, personalized demo from our API expert.

Click Here

Key Considerations When Choosing Payment Options

Businesses must weigh several factors when deciding on payment options:

  • Target audience: Younger demographics often prefer mobile wallets and UPI, while older customers may rely on traditional cards.
  • Security: Ensure robust compliance with standards like PCI DSS to protect customer data.
  • Integration: Opt for solutions that integrate seamlessly into your existing infrastructure.
  • Cost: Evaluate transaction fees and other associated costs.

The variety of payment options you offer can make or break your customer’s checkout experience. While traditional payment cards remain a staple, embracing emerging methods like BNPL and mobile wallets ensures you’re catering to modern consumer preferences. With solutions like Zwitch’s payment gateway, businesses can integrate these options seamlessly while ensuring security, scalability, and a user-friendly experience.

Strengthen your business by prioritizing payment diversity. A seamless checkout process today boosts conversions and fosters long-term customer loyalty.

Total
0
Shares
Share 0
Share 0
Tweet 0

Tell Us What You're Building

Got a cool use case? We’d love to hear how you're planning to use Zwitch. It takes less than a minute — and helps us tailor better tools (or even a personalized walkthrough) just for you.

Saudamini Chandarana

Previous Article
What is an Issuing Bank (Issuer) in a Payment Gateway?
  • Perspective

Revolutionizing Business Payments: The Smart Way Forward

  • January 6, 2025
  • Saudamini Chandarana
Read More
Next Article
SWIFT Payments: What You Need to Know
  • Perspective

SWIFT Payments: What You Need to Know

  • January 8, 2025
  • Saudamini Chandarana
Read More
You May Also Like
API Banking
Read More
  • Perspective

Understanding B2B Payments: Types & Trends

  • Fathima Firose
  • March 18, 2025
B2B Payment Methods
Read More
  • Perspective
  • Technology

7 Ways Digital Payments Can Help Small Businesses Save Money

  • Rythwik Mahesh
  • March 14, 2025
RegTech vs. FinTech: Driving Innovation While Staying Compliant
Read More
  • Perspective

RegTech vs. FinTech: Driving Innovation While Staying Compliant

  • Marketing Team
  • March 4, 2025
recurring payments
Read More
  • Perspective

Recurring Payments: Meaning & How it Works

  • Fathima Firose
  • February 7, 2025
What is a Payment Gateway on Shopify & How Does It Work?
Read More
  • Perspective

What is a White-Label Payment Gateway, and How Does It Work?

  • Marketing Team
  • January 21, 2025
Read More
  • Perspective

Why Online Payments Fail: Understanding the Common Reasons and How to Overcome Them

  • Rythwik Mahesh
  • January 17, 2025
Best Payout API Provider
Read More
  • Perspective

What is a Convenience Fee?

  • Rythwik Mahesh
  • January 10, 2025
SWIFT Payments: What You Need to Know
Read More
  • Perspective

SWIFT Payments: What You Need to Know

  • Saudamini Chandarana
  • January 8, 2025

Smart Products Start with Smarter Reads

Join our newsletter to stay ahead on embedded finance, digital payments, and the tech behind it all.

Explore Zwitch Products

Payouts

Automate instant payouts to vendors, users, or employees.

Learn more →
API Marketplace

Plug-and-play APIs for KYC, collections, and more.

Explore APIs →
Payment Gateway

Accept payments with UPI, cards, wallets, and more.

Start collecting →
Zwitch Bill Connect

Automate bill payments and vendor reconciliation from your ERP.

Check it out →

Products

  • Payouts
  • API Marketplace
  • Payment Gateway
  • Zwitch Bill Connect

Connect

  • Twitter
  • LinkedIn
  • Facebook
  • Instagram
Zwitch Logo
Open Financial Technologies Pvt Ltd
3rd Floor, Tower 2, RGA Techpark,
Marathahalli - Sarjapur Rd,
Carmelaram, Bengaluru, Karnataka - 560035

[email protected]
All rights reserved. © 2025. Open Financial Technologies Private Limited

Input your search keywords and press Enter.