The Most Popular Payment Methods at The Moment

WhitepayPosted 10.03.2023 • 11 mins read
WhitepayNewsThe Most Popular Payment Methods at The Moment
The Most Popular Payment Methods at The Moment

This article will cover popular payment methods and fresh e-commerce trends that are worth paying attention to.

Today, we are witnessing a rapid transformation in how people make transactions. With the rise of digitalization, online shopping has become an integral part of our daily lives. However, the growing popularity of e-commerce has also led to the development of various payment methods. So why do you need to integrate new ones?

Understanding your customers' preferred payment methods is essential for both physical and online businesses to increase profit and brand awareness. Nowadays, the possibilities are endless: crypto, eWallets, credit cards, debit cards, and bank transfers! 

Having at least one way to accept payments is essential, but having more can help you stand out. So, whether you are a consumer or a business owner, get ready to learn about the most popular payment methods that have revolutionized the world of commerce.

Traditional popular payment methods

1_1920x900 (2).pngTraditional payment methods include cash, checks, and bank transfers. While they may not be as convenient as electronic payments, these methods still have their advantages. 

  • Cash
    Cash is the most popular and straightforward payment method in this category. It's widely accepted and requires no technology, making it an ideal choice for many transactions. Cash is also more private than electronic payments, as there is no paper trail to track the transaction. Of course, the most popular payment methods differ by country. According to the European Central Bank report, cash is the most frequently used payment method at the point of sale in the euro area. It is worth noting that in 2016 number of cash users was 79% and only 59% in 2022.
  • Checks. 
    Checks are another traditional payment method that is still commonly used. They are good for larger transactions, as they can be easily tracked and verified. They also provide a paper trail that is useful for record-keeping and accounting purposes. However, checks are less secure than electronic payments and can be easily forged or stolen.
  • Bank transfers. 
    Bank transfers, or wire transfers, are another traditional popular payment method. They are used primarily for large transactions, particularly international transfers. Bank transfers are secure, as they require authentication and verification, making them a reliable way to transfer funds. However, they can be expensive, with high fees for international transfers. 

Most popular digital payment methods

2_1920x900 (1).pngWith the rise of e-commerce and the widespread adoption of smartphones, digital payments have become an integral part of our daily lives. From traditional credit and debit cards to newer methods like digital wallets and cryptocurrencies, there are numerous options for consumers to choose from. 

Credit and debit cards 

What is the most popular online and offline payment method worldwide? It is still credit and debit cards. They offer a quick, secure, and hassle-free way to make transactions. One of the benefits of using a debit card is that it allows users to spend only the money they have in their bank account. This popular payment method will enable customers to avoid overspending and stay within their budget. 

One of the primary disadvantages of using a debit card is the lack of protection against fraud. If someone gains access to debit card details, they can easily withdraw money from a bank account.

Credit cards are also among the popular payment methods. They allow customers to make purchases even if they don't have funds in their accounts. Furthermore, credit cards often come with reward programs, such as cashback, travel points, or discounts. 

But this popular payment method has disadvantages. For example, if a customer doesn't pay off their balance in full each month, they could end up paying a significant amount in interest charges. Late payments and missed payments can also damage one’s credit score. Finally, credit cards can be a temptation to overspend, leading to a cycle of debt.

Digital wallets (E-Wallets) 

A digital wallet is one of the most popular payment methods. It works by storing users’ sensitive information, such as credit or debit card details, on their mobile phones. PayPal, Google Pay, Apple Pay, and Samsung Pay are all digital wallets. 

Customers first need to download and install the application on their smartphone to use a digital wallet. Once their payment information is added, they can use it to make payments for various goods and services.

A digital wallet is one of the most popular international payment methods. With traditional ones, cross-border transactions can be time-consuming and costly. Digital wallets, however, offer a more cost-effective and faster alternative, making them an excellent option for businesses that operate globally.

QR code payments

A QR code payment is a digital transaction that uses a unique QR code to transfer money between a buyer and a seller. QR code is scanned using a smartphone and linked to a payment method, such as a credit or debit card or a crypto wallet. The payment is then processed securely and instantly, without the need for any physical exchange of cash or card.

QR code transactions have been around for a while and have become one of the most popular payment methods due to their benefits. First and foremost, they are quick and easy to use. The payment process is streamlined, with no need for cash or cards. QR code payments are highly versatile. They can be used for various transactions, from paying for groceries at a local store to splitting a bill at a restaurant. 

Pay by link and digital invoicing

Pay by link is a payment processing solution that enables businesses to send payment links directly to customers. Such links can be sent via email, SMS, or messaging apps. This eliminates the need for customers to enter their payment details manually, making the transaction process much quicker and easier.

Digital invoicing, on the other hand, is an electronic version of a traditional paper bill. It enables businesses to send receipts directly to customers via email rather than sending a physical copy in the post. Digital invoicing is much more efficient than traditional paper bills, as it eliminates the need for printing, mailing, and processing paper invoices.

Crypto payments

3_1920x900 (1).pngCrypto payment processing refers to using cryptocurrencies to make transactions online and at a point of sale. This popular payment method requires special software and equipment. 

To accept payments in digital assets, an online store needs to add a special button to the payment page and set up a cryptocurrency POS terminal at the physical store. When a customer makes a purchase, the system generates a unique QR code which the customer uses to transfer the cryptocurrency to the merchant's wallet. 

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Accept crypto payments

To integrate digital assets into your business, you need to use a crypto processing service like Whitepay. You can leave your contact details on our website, and we will help you at all stages of the software installation process. Whitepay provides crypto POS terminals, payment pages for e-commerce sites, and plugins for WordPress to make it easier to integrate one of the most popular payment methods into your business.

How to choose the best payment method for selling online

Here are some tips for choosing the right payment method for your business:

  • Understand your customers
    Consider the preferences of your target audience. Some prefer to pay with credit or debit cards, while others prefer to purchase with cryptocurrency. 
  • Security. 
    Choose providers that follow strict security standards to protect sensitive customer information.
  • Speed and convenience. 
    Customers want to be able to pay quickly and easily. Make sure the payment method offers a fast and seamless checkout experience.
  • Integration with your business. 
    Look for payment methods that can be integrated with your existing systems, such as your website or point-of-sale (POS) system.
  • Customer support. 
    Choose a payment provider with good customer support in case any issues arise. Check their hours of operation and contact methods.
  • Test and optimize. 
    Once you've chosen a payment method, test it to ensure it works properly and doesn't cause any issues for your customers.

Here's a comparison of the most popular online payment methods: 

6_1920x900.pngBenefits Of Accepting Cryptocurrency Payments 

Cryptocurrency has become one of the most popular online payment methods in recent years. And here is why:

  • Lower Fees. 
    Transactions made with cryptocurrency are generally cheaper than other payment methods. That’s because there are no middlemen involved in the process.
  • No chargebacks. 
    Unlike traditional payment systems, crypto transactions are irreversible, eliminating the risk of chargebacks for businesses.
  • Increased Security
    Cryptocurrency payments are highly secure and virtually impossible to hack. This is especially important for businesses that are dealing with sensitive customer information.
  • Global Reach. 
    Cryptocurrency is one of the most popular international payment methods, allowing businesses to process transactions from customers worldwide.
  • Access to new markets. 
    Companies can attract tech-savvy customers who prefer to use digital currencies by accepting cryptocurrency payments.


There are several popular payment methods available for businesses today, including credit and debit cards, digital wallets, bank transfers, and cryptocurrency. Each method has its own advantages and disadvantages, and businesses must carefully consider which option is best for their specific needs. 

If you decide to start accepting cryptocurrency, Whitepay is ready to assist you. We will guide you through all stages of software integration so that your customers can take full advantage of digital assets.

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