How Alternative Payment Methods can help you to grow your business globally

Discover the world’s payments

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What are Alternative Payment Methods?

Offering your customers different ways to pay

The global eCommerce landscape is very complex. Customers use a wide range of methods to pay online and these payment methods often vary by geography and sector.

It’s therefore essential to understand how your customers prefer to pay in order to offer the most appropriate payment mix for your business.

Cards are not the only way to pay for online transactions. In fact, there are over 300 different types of payments in the world of eCommerce.

Typically, Alternative Payment Methods are bank transfers, direct debits, eWallets, mobile payments, local card schemes, pre-pay, post-pay, and eInvoices.

In many countries, Alternative Payment Methods are your customers‘ preferred payment methods and can represent a higher proportion of eCommerce growth in comparison to credit or debit cards.

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MobileDirect carrier billing: Increasingly important in developing markets such as Africa, this is quick and simple with shoppers paying by just providing their phone number. Examples: Boku

Mobile wallets: There is a growing choice of mobile wallet payment options that operate in their local country or territory. Few are capable of global reach yet. Examples: Apple Pay

Local Card SchemesThese schemes often operate like traditional cards but, in most cases, only in specific domestic markets. Some are more sophisticated, e.g. offering card and bank transfer options.Examples: MisterCash, UnionPay, Carte Bleue

Pre-PayCustomers are required to buy a card or voucher before starting a transaction. These payment types are usually authorised immediately. Examples: AstroPay Card, Postepay, Neosurf, Paysafecard, Todito Cash

Post-PayWhen your customer buys a product or service online, they pay for it later at an affiliated outlet or store. In most cases, the delay between the initial transaction and settlement means this does not suit if you are selling perishable goods and time-sensitive purchases, such as travel tickets.Examples: Konbini, Boleto Bancário, Multibanco

eInvoicesYour customer pays for their goods after delivery without sharing credit card or bank details. Examples: Klarna

Direct DebitsThese are primarily low-value or predictable recurring transactions such as subscriptions. Examples: ELV, SEPA DD

eWalletsEasy to use, this is the fastest growing payment method in the world and increasingly popular across all sectors.Examples: Alipay, PayPal, Qiwi, Yandex

Bank Transfers Online: Customers use their online or real-time banking to transfer money with immediate online authorisation. Examples: iDEAL, eNets, SOFORT

Offline: Enables your customers to make an offline payment by using a payment reference (authorisation is delayed). Examples: DineroMail, SafetyPay

Overview of available types of Alternative Payment Methods

A true partner for the world of online payments.

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Why choose Worldpay?

We understand global and local

payments

We understand the complexities and challenges within the

global market

We understand customer needs

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Alternative Payment Methods with Worldpay may allow you to:

There are over 300 different Alternative Payment Methods available globally.

With over 25 years of knowledge and experience supporting the payment needs of our customers, we are in a unique position to provide you with insights and clarity in what can be a complex and confusing decision for your company.

1. We understand the complexities and challenges within the global market

Drive your costs down Alternative Payment Methods are more cost-effective to process than cards in some markets. Associated costs may be lower due to a lower fraud risk.

Reach new customers and offer them a wide variety of payment options.

Increase conversion by offering customers their preferred payment method, making it more likely that the transaction will be completed.

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2. We understand customer needs

The world of payments is constantly changing and we are at the forefront of the evolution.

Working with thousands of merchants worldwide, we are uniquely aware of how global and local consumer behaviour is changing.

This intelligence allows us to provide you with the most appropriate payment methods that will support your overall strategy. Often, this strategy is informed by the sector in which your company operates.

3. We understand global and local payments

It’s essential to offer customers their preferred payment methods.

Payments vary by country, demographic and the type of product or service purchased. Equally, payment methods also differ in popularity by country. Understanding local preferences and selecting the most appropriate payment method is key to maximising acceptance and expanding internationally.

In addition to providing insights into market characteristics and consumer behaviour, we also provide you with services that ensure they get the most out of their payment ecosystem, including ongoing analysis of transactions, refunds and settlement flows.

Please visit worldpay.com/global/products/alternative-payments for more information

© Worldpay 2017. All rights reserved.This document and its content are proprietary to Worldpay and may not be reproduced, published or resold. The information is provided on an “AS IS” basis for information purposes only and Worldpay makes no warranties of any kind including in relation to the content or sustainability. Terms and Conditions apply to all our services. Worldpay (UK) Limited (Company No. 07316500 / FCA No. 530923), Worldpay Limited (Company No. 03424752 / FCA No. 504504), Worldpay AP Limited (Company No. 05593466 / FCA No. 502597). Registered Office: The Walbrook Building, 25 Walbrook, London, EC4N 8AF and authorised by the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services. Worldpay (UK) Limited is authorised and regulated by the Financial Conduct Authority for consumer credit activities. Worldpay, the logo and any associated brand names are all trademarks of the Worldpay group of companies.

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