With e-commerce growing as an industry, businesses are increasingly trying to find ways to remain competitive. Employing different payment services, which are essential for the growth of e-commerce businesses are one way of doing so, and in this blog post, we’ll discuss how they are changing e-commerce.
Affecting How Business is Done Digitally
Developments in payment technologies affect how business is done digitally, for example, allowing for cross-border business and allowing for quicker ways to complete transactions thanks to digital wallets and mobile payments.
Improving Customer Experience
By making the process faster, e-commerce payment services are improving the experience of the customer. This is something many businesses are in the process of doing, for example, by eliminating the login step of the checkout process, and instead offering a digital wallet or mobile payment option.
Using Cryptocurrencies and Digital Currencies
Other payment services are using cryptocurrencies such as Bitcoin for e-commerce payments. However, access to cryptocurrencies is still beyond the typical consumer, so some businesses have even created their own digital currencies in the form of gift cards and store point balances.
Shopping Carts Abandoned Without Adequate Payment Options
Many customers abandon their carts as a result of payment issues. While some are discouraged by slow checkout processes, others want more payment methods in the form of apps, digital wallets, and other contactless technologies.
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