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Local payment methods are essential services to understand when building an e-company in a certain area. Today Genome dedicates a whole blog to the phenomenon, explaining their kinds, and introducing readers to the most prominent European local methods,
Local payment methods – how they relate to worldwide ones
Local payment methods represent a combination of the most frequently used payment options in a certain geographic location to accept money and receive money. These financial services are sometimes available only in a precise geographical area.
Here’s what we mean: credit and debit cards are a common local payment method in Germany, but also used globally, of course. But Girocard is a payment method that is only at hand in Germany. So, the cards and Girocard are considered German local payment methods, first because of their prevalence, and second because they are user-friendly.
Thus, such a worldwide option as cards can become a local payment method if they are widespread enough in the area. It mostly depends not on the card functionality like debit or credit, but on the card branding. Here is an example to highlight this statement. In Italy, the cards would be much more often accepted if they are branded by Visa or MasterCard, but way less when it comes to American Express. While in the USA, American Express cards are accepted widely.
Credit and debit cards. The method is very widespread by itself obviously, as it is quite old and has earned the trust of the users. At the same time, we have mentioned that cards’ prevalence depends on the brand that has issued the precise card, but not that much on its functionality.
Digital wallets. eWallets are secure, easy to operate. They keep the user data and needed passwords in the online account, which enables them to make and get payments. The digital wallet software usually has two forms: an application for a mobile phone or smartphone and a desktop version accessible through the browser.
Bank transfers. These permit customers to accept and receive money from accounts around the globe. Customers get the required bank details to perform payment by phone, mail, or online. A bank transfer is a perfect option for clients that aren’t prone to using cards. Check Genome to discover fast and secure business transfers in USD, EUR, and GBP.
Buy Now, Pay Later. Buy Now, Pay Later is a method of short-term financing that permits clients to obtain an item or service at the given moment but pay at a future date, frequently interest-free. BNPL does not influence your credit score, but late payments and failure do. Nowadays, BNPL’s popularity is growing extremely, especially in online shopping.
Peer-to-peer mobile payments applications. P2Ps are money transfer apps that enable users to transact funds using mobile devices with a linked bank account or card. P2Ps ensure splitting bills easy and secure.
Popular local payment methods in Europe
Let’s take a look at the common solutions that are widely spread across the region, but also there are unique options presented in the table such as Carte Bleue in France, Giropay in Germany, CartaSi in Italy, and BACS Direct Debit in the United Kingdom.
Genome offers its merchants over 40 alternative payment methods, many of which are listed below. We are talking about iDeal, Skrill, Neteller, Giropay, Alipay, Sofort – you name it! The clients can make payments using cards from major brands as well!
Get access to all these by applying to our merchant account online. Enjoy our sophisticated analytical tools to track the growth of your business, as well as multiple other financial features!
Ewallets Visa Mastercard Bancontact Klarna Pay Later
France
American Express Mastercard Ewallets Visa Cartes Bancaires Oney Amazon Pay PayPal Paylib Apple Pay Carte Bleue
Germany
Girocard Ratepay Mastercard Visa Klarna Ewallets Giropay SEPA Direct Debit Sofort Amazon Pay PayPal Apple Pay
Ireland
Mastercard Visa
Italy
American Express Ewallets Mastercard Visa Klarna Pay Over time Amazon Pay PayPal Apple Pay CartaSi
The Netherlands
iDeal SEPA Direct Debit Mastercard Visa Ewallets Klarna Amazon Pay PayPal Apple Pay
Poland
Pay-by-links BLIK Visa Mastercard
Portugal
Multibanco Visa MB WAY Mastercard Amazon Pay
Spain
Visa Mastercard Ewallets American Express Oney Klarna Pay Over Time Amazon Pay Click to Pay PayPal Google Pay Apple Pay
United Kingdom
Visa Mastercard BACS Direct Debit Digital wallets American Express Klarna Pay Later Amazon Pay Click to Pay PayPal Google Pay Apple Pay
FAQ
What are local payment methods?
They are those options that are either very common in the area or available only there. To find out more, please scroll up to find the description at the beginning of the blog.
What are the 3 methods of payment?
If we take it broadly, we could divide the cash option, cards, and the new generation of eWallets, Buy Now, Pay Later, and Peer-to-peer payment systems.
