Choosing Local Payment Methods for Online Sales

This white paper discusses the selection and onboarding of local payment methods (LPMs) that can significantly impact online sales for digital merchants. It outlines the current state of payments in 2024, emphasizing the rapid shift from traditional card-based systems to LPMs. The paper presents data indicating that by 2028, card-based payments will constitute only 41% of global ecommerce payment value, down from 50% in 2023. It highlights the advantages of LPMs, such as better security, lower costs, and easier compliance compared to traditional payment methods. The document also emphasizes the importance of developing a coherent, evidence-based LPM acceptance strategy tailored to specific business needs, geographical considerations, and customer characteristics. Furthermore, it addresses the challenges merchants face in navigating the diverse landscape of LPMs and the need for collaboration with payment service providers to leverage insights and optimize payment solutions.