Among these services, it's payments that have gotten much attention from companies. Payments are central to building e-commerce ecosystems. Providers are in a fierce race to become the most widely accepted payment service across markets.
Competitors include incumbents like PayPal, tech giants like Google and Apple, traditional institutions like banks and card companies, and a growing number of tech startups. It's interesting to observe how all of this is changing e-commerce.
More payment methods demanded
Customer experience has become central to e-commerce. The shift of consumption to mobile has created opportunities for companies to offer new and improved payment experiences. However, according to the Baymard Institute, payment issues continue to be among the top reasons why shoppers abandon their carts. Many consumers are still discouraged by slow checkout processes and lack of available payment methods.
Addressing this demands the availability of quick and easy-to-use payment solutions for both merchants and customers. As such, providers are now offering more variations of payment services such as apps, digital wallets, and other contactless technologies.
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