Fully understand how global payment preferences contribute to online spending with this report snapshot.
 | | NEW CHART & DATA: PAYMENTS | | Sellers and payment providers need to balance offering variety with simplicity to capture online spend… Thirty percent of global consumers want a range of payment choices available when planning travel, indicating that they have strong preferences when it comes to how to pay for trips, according to a new global study from ACI Worldwide and YouGov. For payment providers, capturing travel spending represents an opportunity in and of itself, since over half of respondents travel at least once a year. And because 74% of adults prefer digital travel booking, understanding these preferences and emphasizing what consumers want could help providers improve their e-commerce strategy.
 | | | | * This chart and the related data were featured in the most recent edition of the The Payments Ecosystem Report, which is available to Ultimate Payments Research Bundle subscribers. You can get access to this report and other timely updates when you sign up today. |
| When buying travel, customers want to use their preferred payment method and could be at high risk for attrition if it isn't available.
- Travel payment preferences largely mirror consumer payment trends. Cards are overwhelmingly popular: Three-quarters of respondents said they prefer to pay with credit cards (36%) or debit cards (29%), which mimics overall consumer trends. But PayPal is popular too, counting a 17% share among worldwide respondents. Further, nearly a fifth of customers said they prefer other methods, including Alipay, which is favored by 78% of Chinese respondents specifically, or direct bank transfer, which is popular among German buyers, as two examples.
- Refusing to offer consumers the payment methods they want could cost providers substantial business. Thirty-six percent of respondents indicated that they are "frustrated" if they can't use their preferred payment method for travel — and friction in the payment process is a top driver of cart abandonment for e- and m-commerce. So, it's plausible these customers could choose to go to a different site that does offer their payment option of choice — or not make a purchase at all — in turn costing both the retailer and the payment provider business.
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