What Are Alternative Payment Methods?
Alternative payment methods, also known as local payment methods, cover many payment types around the world that don’t rely on debit cards or credit cards (Visa, Mastercard, Indian Rupay, or China UnionPay, etc.)
It’s important to remember that payment preferences vary around the world, so any business looking to transact globally should offer a wide range of payment methods, or risk losing sales.
Alternative Payment Methods Include:
- Bank transfers – including bank direct debits and location-specific bank payment methods
- Local debit schemes – country-specific debit card schemes
- eWallets – digital wallets for making electronic transactions, such as GrabPay, AliPay or Mercado Pago. Not all eWallets are powered by cards, Grabpay, for example, can be topped up using mobile banking apps
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