Payments are changing – Why the right payment methods are crucial in e-commerce

Payments are no longer just the final step of a transaction—they are a crucial part of the customer experience that can either close or open the purchase journey. It is essential for online stores to stay up to date with payment developments and offer the right payment methods to ensure customers complete their purchases.

How has online payment evolved?

Online payment methods have undergone significant changes in recent years. Consumers want faster and easier payment experiences, and with advancing technology, they now expect seamless and secure transactions.

Mobile payments have become a key part of e-commerce transactions. In Sweden, for example, Swish has seen explosive growth, while in Norway, Vipps has become almost a standard. Digital wallets like Apple Pay and Google Pay have also simplified online shopping.

This shift has also changed consumer behavior. Now that customers can complete their purchases with just a few taps on their phone, their expectations for a smooth payment experience have increased.

Why are payment methods so important?

The payment process directly impacts whether a customer completes a purchase or abandons their cart. According to the Svea Payments in the Nordics study, the second most common reason for cart abandonment in the Nordics is the unavailability of the preferred payment method.

"Ease, security, and flexibility in payments are the cornerstones of e-commerce success. Customers expect diverse payment options that meet their needs—whether it's mobile payments, online banking, or installment plans."
— Sirkku Sankamo, Partner Marketing Manager, Svea

Even more concerning is that many customers abandon their purchases entirely if the payment process is complicated or inconvenient. That’s why e-commerce payment options must be as user-friendly and accessible as possible.

What should online retailers do?

1. Mobile payments are a must

The use of mobile devices for online shopping continues to grow. Customers value speed and convenience. Payment solutions like Swish, Vipps, MobilePay, and Apple Pay are especially popular among younger consumers, but older customers are also adopting mobile payment methods.

2. Speed and simplicity win

The payment process should never be a barrier to completing a purchase. A significant number of customers abandon their carts if the checkout process is too complex or time-consuming.

3. Security is the top priority

Consumers want a safe and reliable payment experience. Trusted payment providers that offer two-factor authentication and encrypted connections can help build a sense of security for customers.

"A seamless payment process enhances the customer experience and reduces cart abandonment. The competitiveness of an online store depends on how well it meets consumer expectations with modern and secure payment methods, ensuring a smooth shopping journey."
– Sirkku Sankamo, Svea

Global Expansion & Localizing Payment Methods

Brancoy helps online retailers navigate international markets efficiently and strategically. Understanding payment preferences and consumer behavior is key to succeeding in global commerce. A strong internationalization strategy includes the following steps:

1. Research Your Target Market

Identify local payment methods, delivery preferences, and shopping behaviors.

2. Define Your Ideal Customer Profile (ICP)

Understand how your target audience shops and which payment options they prefer.

3. Leverage Shopify Markets Technology

Shopify Markets optimizes international e-commerce payments and enhances the customer experience by:

• Localized shopping experiences – Automatic currency conversion, translated store content, and local payment methods increase trust and conversions.
• Global SEO optimization – Market-specific store optimization improves visibility and search rankings.
• Centralized dashboard – Manage all international markets from a single control panel.
• Duties and taxes – Shopify Markets calculates and displays estimated duties and taxes at checkout, improving transparency.
• B2B sales integration – Manage global wholesale operations from one store with tailored product offerings for different markets.
• Performance reporting – Market-specific analytics help optimize international growth strategies.

4. Local Payment Preferences by Country

• Sweden: Swish is the leading mobile payment option.
• Finland: Online banking and card payments are dominant, while mobile payments are on the rise.
• Denmark: Dankort is a widely used payment card.
• Norway: Vipps is the most popular mobile payment solution.

By localizing payment options, customers feel more familiar and secure, leading to improved customer satisfaction and reduced cart abandonment.

How Svea’s Payment Solutions Support E-commerce Growth

Svea’s payment services offer a diverse range of solutions to enhance customer experience and boost sales:

• Invoice and installment payments – Flexible options increase average order value and conversions.
• Mobile payments – Svea supports top mobile payment solutions like Swish and Vipps.
• Security – Strong protection and secure payment options ensure a safe shopping experience.

Brancoy & Shopify – Payments in E-commerce

Shopify is one of the most popular e-commerce platforms, and optimizing its payment options is key to success. Brancoy helps online retailers integrate the right payment methods into their Shopify stores. Choosing the right payment solutions increases conversion rates and enhances the customer experience.

• Payment Optimization – Selecting the right payment methods can significantly boost sales.
• Integrations – Brancoy assists in implementing payment solutions tailored to the target audience.
• Seamless Checkout Process – Fast and easy payments minimize cart abandonment.

Based on the Svea Payments in the Nordics 2025 study.

Svea will be speaking on this topic at the Brancoy - Shopify Summit 2025 on April 3.