What is the most popular payment method in online stores?

Online banking payments are currently the most popular payment method in Finnish online stores. Almost all domestic consumers trust bank identification and familiar online banking services. However, card payments and mobile payments are growing in popularity, especially among younger consumers. A diverse range of payment methods is key to the success of online commerce.

What is currently the most popular payment method in Finnish online stores?

Online banking payments still dominate the Finnish e-commerce payment system. Approximately half of all online purchases are made via online banking, as Finns value the security and familiar user interface of bank authentication.

However, card payments have significantly increased their share. The use of debit and credit cards in online payments has increased especially among younger age groups. Mobile payments, such as MobilePay and Apple Pay, are growing rapidly and already constitute a significant part of digital payments .

Demographic differences are clearly visible in payment habits. Those over 50 prefer online banking payments, while those under 35 increasingly choose card or mobile payments. The value of the purchase also influences the choice: more expensive purchases are preferably paid for via online banking, while smaller purchases are paid for by card or mobile payment.

Why do customers abandon their purchase at the checkout stage, and how can this be avoided?

A complicated checkout process is the most common reason for shopping cart abandonment. When a customer has to create an account, fill out lengthy forms, or navigate unclear instructions, the purchase is easily interrupted. Security concerns and a lack of payment options also cause abandonment.

The impact of technical issues, such as slow loading times or malfunctioning payment links, is significant. Unexpected additional costs, such as shipping fees that are only revealed at the payment stage, cause frustration and lead to the cancellation of purchase decisions.

Payment options should be clearly presented already at the shopping cart stage. Guest checkout eliminates the need to create an account, and a single-page checkout process significantly speeds up payment. An SSL certificate and clear security indicators increase trust. All costs should be displayed transparently before proceeding to the payment stage.

How many payment options should an online store offer its customers?

The optimal number of payment options is 3-5 different methods. This covers the needs of different customer groups without causing confusion or technical complications. Too few options limit the customer base, but too many options slow down decision-making.

The basic selection includes online banking payments, card payments, and at least one mobile payment option. Depending on the target group, invoice payment or installment payment options can be added. In B2B transactions, invoice payments are essential, while in stores targeting young people, mobile payments are preferred.

Each additional payment option brings with it integration costs and maintenance needs. The customer experience improves when the available payment methods are functional and fast. Payment methods that are rarely used should be removed if they cause technical problems or high transaction costs.

Which payment methods should you avoid, and why?

Outdated payment methods, such as cash on delivery or check payments, should be avoided entirely. They slow down delivery, increase costs, and negatively impact the customer experience. Unreliable or unknown payment processors can also pose security risks.

High transaction fees significantly erode profit margins. Some international payment processors charge exorbitant percentages, especially on small purchases. Payment methods requiring complex registration processes for customers reduce conversions.

Technically unstable solutions that frequently crash or operate slowly destroy trust. Electronic payment requires reliability and speed. Payment methods with weak or non-existent customer support cause extra work for online stores in problem situations. It's better to focus on proven, stable payment solutions than to constantly experiment with new, untested options.