PayPal is the leading online payment service according to the latest "Online Payment 2023" study by the EHI Institute. It is the preferred choice of consumers when it comes to paying for their online purchases. Last year, 29.6 percent of consumers used PayPal, up from 28.2 percent the year before. In contrast, the percentage of purchases made on account fell from 28.3 percent to 23.8 percent. Direct debit payments accounted for 20.9 percent of transactions, while credit card payments accounted for 12.1 percent. According to the study, 76.9 percent of retailers now offer the "buy now, pay later" service.
These results demonstrate consumers' continued popularity and confidence in PayPal as a preferred online payment method. With its secure and convenient features, PayPal has managed to maintain its position as the preferred platform for a large number of online shoppers. The decline in purchases on account indicates a shift in consumer behavior away from payment options with later settlement.
The study also highlights the increasing use of alternative payment methods, such as the "buy now, pay later" service, which is gaining strong traction among merchants. This payment option allows consumers to defer payments and offers them greater flexibility in managing their finances.
Overall, PayPal's dominance of the online payments market reflects its reputation and reliability. As e-commerce continues to flourish, PayPal can be expected to be at the forefront of providing secure and frictionless transactions for consumers worldwide.