The Must Have Alternative Payment Solutions

Payments Learning Resources

The Must Have Alternative Payment Solutions

Powercash21 offers a wide range of alternative payment solutions for the benefit of merchants offering their products to cross-border shoppers or those who are looking to grow internationally.

Powercash21 has you covered with alternative payment solutions

With the growth of online shopping, customers demand to have a choice of the payment method they will use for their purchases and seek ways of payment that they are more familiar with. Credit cards are not the only option for e-commerce transactions anymore. Merchants can broaden their customer base by offering a series of alternate forms of payment, including:

  • eWallets
  • Bank Transfers
  • Prepaid Vouchers
  • Cash Payments

Why is an alternative to credit card payment option vital?

Credit cards are the most popular payment method when it comes to online shopping. According to Statista, ‘debit or credit cards were the most popular online shopping payment method in Denmark in 2018, used by 78 percent of the respondents’. In the United Kingdom, in the space of a single year, more than 80 million online payments were made with the use of credit cards.

Despite the fact that credit cards are still the main method of payment for online purchases, consumers tend to switch to alternative forms of payment in the past few years. That has led merchants to incorporate alternative payment solutions (APMs) such as eWallets, bank transfers, and others, to their checkout pages. Based on the geographic region your customers are located in, you can utilize different APMs to satisfy their payment expectations. For instance, Europeans tend to choose bank transfers whereas Americans favor eWallets for online shopping. This highlights the importance of accepting alternative payment methods when operating an online business, especially that of the e-commerce variety.

What are three alternatives to using credit cards?

3 alternatives to using credit cards are bank transfers, eWallets and prepaid vouchers.

What are the different types of payment methods?

The different types of payment methods fall within 4 main categories which include credit cards, bank transfers, eWallets and prepaid vouchers. Each region and/or country has its own popular alternative payment methods [other than credit or debit card payments], which can be used to localise the payments of an online business, thus offering more convenience to its customers.

The different payment types are outlined in further detail below: 

  • eWallets – an electronic wallet is ideal for customers who want to store their credit cards and bank accounts on their mobile device. Merchants who accept eWallets offer their customers an efficient and fast checkout experience.
  • Bank transfers – consumers use online banking for electronic transactions. Bank transfers are highly preferred for the accessibility and convenience they provide.
  • Prepaid Vouchers – in countries where bank payments are not easily accessible, prepaid vouchers are the most popular method of payment for e-commerce transactions. A prepaid voucher is a physical or virtual voucher with a unique digit code and represents a predefined amount of money. This method of payment is a risk-free solution for your customers who don’t want to use a credit card, or their personal details, in electronic transactions.
  • Local Cards – this alternative payment solution is a great way to target shoppers around the globe who prefer to pay using a local credit or debit card.
  • Cash payments – consumers place their order online and the payment is completed with cash at local banks or stores. Cash payments are extremely popular within the Latin American region.

Choose the ideal alternative method of payments for your business

Merchants can integrate their online business to our payment gateway with one simple integration that enables them to process a range of alternative forms of payment. The alternative payment solutions that we offer are:


eWallet vector image contained within a blue circle

Powercash21 offers eWallets as an alternative payment solution. eWallets are one of the fastest growing and most popular online payment methods and making them available to our merchants is critical for their success.
E-wallets available by region include:

  • Europe - Paysera, Skrill, Qiwi, Zimpler
  • Asia Pacific - Alipay, WeChat Pay
  • Worldwide - Paysera, Skrill

Bank-to-bank transfers

A bank transfer image showing a transfer between a bankcard and a mobile phone

Bank transfers are usually available either online or offline. In the case of online bank transfers, the shopper will be redirected to their bank’s website before the completion of the payment. The payment will be performed immediately after the order is placed and the goods or services can be dispatched right away. When it comes to offline bank transfers, the shopper must access his or her bank account by themselves or visit a bank branch. Since this process takes time and the completion rate is much lower than with online bank transfers, merchants largely prefer online bank-to-bank transfers.

Bank-to-Bank Transfer methods available by region include:

  • Europe - Safetypay, Sofort, PayU, Trustpay, Giropay, MyBank, P24
  • Americas - Itau, Banco do Brasil, Santander Online Payment, Bradesco, PSE, Safetypay
  • Asia Pacific – Poli, CIMB Clicks, FPX, 7eleven, eNets, Krung Thai Bank

Prepaid Vouchers

a gift card wrapped in a ribbon set in front of a light blue background

Consumers obtain prepaid vouchers by physically visiting participating stores or through online channels in exchange for cash or other payment methods. Prepaid vouchers include a unique code, which the customer can then input onto a payment page at check-out to make a payment and complete their transaction.

Prepaid voucher methods available by region include:

  • Europe – Paysafecard
  • Americas - Paysafecard
  • Asia Pacific – Paysafecard

Local Cards

Local cards are a great way for merchants to enter markets with low credit card coverage. Customers consider local cards as a trusted payment method because it is based on language and currency localization.

Local cards available by region include:

  • Europe – Bancontact
  • Americas – Argencard, Cabal, Cencosud, Naranja, Nativa, Aura, Elo
  • Asia Pacific – Union Pay

Cash payments

An image of two hands, one over the top of the other, with cash being passed across

Cash-based payment methods are in effect a way to pay for online purchases through an offline channel. How they usually work is that at the checkout page of a website, the customer will select a cash-based payment option, and will be issued a document with a barcode or unique reference number to identify their payment. The document must be printed by the customer and presented at any retail location participating in the cash-based payment scheme. Following this, the document is scanned and the customer will pay for it, in most cases, using cash. Once the payment is confirmed to the merchant on whom’s website the order was made, then the products are shipped to the customer.

Cash-based payment methods available by region include:

  • Europe – Maxima, Narvesen, PayPost, Perlas Terminals
  • Americas – Pago Facil, Rapipago, Boleto Bancario, Baloto, Banamex, Banco de Occidente, Carulla, Efecty, EDEQ, Surtimax, BBVA Bancomer, OXXO, Santander Cash Payment, Redpagos
  • Asia Pacific – 7eleven, SingPost, Tesco Lotus

Why are online payment services necessary?

In a modern world where alternative payment solutions are common, combined with the rapidly expanding online shopping industry, the need for online payment services is obvious. Added to this the need to simplify the process for merchants while providing alternative payment solutions to capture the largest market share possible. This is precisely why Powercash21 can play a very important role in assisting merchants to better navigate the online payment services required for their chosen industry.

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