Advancing technology in online banking and smartphone apps have allowed alternative payment methods to enjoy increasing popularity worldwide. These methods have allowed people around the world to be safer by avoiding carrying cash and has opened up banking opportunities to people who can’t regularly visit a physical bank. There’s no doubt that there are benefits to alternative payment methods if we judge by their popularity. The team at Paysecure made this easy to see with an infographic ranking the most popular methods based on their transactions per second. Nearly every country offers some kind of alternative payment method, and you can see the country of origin for each on the infographic.
Here are the top ten alternative payment methods on the list:
- United Payments Interface (UPI)
- Skrill
- PIX
- Alipay
- PayPal
- Internet Banking Payment System (IBPS)
- Gcash
- MoMo
- PayPay
- Immediate Payment Service (IMPS)
An alternative payment method is anything other than cash, debit, or credit card. Their popularity could be due to a lot of factors. There are no bank fees, you can make transactions outside of banking hours, and there’s no need to carry cash. Some examples of alternative payment methods include digital wallets, online banking, real-time payments, voucher-based payments, buy now pay later plans, and mobile payments.
The most popular alternative payment method is Unified Payments Interface (UPI) which had 117.6 billion transactions in 2023, which is a jaw-dropping 3,729.1 transactions per second. Clearly this Indian alternative payment method is a juggernaut. Brazil’s “Pix” is number three on the list, but it’s on the rise. It’s estimated that it will surpass debit card use in Brazil. To learn more about alternative payment methods take a closer look at the infographic and you’ll find out the origin countries of each method as well as how many transactions are made with it.
