The global online marketplace is a virtual shopping mall, filled with ecommerce sites that look remarkably similar from one region to the next. That is, until the checkout process, when the shopping journey gets local and personal. Regional payment schemes are more than a matter of convenience to many consumers; they reflect their unique identities and cultures. Even the most fashion-forward shoppers prefer not to experiment with unfamiliar payment methods.

“The world of online payments is complex and diversified,” said Dmitry Savchenko, CEO of Payzoff, a global payment platform and SaaS company. “Merchants who cater to a global clientele must tailor their approach to every region and market.”

Top-trending, alternative payment brands

The global ecommerce environment offers a diverse array of payment schemes designed to accommodate a growing number of online shoppers. By providing local language and payment options on their websites, merchants can create a frictionless checkout experience. Not all alternative payments are created equal; some offer additional benefits and convenience that have helped them rapidly scale.

Here are five ways these top-trending schemes enrich your payment mix:

Cater to online communities

Paysafecard: Popular in the gaming world, this simple, secure prepaid payment scheme is currently accepted in 43 countries and 500,000 sales outlets worldwide. A free, downloadable app, available in the Apple App Store and Google Play, directs users to nearby stores and websites that accept Paysafecard.

Paysafecard users can check balances, view purchasing history and top-up connected devices, including Google Wear and Apple Watches. Using a unique 16-digit PIN, consumers can buy things online without sharing personal data. Gaming aficionados engage with the company on social media, where they compete for prizes and review new games.

Leverage online banking security

SOFORT: This global payment method combines the ease of online banking with multilayered security. Users do not need to register for the service or use a digital wallet. They simply select SOFORT as a payment method during the checkout process, choosing their bank from a drop-down menu and logging in with their online banking credentials, using a one-time code to complete the transaction.

Consumers can access SOFORT from desktops and mobile devices to pay by online banking. Their banks receive encrypted information, which is kept out of scope of online retailers. Transfers are immediate and direct, guaranteeing payment and expediting deliveries. SOFORT is so popular among retailers that 20 percent pass through a courtesy discount with every transaction. Returns and refunds are processed in the same way as other payment methods.   

Comply with regulatory environments

Boleto Bancário: This secure, compliant online payment scheme is Brazil’s most popular form of remittance. Initiated by consumers who choose to pay by online banking, the boleto bancário embeds a barcode in an invoice that uniquely identifies a merchant’s bank account and corresponding transaction billing number. Merchants must register with authorized banks that issue boleto bancários.

Both registered and unregistered forms of boleto bancário are available. The unregistered payment format is popular among ecommerce providers, because no additional charges are assessed when shopping carts are abandoned. Payment confirmation is immediate; funding may take additional time. Some payment gateways and service providers have automated Boleto Bancário technology, simplifying acceptance for reseller partners and merchants.

Appeal to global markets

Alipay: This international payment platform is the most popular payment method among Chinese consumers. The platform’s risk assessment tools and advanced encryption technology attract users around the world who value privacy, security and reliability. Alipay members are protected against fraud and receive additional buyer guarantees and protections.

Anyone in the world can create an account on AliExpress, a robust online marketplace similar to Amazon.com, where Alipay users shop for products and services while taking advantage of daily deals and member discounts. More than 400 million consumers around the world have used Alipay to make secure online payments.

Blend with local governments and cultures

Przelewy24: This online bank transfer protocol, initially introduced by the National Bank of Poland, is designed to make payments seamless and secure. Consumers can choose Przelewy24 as a payment method during checkout, selecting their bank from a drop-down menu. They are then directed to a secure site where they can log in and complete the checkout.

This secure and fast internet service, linked to all the major banks in Poland, facilitates funds transfers between consumers and merchants. Przelewy24 is part of a broader clearing system registered with Poland’s Financial Supervision Authority. Its engineers have made a wide range of tools available to create a seamless end user experience, the company stated.

Their brands, their way

Recent studies have shown ecommerce is retail’s fastest growing segment. Its viral growth is fueled by consumers who want to buy their brands, their way. Payzoff offers these top five payment schemes and many others in an expanding menu of payment service options. A knowledgeable partner specializing in global commerce, Payzoff helps partners boost conversions by providing secure, simple, regionally-appropriate ecommerce transactions.