Alternative Payment Methods
Alternative Payment Methods or APMs are ways to pay online that do not involve a credit or debit card. As online payments become more popular, more ways in which to pay have been created. This is because not everyone has access to cards and other want flexibility and or anonymity. Payments made by an APM are increasing, and merchants need to make sure that they are offering the right payment methods for the markets they sell in.
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An alternative payment method (aka APM) referees to any payment that is made without a credit card. This includes open banking, crypto, voucher payments, eWallets, carrier billing and many more.
Different payment methods are popular in different countries. Take a look at the article where we discuss payment methods and where they are most popular here.
There are many advantages to accepting alternative payment methods as not everyone has a credit card and you will reach a wider market. The downside of accepting another payment method is that you may have to connect to another payment service provider. However, with payment orchestration you can connect easily to PSPs and acquirers so you do not have to build the connections yourself.