Not so long ago, if you wanted to order something from China, you had to use PayPal or Western Union. However, times have changed and now many different payment methods are accepted at AliExpress. So which one will be the most popular in 2023? That’s what we’re going to find out in this article, comparing 10 of the most popular payment methods on AliExpress and offering our predictions about which will rise to the top by 2023 and why. Read on!
1) Debit Cards
A debit card is simply a card that allows you to access money from your bank account without having to write a check or bring cash. Many people don’t like using their credit cards online because they feel it’s too risky, especially when they buy things internationally. Credit cards also have high processing fees and minimum transaction amounts that make them impractical to use, but if you have enough funds in your bank account, consider getting one of these cards.
2) Credit Cards
Credit cards have been around since 1950, when Bank of America issued its first card. Today, most people don’t leave home without them. According to Statista, about 68% of adults own at least one credit card. Cards make it easy to buy online and to save money on everyday purchases like gas, food and other items. While paying with plastic is convenient, there are a few drawbacks—primarily interest payments over time.
3) Prepaid Cards
First of all, you need to register a prepaid card on your profile page. There are two main types of prepaid cards — physical and virtual ones. A physical prepaid card is literally a piece of plastic that has your unique 16-digit code printed on it. The other type is called virtual and looks like an ordinary bank card but works like a pre-paid one.
4) Bank Transfers
A lot of sellers accept bank transfers, and it’s a popular payment method because it is easy to use and has low fees. However, you’ll need a bank account as well as an account with your bank’s online banking service (or you could be subject to additional fees). You can send money via online banking, but you might have to input more information than just your recipient’s email address.
5) Cash on Delivery (COD)
Cash on delivery is a payment method that has been around longer than any other payment option available today. It is considered one of the safest methods because you pay for your purchase when it arrives at your door and if it does not show up, you can request a refund or credit from wherever you bought it. COD payments are received by courier companies such as DHL and UPS who keep track of each order’s delivery date.
As technology advances, e-wallets are becoming more and more popular, meaning that people are no longer using a physical wallet. This is predicted to become one of the most used methods for paying online over time. For example, Alipay has approximately 50 million users who registered their mobile phone numbers and verified identities with their credit cards. Once you have verified your identity, you can easily use Alipay to pay online.
7) Online Wallets
Our online wallets store our crypto information and enable us to make payments with a single click. Online wallets are great because they’re more secure than hot wallets, and they allow us to do things like instantly exchange currencies. However, there are some downsides—online wallets can be hacked or closed down by their owners at any time. We recommend storing most of your cryptocurrency holdings in an offline cold wallet or a hardware wallet if you can afford it.
8) Third Party e-Commerce Marketplaces
We’ve all heard of Amazon, but did you know there are dozens and dozens of marketplaces out there? They don’t just sell products—they also offer services, such as editing and translation. While many do charge transaction fees to sellers, most have a wide variety of buyers. And what’s more, some payment methods (e.g., bank transfers) may be free.
9) Bitcoins and Altcoins
Using cryptocurrencies, such as Bitcoins and Altcoins, is becoming more and more common. However, it’s worth knowing that most of these options are relatively new and can be quite volatile. While some users take advantage of these volatile times to get maximum value out of their investments, others use them to buy items they wouldn’t normally buy with regular money. Make sure you know what you’re doing if you choose to venture into these waters!
10) Gift Cards
Physical gift cards will take up less room in your wallet than plastic cards and can be reused on multiple purchases. Make sure to read through a company’s terms and conditions before you buy, however; many will charge you an activation fee or expire your card if it isn’t used after a certain period of time. If you plan to use your gift card often, look into discount services like Quidco, which offer points on shopping vouchers and savings at major retailers.