Alternative payment method

What is an alternative payment method?

Alternative Payment Methods (APMs) are new ways of paying that usually rely on innovative technology to simplify the payment process. Every year, traditional payment methods such as cash are becoming less common as new, more convenient options appear. For example, during the pandemic, contactless payment alternatives like QR codes or digital wallets such as Apple Pay and Google Pay saw a major rise in adoption.

Alternative payment method in Spain: Bizum

APMs — often referred to as local payment methods — are sometimes limited to specific countries or regions.
>In Spain, the leading alternative payment method is Bizum, which began as a peer-to-peer money transfer service and has since evolved into a widely used payment option in both physical and online stores.

Benefits of implementing alternative payment methods

Why should businesses integrate APMs? These methods offer significant advantages for both merchants and customers:

• • Greater convenience for customers: APMs allow users to pay the way they prefer, whether through digital wallets, mobile payments, or “buy now, pay later” financing, improving the shopping experience and reducing cart abandonment.

  • Increased conversion rate: Offering varied, flexible, and secure payment options encourages more customers to complete their purchases.

  • Differentiation from the competition: Businesses that offer APMs demonstrate innovation and adapt to the current needs of consumers, enhancing the shopping experience.

  • Faster and more secure payments: Many APMs include Strong Customer Authentication (SCA) and advanced security protocols, protecting both the merchant and the customer from fraud and unauthorized transactions.

  • Improved business reputation: Offering modern and flexible payment methods projects a professional and innovative image, generating customer trust and loyalty.

PaynoPain and alternative payment methods

With our payment gateway, we integrate multiple APMs such as PayPal, Klarna, Google Pay, Apple Pay and many others. We help you cater to your customers’ preferences, delivering the best possible payment experience. Additionally, our system supports integration with other providers to fully meet your business needs.