Date Published : 5th April 2023

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The Rise of Pay by Link Payments

Pay by link payments are revolutionising the online payment landscape. This innovative method allows businesses to send a payment link via email, text message, or social media platforms, enabling customers to complete transactions using their preferred payment method with a simple click.

Advantages of Pay by Link Payments

Pay by link payments offer numerous benefits for both businesses and consumers. For businesses, this payment solution can:

• Increase sales conversion rates
• Reduce cart abandonment
• Streamline the checkout process

For consumers, pay by link payments provide:

• A convenient and secure way to pay for goods and services
• A hassle-free payment experience without entering payment details on multiple websites

Growing Popularity of Pay by Link Payments

Recent studies highlight the increasing adoption of pay by link payments:

• Adyen reports a 300% growth in pay by link payments in 2022.
• BlueSnap found that 48% of merchants believe they have lost sales by not offering pay by link payments.
• PYMNTS discovered that 57% of Gen Z and Millennial shoppers are more likely to shop at merchants offering pay by link payments.

Channels for Pay by Link Payments

Payments via email, text message, and messaging platforms such as Facebook and WhatsApp are gaining traction. Key findings include:

• Twilio reports that 67% of consumers are interested in receiving payment links via text message.
• WhatsApp found that 58% of businesses use its platform to send payment links.
• Facebook reports that 47% of businesses use Messenger to send payment links.

Implementing Pay by Link Payments

To effectively implement pay by link payments, businesses should:

1. Choose a Reputable Payment Processor: Ensure the payment processor supports pay by link payments.
2. Optimise for Mobile Devices: Make sure your website and payment pages are mobile-friendly.
3. Personalise Payment Links: Include the customer's name and payment amount in the link.
4. Utilise Multiple Channels: Send payment links via email, text message, and social media platforms.
5. Promote Pay by Link Options: Highlight the availability of pay by link payments on your website and in marketing materials.

Conclusion

The data clearly indicates the rising trend of pay by link payments, especially among Gen Z and Millennial consumers. By adopting this payment solution, businesses can enhance customer engagement and boost sales. Embrace the digital age and maximise your earnings through diverse channels by implementing pay by link payments.

Engagement is the new currency. Stay ahead by making pay by link payments a core part of your payment strategy.