Learn why Swish, Twint, and EPS are the local payment methods you need to add to your checkout to increase conversion rates.
When expanding your business cross-border, integrating local payment methods is key to achieving market fit, which means aligning your offerings with the specific needs and preferences of local consumers. Offering alternative local payment methods also helps reduce cart abandonment rates and avoid the costs associated with traditional card networks.
At Mangopay, we understand the importance of this imperative. That's why we've expanded our portfolio to include three highly trusted local payment methods: Swish, Twint, and EPS. We can enable faster access to these payment options, ensuring a seamless transaction process for your customers in Sweden, Switzerland, and Austria.
Why these APMs are key for your platform
Any global platform enabling bookings, selling products, offering on-demand services, or distributing digital goods must ensure that buyers won't leave at the final step due to limited payment options. This is where local payment methods come into play, providing consumers with familiar and convenient ways to complete their transactions.
Moreover, if you're a B2B platform connecting businesses across different regions, offering local payment methods is essential for facilitating quick and smooth transactions between clients and suppliers by avoiding the challenges of cross-border payments. This not only ensures that payments are received sooner - helping to improve cash flow - but also supports ongoing business partnerships.
Selling in Sweden? Offer your user the option to pay with Swish
Swedish consumers have a strong preference for local brands. The most popular e-commerce sites in Sweden by net sales are typically domestic players. International platforms entering the Swedish market are strongly advised to tailor their sites to meet local expectations, including offering local payment methods.
Swish, a mobile payment app launched in 2012 by six major Swedish banks in cooperation with Bankgirot and the Central Bank of Sweden, has become a favored payment method in the country due to its speed and convenience.
With over 8 million users, Swish is known for facilitating real-time bank transfers and ensuring instant payment confirmations. Customers can authenticate and approve payments using the Swish mobile app and the Swedish BankID mobile app.
Considering the local preferences and high rate of mobile commerce, integrating Swish into your checkout process is essential for successfully selling in Sweden.
Selling in the DACH region? Add Twint and EPS to your checkout
Here, we will focus on Switzerland and Austria, and their respective local payment methods, Twint and EPS. Let’s explore why adding Twint and EPS to your checkout process can build customer trust and increase your conversion rates.
Twint
Twint is the most popular mobile payment method in Switzerland, with approximately 64% of all mobile payment transactions in the country carried out using Twint. Since its inception in 2017, Twint has gained over 5 million users, covering more than a quarter of the Swiss population. The widespread acceptance proves a strong presence in the Swiss mobile payment landscape.
Twint allows customers to authenticate and approve payments using an approved Twint mobile app, offering a seamless payment experience.
EPS
Bank transfers are a popular payment method in Austria. Statista reports that bank transfers account for 32% of all online transactions in Austria. The most widely used system is the Electronic Payment System (EPS), which enables customers to complete transactions online using their bank credentials. All Austrian banks support EPS, and over 80% of Austrian online retailers accept it.
One of EPS's biggest advantages is the instant nature of transactions. Payments made through EPS are processed in real time, which benefits both merchants and customers
How to get started with Mangopay
We offer a large portfolio of payment methods that you can accept with more flexibility and control. Learn more about our offerings and how alternative payment methods can enhance your payment experience by exploring other article on the same topic, such as Klarna Payment Method and How APMs enhance the payment experience.
Our API and developer-friendly tools enable you to accept multiple alternative payments with a single integration. So get ready to increase your conversion rates.
Contact us to learn how we can enable fast access to these payment methods and more.
If you are already part of the Mangopay environment, please feel free to contact your customer success manager for more information and support.
