The "Global Alternative Online Payment Methods 2019" report has been added to ResearchAndMarkets.com's offering.
In global E-Commerce, alternative payment methods start to outpace cards with help from E-Wallets
Alternative payment methods continue to rival cards in global E-Commerce and are taking a higher share of E-Commerce sales worldwide, according to new research. The leading alternative payment means as of 2018 was E-Wallet, and by 2022 it is projected to account for nearly 50% of global ECommerce sales. E-Wallets are most popular in the Asia-Pacific, exemplified by the success of services such as Alipay, WeChat Pay, Paytm, GoPay and others. As this region's online sales continue to rise rapidly, digital and mobile wallets see their share grow on the global scale.
Besides Asia-Pacific, the use of digital wallets is also on the growth track in Europe. In 2018, PayPal was more popular than Visa or Mastercard credit cards among online shoppers in countries including France, Italy and Spain. Other major alternatives to cards include payments by invoice in Germany and Sweden, and local payment solutions iDEAL in the Netherlands and PayU in Poland, according to data cited by the report.
In the Americas, plastic remains strong as the leading online payment method. At the same time, in regard to consumer surveys cited in the report, buyers in these regions value payment method variety when shopping online and would rather pay with a method that they already had an account for than enter their payment details into a new website. Furthermore, in the countries of the Middle East and Africa, cash on delivery was a leading payment method, but digital alternatives such as mobile wallets also gain acceptance.
Global E-Commerce sees the impact of alternative payment methods
Worldwide E-Commerce sales are experiencing a rivalry between alternative payment methods and cards, with alternative payment methods aggregating a larger portion of the market. Among these methods, E-Wallets are the most popular and, regarding global E-Commerce sales, they will account for almost half by 2022, highlights the report. This trend is driven by the Asia-Pacific market, where E-Wallets maintain and expand a notable share.
In Europe, local digital payment solutions and E-Wallets contend cards
Digital wallets are not only a phenomenon in Asia-Pacific, they see traction in Europe as well. PayPal has outpaced Mastercard and Visa in 2018 in countries such as Italy, Spain and France among online shoppers. In other European countries, local payment solutions and payments by invoice have become major alternatives, as cited in the report.
Variety is valued by consumers when paying online
Although cards are the leading payment method in the Americas, surveys quoted in the report show that variety of payment methods matter. Buyers in the region prefer to use payment methods in which they have an account for, as opposed to entering new details on a website.
Questions Answered in this Report
- What are the leading alternative payment methods used by online shoppers worldwide?
- In which countries do alternative online payment methods outpace bank card payments?
- What are some of the most important online and mobile payment trends?
- What are the most important criteria applied by online shoppers when choosing a method to pay?
How important is it to offer digital buyers a variety of alternative
Key Topics Covered:
1. Management Summary
2. Global Developments
3. Asia Pacific
5. North America
6. Latin America
7. Middle East & Africa
- Alphabet Inc.
- Amazon Payments Inc
- Ant Financial Services Group
- Apple Inc
- CashU Inc
- GoPay LLC
- Ideal Co. Ltd
- JD.com Inc
- Mastercard Inc
- Mercadolibre Inc.
- PayU S.A.
- Paypal Inc
- Paytm Mobile Solutions Pvt. Ltd
- Samsung Co. Ltd
- Sberbank of Russia
- Visa Inc.
- Yandex LLC
For more information about this report visit https://www.researchandmarkets.com/research/545nfh/global?w=4
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Related Topics: E-Business, Online Banking