There are 300 payment schemes operating world-wide, so it is difficult for corporate treasury departments to choose which ones to support and which to ignore. Worldpay’s 2015 Global Payments report* will help. Providing granular detail on current payment preferences and trends in 30 countries, it’s a good way to really make sure you are connecting with your consumers.
The 2015 Global Payments report main findings were that over the next five years:
- global e-Commerce market, which is already significant at US$1.9tn growing fast (+14% in 2014), will be US$2.4tn by 2019 with 23% of this being exclusively from mobile devices
- alternative payment methods (Alternative Payments Methods are all those payments that are not cards running on global scheme networks such as Visa, MasterCard or American Express) will take 55% of all ecommerce by 2019
- eWallets are predicted overtake credit cards to become the most popular payment method
- pre-pay voucher usage is expected to grow significantly (from 2% globally to 7%)
- use of cash on delivery is predicted to remain popular (particularly in the BRIC countries) at 7% of all usage
- the 30 country reports, which describe the eCommerce mix by payment methods, show that there will be major variations in country’s development.
For the full ‘2015 Global Payments Report’ see www.worldpay.com.
* The report was compiled mainly using WorldPay’s own data and insights. In addition, they also used other external sources, namely: Euromonitor, Datamonitor and ystats.com. and 100 secondary sources.
CTMfile take: The prediction that 55%of all consumer e-commerce payments will be from alternative payment methods means that companies that want to attract the maximum business from consumers will need to accept a far greater range of payment systems. The use of mobile in e-commerce has been with us for several years, this will increase dramatically over the next five years as eWallets takeover. Are you ready?
Unified e-commerce is the new vital game for all companies to ensure survival
New report reveals that in North America nearly 78% of leading retailers expect to have a unified commerce platform, or a seamless customer experience across channels, in the next five years
Essential digital e-commerce combines comprehensive KYC with fast checkout
This is now possible, e.g. JUMIO’s NETVERIFY and BAMCHECKOUT. Also use the new ID identification services for employee onboarding