The Global Payments Report November 2018 from Worldpay reveals a complex landscape brimming with diversity. Alternative payment methods are rising to meet the needs of consumers online, led by eWallets and bank transfers. Though its long reign of supremacy is nearing its end, cash remains the leading payment method at the point of sale. This complex landscape opens doors to increase consumer satisfaction by offering the right mix of payment options.
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The meteoric rise of eCommerce is expected to surpass $4.6 trillion globally by 2022 and the survey of 36 countries found at least 140 online payment methods in use today. Other findings included:
- Alternatives to credit and debit cards now account for more than half of eCommerce transaction volume
- eWallets have vaulted to the forefront of payments change by offering seamless convenience.
- Bank transfers are also growing in popularity as an online payment method. Factors contributing to the growth of bank transfers include convenience for consumers, lower costs of acceptance and fewer chargebacks for merchants, a regulatory push from PSD2/Open Banking mandates in Europe, and a rise of banked populations in emerging markets.
- Point of sale payments will change from cash to eWallets, and cash will be overtaken by both types of payment card.
The report provides more detail on the payment landscape in 36 individual country markets from around the world.
CTMfile take: The key finding from this report is that eWallets will become much more important and will take a major share of online and offline commerce. If your company doesn’t accept e-wallet payments you will lose big chunks of revenue.
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