Global Payments Report

The latest Global Payments Report by Worldpay has been released, and there are a number of key insights for eCommerce retailers.

The report, compiled using primary and secondary data sources, is a useful at-a-glance snapshot of the current eCommerce payment situation in selected countries, and highlights trends over the next five years. 

We've found a number of interesting facts that retailers should be aware of, in order to offer their global customers the best possible online shopping experience:

Key insights:

  • It is predicted that 46% of online transactions in 2021 will be via eWallet
  • And only 15% will be via credit card, whereas in 2016 it was 29% credit card, 18% eWallet
  • Biometrics are becoming big business
  • Global household spending by people aged over 60 will reach $15 trillion USD by 2020, twice as much as it did in 2010
  • Bank transfer is forecast to become the second most popular payment method globally by 2021, with an eCommerce market share of 16.5%
  • Subscription services are becoming the norm

 

Country insights:

  • Argentina's 2017-2021 eCommerce CAGR is 24%
  • 38% of Australians use Visa for card payments
  • Belgium is in the top ten European countries in terms of mCommerce penetration
  • Most Brazilian consumers prefer payment via an instalment plan
  • In Canada, credit cards accounted for 96% of eCommerce volume in 2015
  • 97% of Chinese online shoppers use China UnionPay for card payments
  • Colombians prefer to shop via tablet rather than mobile
  • Denmark has the second highest mobile payment penetration in Europe
  • mCommerce is expected to account for more than a third of retail eCommerce in France by 2020
  • Sofort is a popular payment method in Germany
  • Online shoppers in Hong Kong are very suspicious of counterfeit goods, and prefer brand names
  • India's 2017-2021 eCommerce CAGR is 24%
  • Nearly half of Indonesian online banking users use it primarily for shopping online
  • In Italy, mCommerce grew from 12% to 17% of total eCommerce sales in 2016
  • Japan is the second largest eCommerce market in Asia
  • 55% of Malaysian online shoppers like to use credit card for purchases
  • Mercado Pago is a popular alternative payment method in Mexico
  • From 2015 to 2016, Dutch eCommerce grew to more than 11% of total retail sales
  • 90% of New Zealanders have a smartphone
  • 78% of Nigerian shoppers prefer to pay upon delivery...
  • ...and so do 26% of Filipinos
  • In Norway, 69% of mCommerce shoppers make monthly purchases
  • Bank transfer services like PayU, Prezelewy24 and Dotpay are popular in Poland
  • Card-based payments have overtaken Cash on Delivery as the most preferred payment method for Russian online purchases 
  • 70% of Singaporean internet users would shop online more if merchants offered loyalty benefits
  • South African shoppers want trustworthy payment methods
  • Double digit growth in eCommerce is expected in South Korea over the next five years
  • In 2016 travel and holiday accommodation was purchased the most online in Spain
  • Sweden is among the top five markets in Europe for internet use and online shopper penetration
  • Last year, 40% of Taiwanese eCommerce purchases were completed via mobile
  • 51% of Thai online shoppers like to make purchases via social media
  • 65% of Turkish online shoppers use a mobile device for their purchases
  • UAE online shoppers worry about fraud
  • UK's 2017-2021 eCommerce CAGR is 10%
  • eWallets are growing in popularity in the US
  • 21% of Vietnamese online shoppers prefer bank transfer

 

The below image shows the top online payment methods by country:

eShopWorld Insight:

When shoppers can pay for your goods using their preferred payment method, it leads to higher shopping cart completion. Globally, 30% of shoppers abandon carts due to their preferred payment option not being available.

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