Key Insights From The Latest Global Payments Report Key Insights From The Latest Global Payments Report

Key Insights From The Latest Global Payments Report

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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