To help businesses ensure their payment acceptance options keep pace with their customers’ evolving expectations, Worldpay compiled data on payment preferences across 30 countries in its 2015 Global Payments Report.
Here is a preview of some of our key predictions through 2019:
Global e-commerce will reach $2.4 trillion, with 23 percent exclusively from mobile devices. According to the report, global mobile penetration has increased by 39 percent since 2009, a statistic largely driven by smartphone use in mature markets. However, emerging markets such as India and Mexico are more likely to use non-smartphones, leading merchants to create a different user experience for these markets in the future.
Alternative payment methods will claim 55 percent of e-commerce turnover. A shift toward alternative payment methods, such as electronic wallets, is expected in every region globally, with the largest shift in North America. Due to convenience, reach, assured security and second-to-none customer experience, electronic wallets are expected to be the most popular alternative payment method and will overtake credit cards by a predicted three percent.
U.S. e-commerce turnover will grow from $312 billion to $536 billion – a 14 percent increase. In addition, desktop and mobile turnover will both double. Credit and debit cards currently dominate all other e-commerce methods by 12 percent, with more than 50 percent of Americans using Visa’s services and more than a quarter using MasterCard’s services.
The Global Payments Report provides information on global payment trends, as well as a breakdown of trends and preferences for each country included. To learn more, read the full report or visit www.worldpay.com.