Global mCommerce to take over desktop shopping by 2023
New data from Worldpay suggests France is on track to become fourth largest mCommerce market in the world
LONDON, January 22, 2019 – French consumers are on an endless mission for convenience as mobile shopping continues its ascent to dominance. Growing at a rate of 22 percent annually in France, mCommerce is set to be worth €54.6bn by 2022, according to new data from Worldpay, Inc. (NYSE: WP; LSE: WPY), a global leader in the payments technology industry.
Analysis from Worldpay’s 2018 Global Payments Report suggests that France is one of the fastest growing mCommerce markets in Europe, set to surpass Japan and South Korea to become the world’s fourth largest mCommerce market within the next four years.
eWallets in particular are favoured when purchasing via mobile, currently making up 21.2 percent of online payments in France. This is set for rapid growth driven by increased smartphone ownership, faster mobile networks and consumers continually looking for a more seamless payment experience. However, with the rollout of PSD2 in Europe next year, options like bank transfers may regain popularity depending on the uptake of Open Banking solutions across the continent.
Mark Fleming, general manager for EMEA, Global Enterprise eCommerce at Worldpay, Inc., said: “France is a highly-developed market, and with 89 percent of the population connected to the internet1, eWallets are clearly the future of mobile commerce for shoppers – but this is only the beginning. The latest innovations in device hardware, from voice recognition to facial scanning, are helping make payments more seamless and secure than ever before.
To stay ahead, French merchants should invest in their own apps, building a seamless checkout experience across every device, and support the most popular payment methods.”
Worldpay has published guidance to help merchants capitalise on the global mCommerce opportunity:
- Consider developing a branded app as the majority of shoppers prefer apps over mobile browsers when shopping on their smartphone.2 It’s no longer enough to just have a mobile-optimised website – if you’re not prioritising a transactional app for your brand, you’re not putting your best foot forward.
- Use biometrics to speed the journey. Shoppers are becoming increasingly familiar with fingerprint scanning and facial recognition, so do not shy away from using these methods as a form of authentication. Biometrics place payments at the back of the user’s mind, making the payment seem ‘invisible’.
- Identify the most popular payment methods in each territory in which you operate. There’s no one size fits all in any region so you’ll need to understand the best options for your company.
To learn more about these key insights and trends in global payments, visit https://worldpay.globalpaymentsreport.com/
About the 2018 Global Payments Report
The 2018 Global Payments Report offers a snapshot of the current payment landscape across 36 countries globally. Worldpay’s Market Intelligence team compiles the Global Payment Report using a combination of authoritative third-party vendors and other publicly available data. This compiled data was analyzed using Worldpay’s proprietary data model and categorization scheme, with support from McKinsey. The report also draws upon Worldpay’s decades of experience in providing global eCommerce solutions, informed by our processing of more than 40 billion transactions annually via more than 300 payment types, across 146 countries and 126 currencies.
The projected growth figures contained in this report were sourced from GlobalData and McKinsey and relate to the industry as a whole, not Worldpay’s business. The data has been collected using consumer surveys, B2B surveys and input from local research teams. 45,000 consumers were surveyed globally.
Any indicative predictions based on the data we have used should be treated as such. No representation or warranty, expressed or implied, is made by Worldpay, Inc. and/or any of its affiliates, directors, officers, employees, agents or advisers as to the reliability, accuracy, timeliness or completeness of any information, opinions or analysis contained in this document, which is not intended to be relied upon by you or any person for any purpose whatsoever.
Worldpay, Inc. (NYSE: WP; LSE: WPY) is a leading payments technology company with unique capability to power global omni-commerce. With an integrated technology platform, Worldpay offers a comprehensive suite of products and services, delivered globally through a single provider. Worldpay processes over 40 billion transactions annually, supporting more than 300 payment types across 146 countries and 126 currencies. The company is focused on expanding into high-growth markets and customer segments, including global eCommerce, integrated payments and B2B.