Cash on delivery and plastic cards have long been the dominant payment methods globally for online retail purchases, but in Europe and Asia digital alternatives such as PayPal and Alipay are already leading the traditional payment methods. A projection included in the yStats.com report shows the share of credits and debits cards decreasing to less than a quarter of global online sales by 2021, while digital wallets will account for about half of E-Commerce payments by that time. Of course, there are exceptions to this trend: In countries including France and the USA consumers seem to persist in utilizing plastic when paying for online purchases, and in the Middle East and Eastern Europe, shopper concern over payment security makes cash on delivery the predominant payment method. However, in China, the world’s largest online retail market, online payment by third-party payment providers and mobile payment are growing at vertiginous rates tilting the global total to digital wallets.
In addition to the E-Wallets, another alternative payment method seeing rapid growth not only in China, but globally is mobile payment. The yStats.com publication reports that the highest mobile penetration rate is in Asia, followed by the Middle East and Africa and Latin America. Though lagging behind growth rates in emerging markets, competition among mobile wallet providers is also contributing to growth in North America and Western Europe.
Report from yStats.com: digital payment methods surge in global online retail hinzugefügt von Redaktion am
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