DUBLIN, March 27, 2019 /PRNewswire/ — The “Global Online Payment Methods 2019” report has been added to ResearchAndMarkets.com’s offering.
Global E-Commerce still dubs payment security a concern
Although E-Commerce sales maintain rapid growth, fear of fraud is still a major barrier in many nations. The research finds that online payment fraud losses are expected to double between 2018 and 2023. As a result, digital buyers opt for payment methods which they deem most secure. These perceptions vary by country, driving the popularity of cards and digital wallets in advanced markets, while also helping cash on delivery maintain a leading position in selected emerging economies.
In addition to safety, online shoppers also value the ease and convenience of payments. In the U.K. and the U.S., a high percentage of digital buyers save payment card details for faster checkout in future purchases, while in Brazil more than one in three respondents to a survey, cited in the report, would choose a mobile shopping app that offers payments in one click. Overall, the preferences of global online shoppers vary by country and region, encouraging E-Commerce merchants to adjust their payment mix.
Another major development is the rise of mobile payment services. Above one third of connected consumers already use mobile payment services, with Asia-Pacific outpacing all other global regions, in terms of adoption. As the interest in payments by phone rises, services such as Apple Pay are expected to expand their user base in the near future. In Chinaalone, more than half a billion people use mobile payments, most of which use Alipay, according to statistics cited the researcher.
By 2023, losses due to online payment fraud to double
Despite the rapid growth in E-Commerce sales, fraud, in several countries, remains a hindrance. Fraud losses from online payments are projected to grow two-fold within the time frame between 2018 and 2023, according to the research. Considering this statement, buyers’ preferences lie with payment methods that they deem to have the highest level of security.
Online shoppers’ payment preferences differ
Safety is one among several aspects that online shoppers value in the payments realm. Ease and convenience of payments is important to many. In the U.S. and the UK, for example, a major share of digital buyers save card payment details for future purchases. In regard to the report, more than a third of Brazilians prefer to use mobile shopping apps that offer one-click payments.
Mobile wallets in focus
Mobile payment services are on the global upswing, with one in three connected consumers already using this functionality. These rates are the highest in Asia-Pacific. A recent statistic shows that in China, mobile payments are used by over a half a billion people.
Questions Answered in this Report
- What are the top payment methods preferred by online and mobile shoppers worldwide?
- How does usage of the new payment methods vary in 40+ countries around the world?
- What are the main drivers and barriers of online payment adoption for consumers in different countries?
- How are mobile payments evolving in various regions and countries?
- What are the attitudes towards online and mobile payment security of consumers globally?
Key Topics Covered:
1. Management Summary
2. Global Developments
5. North America
6. Latin America
7. Middle East & Africa
- Adyen B.V
- Alipay.com Co Ltd
- Amazon.com Inc
- American Express International Inc
- Apple Inc
- Blik Inc.
- CashU Inc
- China UnionPay Co Ltd
- Currence iDeal B.V
- Google LLC
- LINE Corp
- Mastercard Inc
- Mercadolibre Inc.
- Oxxo S.A.
- PagSeguro Digital Ltd.
- Paypal Inc
- Paysafe Group Ltd
- Paytm Mobile Solutions Pvt. Ltd
- Rakuten Inc
- Samsung Co. Ltd.
- Sberbank of Russia
- Suning.com Co. Ltd.
- Swish Inc.
- Tencent Holdings Ltd
- UnionPay International Co. Ltd
- Vipps AS
- Visa Inc.
- Wirecard AG
- Yandex LLC
For more information about this report visit https://www.researchandmarkets.com/research/ktq63g/global_online?w=5
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SOURCE Research and Markets