According to a new global report from Germany-based secondary market research firm yStats.com, credit card is leading among online payment methods, but digital payment services and cash on delivery also hold strong positions in many markets. The market report, titled “Global Alternative Online Payment Methods: First Half 2016,” contains rankings of payment methods used by online shoppers in all global regions with country insights into over 25 major markets worldwide.
Used by more than 50% of global online shoppers, credit card remains ahead of alternative payment methods in global B2C E-Commerce, according to the findings of the new report by yStats.com. However, a more detailed look into global regions reveals that more online shoppers in Western Europe pay by digital payment systems than by credit card and that in emerging markets of Eastern Europe, Middle East and Africa, cash on delivery still plays a major role. Moreover, other alternative payment methods are prominent on the country-level, such as iDEAL in the Netherlands, invoice in Sweden, and Boleto Bancario in Brazil.
Consumer surveys cited in the yStats.com report also indicate the importance of offering a variety of payment options to online shoppers. For example, in Japan, close to one third of online shoppers surveyed in early 2016 have cancelled a purchase if their preferred method was not offered at checkout. In the USA, more than three quarters of digital buyers carefully evaluate their online payment experience and admit that it affects their decision to return to an E-Commerce website. Moreover, security is a major consideration influencing the online shoppers’ choice of payment methods, such as in Spain, where the majority place safety above other criteria such as speed and convenience.