yStats.com, Germany-based E-Commerce & Payments business intelligence specialist, has released a new report summarizing predictions for global online and mobile payments through 2022 and beyond. The publication, entitled “Global Digital Payment Forecasts 2019-2022,” highlights the relentless growth of e-payments worldwide, driven by the rise of E-Commerce and innovative payment methods.
Asia-Pacific leads the world in digital payment forecasts through 2022
The global digital payments market is expected to see a double-digit growth rate between 2019 and 2022. While the lion’s share of digital payments in 2019 is attributed to remote digital commerce, proximity mobile payments are projected to grow even faster and account for around one-quarter of all digital payments by 2022. Asia-Pacific is predicted to remain the world’s leading region by digital payments value over the forecast period, followed by North America and Europe. The emerging markets of Latin America and the Middle East and Africa are also expected to see rapid growth, but remain behind the three leading regions.
Digital wallets to record higher shares of E-Commerce payments
Digital wallets are forecasted to remain the leading payment method by share of global E-Commerce payments through 2022. Credit cards are expected to rank second and lose several percentage points in their share. As digital commerce payments grow, so do online payment fraud losses, projected to nearly double over the four years. In this regard, biometric authentication using mobile devices is expected to gain importance with a rapid growth in number of remote purchases authenticated via mobile biometrics.
In-store mobile payments projected to expand
Digital payments are also coming to brick-and-mortar stores with the rising adoption of mobile wallets. China is setting the pace for this trend, as more than half a billion consumers in this country are expected to make in-person payments via mobile this year. In Europe, mobile payments are forecasted to increase by more than +50% between 2019 and 2022, and in North America more than three in ten smartphone owners could be making in-store payments via mobile by the end of this period.