“Global Alternative Online Payment Methods 2019” is a new report released by Hamburg-based secondary market research company yStats.com. The publication reveals that alternative payment means are on the way to a much higher share of E-Commerce payments than cards by 2022, with E-Wallets alone projected to account for nearly one-half.
Alternative payment methods to take a higher share of global E-Commerce
Alternative payment methods continue to rival cards in global E-Commerce and are taking a higher share of E-Commerce sales worldwide, according to yStats.com’s new research. The leading alternative payment means as of 2018 was E-Wallet, and by 2022 it is projected to account for nearly 50% of global E-Commerce sales. E-Wallets are most popular in the Asia-Pacific, exemplified by the success of services such as Alipay, WeChat Pay, Paytm, GoPay and others. As this region’s online sales continue to rise rapidly, digital and mobile wallets see their share grow on the global scale.
E-Wallets and local digital payment solutions rival cards in Europe
Besides Asia-Pacific, the use of digital wallets is also on the growth track in Europe. In 2018, PayPal was more popular than Visa or Mastercard credit cards among online shoppers in countries including France, Italy and Spain. Other major alternatives to cards include payments by invoice in Germany and Sweden, and local payment solutions iDEAL in the Netherlands and PayU in Poland, according to data cited by the yStats.com report.
Consumers value the variety in online payment methods
In the Americas, plastic remains strong as the leading online payment method. At the same time, in regard to consumer surveys cited in the yStats.com report, buyers in these regions value payment method variety when shopping online and would rather pay with a method that they already had an account for than enter their payment details into a new website. Furthermore, in the countries of the Middle East and Africa, cash on delivery was a leading payment method, but digital alternatives such as mobile wallets also gain acceptance.