A new report has been released by Germany-based secondary market research firm yStats.com, a specialist in E-Commerce and Online Payment market intelligence. The publication titled “Global Online Payment Methods: Full Year 2016” synthesizes third-party market statistics, forecasts and survey results published during 2016 and sheds light on online payment preferences of online shoppers in 30+ countries worldwide. The report cites a projection that online payment fraud will rise at double-digit rates through 2020.
Online shoppers in different global regions have varying preferences when it comes to selection of methods used to pay for their digital purchases. This is one of the findings of the new report published by yStats.com, which reveals payment method choices of online shoppers in all regions and over 30 countries worldwide. According to a recent global survey cited in the report, credit card was the preferred payment method in Asia-Pacific and the Americas, while in other regions alternative payment methods like digital payment services and cash on delivery were used by a higher share of online shoppers than traditional credit cards. Another survey reveals that when purchasing from foreign online merchants, credit card is used the most, closely followed by online payment services or E-Wallets.
A third-party analysis of the global E-Commerce payment volume, which considers the differing contributions of various countries as opposed to averages across all countries considered by consumer surveys, ranks E-Wallet as the top payment method with the highest share of global online retail sales, with credit card ranking second. One of the reasons for the leadership of this payment method in terms of payment volume is the fact that in China, the largest E-Commerce market worldwide by far, it accounts for more than 50% of online sales, as revealed in yStats.com’s report.
Payment security is an important consideration both for E-Commerce companies and online buyers. Even in advanced digital markets like the USA and the UK, consumers cite payment security as a major issue in online and mobile payments. According to a third-party forecast referenced in yStats.com’s research, online payment fraud losses are projected to rise at double-digit rates every year through 2020.