“Global Online Payment Methods: Full Year 2015” is the title of the new publication by Germany-based secondary market research company yStats.com. Based on market information released in 2015, the report reveals the main trends and developments in global online payments. According to its findings, online shoppers’ preferences regarding payment methods continue to vary worldwide, while payment security remains the primary concern of both buyers and merchants.
In 2015, credit card continued to lead as the major non-cash payment method used by more than half of global online shoppers to pay for purchases made via the Internet, according to the new report by yStats.com. However, alternative payment methods, such as digital wallets and bank transfers follow closely and even beat credit cards in terms of usage by online shoppers in multiple advanced and emerging markets. Furthermore, cash on delivery was still widely used by online shoppers in many countries of Eastern Europe, the Middle East and Asia last year.
When it comes to the adoption of new online and mobile payment methods, the top two considerations of global consumers are data privacy and security, with value-added services such as ability to monitor spending following in third rank. More than half of consumers surveyed across all global regions revealed that they were worried about their personal information when using mobile payment apps and only a quarter of them were sure that mobile payments were absolutely secure. Even in the most advanced markets, such as the USA, the majority of online shoppers preferred to pay with credit card online, but only one third of them believed that it was the safest way to pay, according to a 2015 survey cited in yStats.com’s report.
Another finding highlighted in the report by yStats.com is that competition in global online and mobile payments remains intense. American Express and Visa each launched an express online checkout service to rival PayPal. At the same time, Apple, Google and Samsung are advancing their mobile payment offerings, while Facebook released a peer-to-peer mobile payment service. As global B2C E-Commerce and mobile shopping markets continue to grow, payment providers, banks and merchants are expected to rival each other and enter partnerships to further provide global shoppers with the most secure and convenient payment methods.
