A new publication from Germany-based secondary market research company yStats.com, entitled “Global Online Payment Methods 2019,” sheds lights on the latest developments in digital payments worldwide. yStats.com’s CEO & Founder, Yücel Yelken, states: “We see the adoption of digital payment methods rise across all global regions. On the other hand, online payment fraud remains a major concern for both consumers and sellers in E-Commerce, with a projection of a double-digit growth rate in losses through 2023”.
Online payment fraud losses to double by 2023
Although E-Commerce sales maintain rapid growth, fear of fraud is still a major barrier in many nations. yStats.com’s research finds that online payment fraud losses are expected to double between 2018 and 2023. As a result, digital buyers opt for payment methods which they deem most secure. These perceptions vary by country, driving the popularity of cards and digital wallets in advanced markets, while also helping cash on delivery maintain a leading position in selected emerging economies.
Payment preferences of online shoppers vary
In addition to safety, online shoppers also value the ease and convenience of payments. In the U.K. and the U.S., a high percentage of digital buyers save payment card details for faster checkout in future purchases, while in Brazil more than one in three respondents to a survey, cited in the yStats.com report, would choose a mobile shopping app that offers payments in one click. Overall, the preferences of global online shoppers vary by country and region, encouraging E-Commerce merchants to adjust their payment mix.
Mobile wallets expected to grow in usage
Another major development is the rise of mobile payment services. Above one-third of connected consumers already use mobile payment services, with Asia-Pacific outpacing all other global regions, in terms of adoption. As the interest in payments by phone rises, services such as Apple Pay are expected to expand their user base in the near future. In China alone, more than half a billion people use mobile payments, most of which use Alipay, according to statistics cited by yStats.com.