Alternative payment methods

Alternative payment methods https://blog.payop.com/en/payop/third-party-payment-provider/ such as electronic and mobile wallets are beginning to outpace payment cards as tools for online shopping, according to a new study by WorldPay.

WorldPay analysts note that the global e-commerce market is currently growing at a rapid pace, and its turnover this year exceeded the amount of 1.66 trillion US dollars, which is 14% more than in 2014. In 2015, for the first time, more than half of the global e-commerce market turnover came from non-card payments, such as electronic and mobile wallets, direct debit payments and transfers from a bank account.

Researchers predict continued growth in volumes attributable to alternative payment methods. In 2019, their share will account for up to 55% of the turnover of all e-commerce in the world, the WorldPay believes. Note that such estimates look more modest than a number of previous forecasts.

The WorldPay emphasizes that regional differences are still quite pronounced in the e-commerce market in the world. For example, in North America, alternative payment methods accounted for only 28% of e-commerce turnover in 2014, compared with 49% in EMEA and 58% in the Asia-Pacific region.

Among all non-card payment methods, according to WorldPay estimates, the most popular are electronic and mobile wallets - such as those used in the payment services PayPal and Alipay. By 2019, WorldPay expects that payments from electronic and mobile wallets will account for 27% of retail turnover in the world (approx. 647 billion dollars. US), while the share of transactions to pay for goods and services from credit cards will be 24% (or $577 billion). US), the third most popular payment method in global retail, WorldPay analysts say, will be debit card transactions, followed by transfers from a bank account and payment with prepaid cards.