Home / Knowledge / News / Apparel/Garments / Credit cards maintain their lead in global online payments
Credit cards maintain their lead in global online payments
22
May '14
Hamburg-based secondary research organization yStats.com has released a new report, “Global Online Payment Methods: First Half 2014“, which reveals that credit cards continue to have the largest share of global B2C E-Commerce payments and are likely to maintain their lead in the near future.
 
However, the fastest growing alternative methods, digital wallets and mobile payments are increasing their share rapidly, with an annual growth rate of over 40% outpacing other payment methods. Put together, alternative payment methods are forecasted to increase their share of online payments to over 50% by 2017.
 
Security remains a major issue on the global online payments market. Surveys show that more than a third of Internet users globally who do not shop online cite distrust to online payments as their reason for not making purchases, though this consumer concern varies greatly by country and region.
 
Moreover, an important trend is integration of payments across various channels. Banks, payment processers, card companies and multi-channel merchants globally are working toward integration of online payments with mobile and POS payment, while mobile wallets start to offer services beyond mobile payments, and merchants increasingly opt for a single payment provider across channels.
 
Mobile payments, both online and in-store, are predicted to continue strong growth worldwide, with customer adoption improving. About a quarter of the global consumers used their mobile phones for financial or banking transaction last year, and the number of payments with mobile handsets is forecasted to grow rapidly in the next few years to reach several billions by 2018. The region leading worldwide by share of mobile on total B2C E-Commerce payments is the Middle East & Africa.
 
Competition on the global online and mobile payments market is fierce, with major players developing and employing innovations in recent months. Amazon launched promotion of its Login and Pay processing service for online merchants, while Google launched a prepaid card connected to Google Wallet and plans to expand its payment services further.
 
Visa and MasterCard added a cloud-based solution to its NFC payment offers, using the Host Card Emulation technology. PayPal, which generated almost EUR 5 billion in revenues in 2013, launched a new branding campaign with focus on mobile. Moreover, expansion into online and mobile payments is anticipated from large players Apple and Facebook.
 
In the USA, alternative payment methods are expanding to rival debit and credit cards in both online and offline retail.  A digital currency trend also continues to evolve. The online retail payment market in the USA grew by a small double-digit share in 2013, reaching several hundreds of EUR billion. M-Commerce payments amounted to a medium-high double-digit figure in EUR billion, split almost evenly between tablets and mobile phones. In Canada, online payment by card continued to be the leading method.
 
Click here to view more details.
 

yStats.com


Must ReadView All

US & EU retailers release industry approach to GDPR

Apparel/Garments | On 24th May 2018

US & EU retailers release industry approach to GDPR

The Washington, D.C.-based National Retail Federation and...

Global cotton consumption to reach record in 2018-19: USDA

Textiles | On 24th May 2018

Global cotton consumption to reach record in 2018-19: USDA

Reflecting continued growth in the global economy, world cotton mill...

Courtesy: Nanollose

Textiles | On 24th May 2018

Nanollose develops fabric from coconuts

Australian technology company Nanollose has developed a sustainable...

Interviews View All

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search