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

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search