WorldPay Predicts E-wallets to Rival Cards
Online purchases made using alternative payments – any form of payment other than credit or debit cards – will rise to 59% in 2017 from 43% in 2012, while card payment market share including credit and debit will decline over the same period from 57% to 41% predicts WorldPay.
The payment processing specialist makes the prediction in the just-published second edition of its publication ‘Your Global Guide to Alternative Payments’, which reviews the global payments landscape.
Among its predictions is that electronic wallets (e-wallets) will equal cards as the most popular payment method globally, with each predicted to have a 41% share of the overall payments market. In 2012, US$295bn was processed through e-wallet payments, a figure set to rise to US$1,656bn by 2017.
Among other key insights from the survey:
“We’re seeing a transformation in transaction trends,” said Shane Happach, chief commercial officer, WorldPay. “Credit and debit cards have long dominated as the payment method of choice for online transactions. Now, alternative payment methods are forecast to grow significantly faster than total e-commerce and will represent more shopper spend than cards by 2017.”
Kevin Dallas, chief product and marketing officer, e-commerce, WorldPay, added: “Emerging economies, such as the BRIC [Brazil, Russia, India and China] countries and the next layer of emerging markets, are seeing particularly fast growth of alternative payments. This means the complexity of the payment landscape will increase further. Merchants will need to ensure they understand diverging regional and sector trends in preferred methods of payment.”
The guide can be downloaded at www.worldpay.com/global-guide-to-alternative-payments.