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Digital wallets to represent half of global ecommerce sales by 2023 – FIS study

Monday 2 March 2020 09:07 CET | News

US-based fintech FIS has released its Worldpay from FIS 2020 Global Payments Report, predicting digital wallets to represent half of global ecommerce sales by 2023.

 

The report contains an analysis and forecast of consumer payment trends in 40 countries around the world. The report predicts that digital wallets will represent half of global ecommerce sales by 2023, while "Buy Now, Pay Later" (BNPL) methods emerge as the fastest-growing online payment preference over the next five years.


The Worldpay 2020 Global Payments Report indicates that even as global ecommerce continues to grow to an estimated USD 5.9 trillion by 2023, the marketplace is rapidly changing as digital and mobile wallets transform consumer behaviors online. Many diverse factors are driving this change, including the urbanisation of emerging economies, widescale technological adoption, the increasing spending power of Generation Z consumers, and the rise of social commerce.

Smartphones are becoming the new wallet for many consumers who are forgoing traditional payment methods in-store, according to the Worldpay report. In 2019, 22% of in-store purchases globally were conducted using mobile/digital wallets – up from 16% in 2018. Market forecasters project that more than one billion shoppers will make a digital or mobile wallet payment in 2020.

The FIS report found that BNPL is the fastest-growing online payment method in Australia, Brazil, France, Japan, the Netherlands, the United Kingdom and the United States, and is set to grow at a 28% compound annual growth rate globally over the next five years. The Europe-Middle East-Africa (EMEA) region leads the global market in terms of BNPL usage, comprising 5.8% of total ecommerce purchases and expected to grow to 8.9% by 2023. North America currently comprises less than one% of ecommerce BNPL purchases and is expected to advance to three% by 2023.

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Keywords: FIS, The Worldpay 2020 Global Payments Report, Australia, Brazil, France, Japan, The Netherlands, the United Kingdom, the United States, Europe-Middle East-Africa, eWallet, ecommerce, digital commerce, BNPL, social commerce, global ecommerce, mobile wallet
Categories: Payments & Commerce
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Countries: World
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