Alternative payments to threaten credit cards dominion by 2017

Thursday 22 May 2014 13:50 CET | News

Alternative payment methods are forecasted to increase their share of online payments to over 50% by 2017, according to the “Global Online Payment Methods: First Half 2014“report issued by the German secondary research organization

Currently, credit cards continue to have the largest share of global B2C ecommerce payments. The fastest growing alternative methods, namely digital wallets and mobile payments, are increasing their share rapidly, with an annual growth rate of over 40% outpacing other payment methods.

As payments integration across various channels is one of the main developments in the industry, banks, payment processers, card companies and multi-channel merchants globally advocate the integration of online payments with mobile and POS payment, while mobile wallets start to offer services beyond mobile payments and merchants select a single payment provider across channels.

Mobile payments, both online and in-store, are predicted to continue their notable growth worldwide, along with the concomitant increase in customer adoption. Nearly a quarter of the global consumers used their mobile phones for financial or banking transaction in 2013, and the number of payments with mobile handsets is forecasted to grow significantly in the next few years to reach several billions by 2018. The region leading worldwide by share of mobile on total B2C ecommerce payments is the Middle East & Africa.

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Keywords: World, alternative payments, credit card, debit card, online payments, ecommerce
Categories: Payments & Commerce
Countries: World
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Payments & Commerce

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