Although credit and debit cards still account for the highest share of global ecommerce sales compared to other individual payment methods, the combined share of alternative payment methods now outweighs bank card payments and accounts for more than 50% of global online retail payments.
The fast growing emerging markets stand behind this global trend. Lower bank card penetration in these countries compared to advanced markets encourages the search for new alternatives, thus facilitating payment innovation. According to a recent research cited in the yStats.com, consumers in regions such as Latin America and Asia-Pacific rank above the global average for willingness to use mobile payments, acco. Another 2016 survey suggests that smartphone owners in India, South Korea, South Africa and the UAE are more likely to be using mobile wallets than those in the US, the UK or Germany.
Whether in emerging or advanced markets, payment security is one of online shoppers’ top considerations when paying for purchases. While established online payment security measures like 3D Secure authentication remain valid, new authentication methods are being developed to answer the demand for increased payments safety. As the yStats.com report New Market Report: Emerging Markets Leading the Global Online Payment Transformation reveals, fingerprint ID is one of the top innovative measures that online shoppers are willing to use in the near future.
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