The report is entitled ‘2024 Global Ecommerce Report: The Changing World of Payments’, and it was developed as an in-depth analysis of payment preferences, as well as purchasing behaviours of clients across the world. The publication revealed a continued decline in the overall market share of traditional card payments and a significant increase in the use of local transaction methods for ecommerce purchases globally.
The report was produced in a strategic partnership with Juniper Research, and it surveyed 10,500 customers, while also analysing data from 37 major markets in order to identify global, regional, and country-specific trends.
In addition, the report highlighted significant and rapid user shifts in ecommerce payments away from the traditional card network, and in emerging economies cash on delivery, as well as towards local payment methods such as bank transfers. These include PIX in Brazil, UPI in India, and iDEAL in the Netherlands, which are revealed as the fastest-growing payment methods within the ecommerce landscape.
Payment choice represents an important feature for clients around the world, and today’s mobile-first generations prioritise the convenience and efficient nature of payment with digital wallets, instant A2A payments, and direct carrier billing. The adoption of localised payment services by younger generations and populations is set to accelerate their adoption by older customers as well.
Included in the key global findings are the card values which are expected to decline to 19% of transaction value by 2028, down from 31% in 2023, while by volume, card payments are set to account for just 30% of ecommerce transactions in 2028, down from 41% in 2023. At the same time, by 2028, local payment methods will account for 58% of ecommerce transaction values, up from 47% in 2023. This will also account for a majority of transaction value online for the first time.
In addition, the report shows that by 2028, 37% of all individuals around the world will actively use local payment methods, such as instant A2A and non-card-linked wallets to account for over 50% of ecommerce transactions, as they will be valued globally by 2028. Furthermore, instant A2A payments are set to forecast to more than double and to become the fastest-growing payment method within the ecommerce landscape. This will account for 18% of all transactions by volume by 2028 across the globe, up from 8% in 2023.
Boku and Juniper Research also researched regional takeaways and surveyed multiple ecommerce payments users across several geographical areas around the world, such as Brazil, China, Colombia, India, Indonesia, Japan, Malaysia, Nigeria, Philippines, Saudi Arabia, South Korea, Taiwan, Thailand, and Vietnam. The fieldwork was completed in October 2023, and the information is updated on a quarterly basis.
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