The exponential growth of cross-border ecommerce has precipitated the rise of (alternative) payment methods and instruments worldwide. Seeing how the success of a payment method is dependent upon its adaptability to context, we believe that choosing the right payment method per payment context, vertical, and country is a key enabler to online sales conversion. The creation of new contexts (mobile, wearable payments) allow for more payment options to appear on the market, all with their own specific niches.
By making use of our proficient knowledge of the payments industry, we have conducted an extensive research on payment methods and providers per continent, as depicted in the following example.
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Particularly, the proliferation of e-wallets has intensified with the emergence of devices such as Apple Pay, Samsung Pay, and AndroidPay; this led to banks starting to compete by developing their own e-wallets and merchants partnering with fintech and banks to create similar products. The reason behind this turn of events consists of fragmentation: the e-wallet ecosystem is still new and unpredictable, and no clear winners have come out of the scramble yet.
Considering the intricacies e-wallets are facing in their journey to become a universal payment method, we believe that a thorough analysis of this promising ecosystem is mandatory.
If you want to learn detailed and accurate information on both payment methods and instruments, you can access the full Ecosystem Explained: Payment Methods and E-wallets infographic by clicking here.
The Ecosystem Explained: Payment Methods and E-wallets infographics are part of the Payment Methods Report 2017, a must-read key summary of the most important basics in the payments industry, which you can download here.