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Alternative payment methods will increase their share of online payments by more than 50% by 2025, according to German research firm yStats .
Currently, credit cards still have the largest share of the international B2C payment market for online purchases.
At the same time, digital wallets and mobile payments stand out among the fastest growing alternative payment methods, which are rapidly increasing their market share, with an annual growth rate that outstrips other payment methods by more than 40%.
The study also found that many banks, processors, multichannel retailers and card companies advocate integrating online payments with mobile devices and POS terminals.
Experts predict that mobile payments for online and offline stores will continue to grow around the world, with more people using this payment method in the future. In 2021, about a quarter of all consumers used their mobile phones to carry out financial transactions. Experts believe that the number of mobile payments will increase significantly in the next few years and will reach several billion by 2025.
According to the study, the Middle East and Africa are the leading regions for mobile payments in the international B2C payments market.
In North America, payment cards accounted for nearly 3/4 of B2C payments, with digital wallets being the most popular alternative payment methods. In Canada, PayPal was the most popular alternative payment method.
About half of all B2C payments in Latin America are split between alternative payments and payment cards. In Brazil, Boleto Bancario was the second most popular payment method after bank cards. In Argentina, checkbook payments and Pago Facil and Rapi Pago were the second most popular payment systems after online card payments last year.
The share of alternative payments, including mobile and e-wallets, is forecast to increase by 20% in Europe by 2025. At the same time, income from the alternative payment industry will double.
In Russia, the use of payment cards and alternative online payments is currently on the rise, although cash still remains the dominant payment method for online purchases. In the Czech Republic, among the various online payment methods, bank transfers were twice as common as payment cards, although cash was the most popular payment method. In Poland, alternative payment methods, led by bank transfers, were used more often than credit cards for online purchases.
In the Asia Pacific region, digital wallets have had a significant share of B2C e-commerce payments. For example, Japan has a number of unique alternative payment methods including Konbini, a payment method for paying at convenience stores. In China, online payment is dominated by payments made through online and mobile payment providers.
As previously reported, according to a study by WorldPlay, users around the world are increasingly turning to alternative payment methods when paying for video games.
Currently, credit cards still have the largest share of the international B2C payment market for online purchases.
At the same time, digital wallets and mobile payments stand out among the fastest growing alternative payment methods, which are rapidly increasing their market share, with an annual growth rate that outstrips other payment methods by more than 40%.
The study also found that many banks, processors, multichannel retailers and card companies advocate integrating online payments with mobile devices and POS terminals.
Experts predict that mobile payments for online and offline stores will continue to grow around the world, with more people using this payment method in the future. In 2021, about a quarter of all consumers used their mobile phones to carry out financial transactions. Experts believe that the number of mobile payments will increase significantly in the next few years and will reach several billion by 2025.
According to the study, the Middle East and Africa are the leading regions for mobile payments in the international B2C payments market.
In North America, payment cards accounted for nearly 3/4 of B2C payments, with digital wallets being the most popular alternative payment methods. In Canada, PayPal was the most popular alternative payment method.
About half of all B2C payments in Latin America are split between alternative payments and payment cards. In Brazil, Boleto Bancario was the second most popular payment method after bank cards. In Argentina, checkbook payments and Pago Facil and Rapi Pago were the second most popular payment systems after online card payments last year.
The share of alternative payments, including mobile and e-wallets, is forecast to increase by 20% in Europe by 2025. At the same time, income from the alternative payment industry will double.
In Russia, the use of payment cards and alternative online payments is currently on the rise, although cash still remains the dominant payment method for online purchases. In the Czech Republic, among the various online payment methods, bank transfers were twice as common as payment cards, although cash was the most popular payment method. In Poland, alternative payment methods, led by bank transfers, were used more often than credit cards for online purchases.
In the Asia Pacific region, digital wallets have had a significant share of B2C e-commerce payments. For example, Japan has a number of unique alternative payment methods including Konbini, a payment method for paying at convenience stores. In China, online payment is dominated by payments made through online and mobile payment providers.
As previously reported, according to a study by WorldPlay, users around the world are increasingly turning to alternative payment methods when paying for video games.