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New yStats.com research reveals that traditional bank card payments fall behind alternative online payment methods
yStats.com, a leading secondary market research company based in Germany, has a new release titled “Global Alternative Online Payment Methods: Second Half 2016,” which reports on recent trends in global E-Commerce market payments, such as a diversion from traditional online payments via bank cards to alternative methods like E-Wallet, bank transfer, direct debit, invoice, cash on delivery, among others.
According to the yStats.com research, credit card payments lag behind the total share of alternative payment methods in global E-Commerce sales in 2015 because of increased contributions from developing markets to worldwide online retail revenue, as well as evolving online consumer preferences in advanced markets. By 2020, the share of alternative online payments is forecasted to expand further.
The leading alternative online payment method is E-Wallet, used for close to one third of global E-Commerce sales, according to research cited in the yStats.com report. Additionally, E-Wallet ranks second among payment methods used for cross-border online shopping. Furthermore, countries such as China, Italy, and Mexico have a large double-digit share of online consumers who are more partial to digital wallet providers like PayPal and Alipay than to other methods.
In general, bank card payments remain the top online payment method in many advanced markets. Even certain emerging markets such as Russia, have a tendency to use more bank card payments. Due to these varying attitudes, yStats.com research reveals that three quarters of online merchants utilize at least 3 varying online payment options.
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