Dublin, Aug. 27, 2018 (GLOBE NEWSWIRE) -- The "Global Alternative Online Payment Methods: Full Year 2017" report has been added to ResearchAndMarkets.com's offering.
Alternative payment solutions allay some security concerns for online shoppers, says report
The report, Global Alternative Online Payment Methods: Full Year 2017, researches synthesizing data regarding payment methods used by online shoppers worldwide. Among the trends revealed in the report is that credit card use in online purchases may take second place to alternative payment methods like E-Wallets within a few years.
Credit cards have been the primary payment solution for online purchases since the beginning of online commerce. However, projections cited in the new report indicate that by 2021, digital wallets and other alternatives will replace the dominance of plastic, thanks to the popularity of other methods in emerging markets as well as continued consumer concern over security of card account information when used online.
Online payment method rankings for nearly 40 countries worldwide, cited in the report, point to the increased usage of alternative methods, especially digital wallets. While credit cards topped the global ranking of consumer preferences in 2017, by 2021, digital wallets and other alternative means are projected to account for a much higher share of worldwide online sales than cards. The two main reasons for the alternative payments' rise revealed in the report include their popularity in emerging markets and the growing concern of consumers in advanced economies over the safety of card information online.
The acceptance of E-Wallets such as Alipay and PayPal in Asia, the largest and fast growing E-Commerce region contributes to the project dominance of alternative payment solutions within the next few years. The report points out that while credit cards still dominate in Japan and South Korea, the wide acceptance of digital wallets and mobile payment in the populations giants China and India will contribute to toppling credit cards' ranking. In Europe also, while credit cards still lead in payment usage in some nations, on a regional level, digital wallets are the preferred payment method. Other alternatives to credit card use worldwide include bank transfer and cash on delivery.
In markets where credit cards traditionally hold the leading position, such as the USA, the use of alternative means of payment is on the rise. One of the factors behind this trend is consumers' growing concern over the online security of credit card information. A recent survey from the USA, cited in the report, revealed that due to the fear of hacking, one-third of respondents never saved their credit card details on E-Commerce websites and a similar number only used PayPal or alternative trusted payment methods.
Questions Answered in this Report
Key Topics Covered:
1. Management Summary
2. Global Developments
3. Asia-Pacific
4. Europe
5. North America
6. Latin America
7. Middle East
8. Africa
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/research/k9qk6t/global?w=12
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