Recent Report On How Emerging Markets Affect Alternative Online Payments

Based on the report by yStats.com, the global e-commerce market is no longer dominated by payments made via credit cards. yStats.com is one of the world’s leading secondary market research companies.

Emerging markets contribute to global online retail revenues. On the other hand, online consumers in advanced markets show changing preferences. All these factors made alternative payment methods account for a higher share of e-commerce sales in 2015 as compared to traditional credit card payments.

It’s expected the share of these alternative payment methods will grow through 2020, while credit and debit cards are likely to lose several percentage points in their share.

Merchants can get some of the best payment processing options from reputable high risk processors like emerchantbroker.com. Voted the #1 high risk payment processor in the US, EMB is the best choice for alternative online payments. With EMB, you can get services tailored to your own business needs. As the top high risk merchant account processor, EMB offers unmatched chargeback protection and prevention services in the industry.

Consumers in established markets like the US, Canada, Japan, Australia, the UK, and France still prefer to pay via credit cards. Consumers in markets like China, Italy, and Mexico mostly prefer e-wallets like Alipay and PayPal. In selected emerging markets like Russia, consumers tend to make payment by bank cards.

According to the report, e-wallets were the world’s 2nd most popular online payment method after bank cards, representing 1/3 of all worldwide e-commerce sales. Other popular alternative payment methods include bank transfer, direct debit, cash on delivery, payment by invoice and in-store payment.

It’s important for merchants to find the proper mix of options depending on where they want to sell because different markets have different preferences regarding the alternative payment methods.

Overall, since online shoppers have diverse payment method preferences, it becomes necessary to offer a range of payment options. This is an issue for consideration for 3/4 of online merchants who accept at least 3 different online payment options, according to a 2016 survey cited in the yStats.com report.

 

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