Boku, the global network for localised payment solutions, has released a global research report entitled ‘2024 Global Ecommerce Report: The Changing World of Payments’ – an in-depth analysis of payment preferences and purchasing behaviours of consumers across the globe.
Details
Produced in collaboration with Juniper Research, the report surveyed 10,500 consumers and analysed data from 37 major markets across the globe to identify global, regional and country specific trends. The findings highlight significant and rapid consumer shifts in ecommerce payments away from the traditional card networks (and in emerging economies cash on delivery) towards local payment methods such as digital wallets.
Highlights of Report
- Rise of Local Payments: Local payment methods, including digital wallets and Account to Account (A2A) transfers, are gaining popularity, with A2A payments projected to be the fastest growing method within e-commerce
- Decline of Card Payments: By 2028, card payments are expected to decline to 19% of transaction value and 30% of transaction volume in e-commerce
- Regional Insights: Different regions show varying trends, with Africa & Middle East embracing mobile money, Asia Pacific transitioning from cards to local methods, Europe moving towards A2A payments, and North America focusing on seamless checkout experiences.
What They’re Saying
Stuart Neal, CEO of Boku said, “Our research shows the way the world transacts online is changing fast, and that change is being driven in the main by a consumer preference for convenient, seamless payment methods like digital wallets, direct carrier billing and Account to Account transfers. Merchants now realise that the key to their future global growth and success lies in their ability to offer consumers more payment choice.
At Boku, we’re excited to provide the world’s largest merchants with access to our global network of localised payment solutions so their customers can more easily pay for the things they love, the way they want – no matter where they are in the world.”
Read the full report here
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