Study Predicts Decline of 19 Percent in Four Years
Boku is a global payments network that offers localized solutions. The Global Ecommerce Report 2024 was published in collaboration with Juniper Research. Report: The changing world of payments. The report examines the payment preferences and behavior of consumers around the world: highlighting a Local payment methods are becoming increasingly popular in e-commerce.
Local payment methods are surpassing traditional cards
Based on an analysis of data from the report shows a decline in market share in 37 major markets. Local payments are increasing alongside traditional card payments as methods for online purchases worldwide. The rapid growth of online purchases is one of the key findings. Payments from one account to another (A2A), such as PIX payments in Brazil and UPI in India. iDEAL is the fastest growing payment method in the Netherlands. E-commerce.
Global trends and summary
The report found that traditional cards are still popular. Payments are expected to decline from 31% in 2023 to 19% of transaction value by 2028. Local payment methods are expected to account for 58% of e-commerce transactions valued at more than $500 by 2028, up significantly from 47% in 2023. For the first time, they surpass traditional card payments by transaction value. It is estimated that about 37% of the world’s people will actively participate in sports. Use local payment methods before 2028.
By 2028, instant A2A payments and wallets will dominate.
The adoption of instant A2A wallets and those without cards is expected to be a big deal. By 2028, e-commerce will account for more than 50% of global transaction value. Instant A2A payments are expected to double, accounting for 18% of total payments. By 2028, e-commerce volumes will grow from 8% to 12%.
Stuart Neal is the CEO of Boku
Stuart Neal, CEO of Boku, said: “Our research has shown that the way people transact online is changing rapidly. The main reason for this is consumers’ preference for convenient and seamless payment methods such as digital wallets and direct carrier billing, as well as account-to-account transfers. The key to global success for merchants is now clear. “The ability to offer consumers more payment options is what makes them so attractive.”
Boku is proud to offer the largest range of e-bikes in the world. Merchants can access our global network of localized payment solutions. Customers can more easily pay for the things they like, in the way they choose, no matter where in the world they are.”
Nick Maynard is VP of Fintech Market Research at Juniper Research. Source: LinkedIn
The report highlights the importance of payment options for consumers worldwide, especially for the mobile-first generation who use digital wallets directly from network operators. They are convenient and seamless. Instant A2A payment and settlement. This shift in consumer behavior is shaping the present, making it a good time to adopt the technology.
Africa’s insights on mobile money and A2A payments Asia
The report provides insights into the markets of specific regions. Local payments and mobile money services are available in Africa and the Middle East. Payment systems such as M-PESA or MoMo are proving successful, but they require a highly localized system. In the Asia-Pacific region, card payments still play an important role. Local payment methods are becoming increasingly popular.
A2A e-commerce share
Europe expects a decline in card payments A2A payments continue to grow in the Far East and China, but are still at a low level. Mobile wallets are preferred. Latin America, North America and Europe are also showing a change in payment strategies. While the Indian subcontinent is experiencing a shift in preference towards local payment methods, A2A payments (also known as local A2A payments) in particular are being driven by successful initiatives such as UPI in India.
Nick Maynard is Vice President of Fintech Market Research at Juniper. Our research on this Boku report shows that global card schemes are a response to the continued growth of e-commerce. Regional and local wallets continue to gain market share from (credit, debit and card-linked wallets). Local payment methods. This trend is seen worldwide, but this is also true for all regions of the world.
Boku is a global payments network that offers localized solutions. The “Global Ecommerce Report 2024” was published in collaboration with Juniper Research. Report: The changing world of payments. The report examines the payment preferences and behavior of consumers around the world: highlighting a Local payment methods are becoming increasingly popular in e-commerce.
Local payment methods overtake traditional cards
Based on an analysis of data from The report shows a decline in market share in 37 major markets. Local payments are growing alongside traditional card payments worldwide. Methods for online shopping. The rapid growth of online purchases is one of the key findings. Account-to-account (A2A) payments, such as PIX payments in Brazil and UPI in India. iDEAL is the fastest growing payment method in the Netherlands. E-commerce.
Global trends and summary
The report found that traditional cards are still popular. Payments are expected to decline from 31% in 2023 to 19% of transaction value by 2028. Local payment methods are expected to exceed $500 by 2028, up significantly from 47% in 2023. For the first time, they are surpassing traditional card payments by transaction value. It is estimated that about 37% of the world’s people will actively play sports Use local payment methods before 2028
By 2028, instant A2A payments and wallets will dominate
The adoption of instant A2A wallets and those without cards is expected to be a big deal By 2028, e-commerce will account for more than 50% of global transaction value The number of instant A2A payments is expected to double, accounting for 18% of total payments By 2028, e-commerce volume will increase from 8% to 12%
Stuart Neal is CEO of Boku
Stuart Neal, CEO of Boku, said: “Our research has shown that the way people transact online is changing rapidly. The main reason for this is consumer preference for simple, seamless payment methods such as digital wallets and direct carrier billing, as well as account-to-account transfers. The key to global success for merchants is now clear. “The ability to offer consumers more payment options is what makes them so attractive.”
Boku is proud to offer the largest selection of e-bikes in the world. Merchants can access our global network of localized payment solutions. Customers can more easily pay for the things they like, in the way they choose, no matter where in the world they are.”
Nick Maynard is VP at Juniper Research and a Fintech Market Research expert. Source: LinkedIn
The report highlights the importance of payment options for consumers worldwide, especially the “mobile-first” generation who use digital wallets directly from carriers, are convenient and seamless. Instant A2A payment and settlement. This shift in consumer behavior is shaping the present, making it a good time to adopt the technology.
Africa’s insights on mobile money and A2A payments Asia
The report provides insights into specific regions’ markets. Local payments and mobile money services are available in Africa and the Middle East. Payment systems such as M-PESA or MoMo are proving successful, but they require a highly localized system. In the Asia-Pacific region, card payments still play an important role. Local payment methods are becoming increasingly popular.
A2A e-commerce share
Europe expects decline in card payments A2A payments continue to grow in the Far East and China, but are still at a low level. Mobile wallets are preferred.rnrnLatin America, North America and Europe are also showing a change in payment strategies. While the Indian subcontinent is seeing a shift in preference towards local payment methods, A2A payments (also known as local A2A payments) in particular are being driven by successful initiatives such as UPI in India.
Nick Maynard is Vice President of Fintech Market Research at Juniper. Our research for this Boku report shows that local and regional payment methods are gaining market share from traditional card-based systems due to the growth of e-commerce. This trend is seen worldwide, but “this also applies to all regions of the world.”
rnrn
