LONDON, January 23, 2019 /PRNewswire/ --
Global mCommerce to take over desktop shopping by 2023
German consumers are on a mission for convenience as mobile continues its ascent to the most popular shopping channel, according to new data from Worldpay, Inc. (NYSE: WP) (LSE: WPY), a global leader in the payments technology industry. Growing at a rate of 16 percent annually, mCommerce is set to be worth €44.3bn by 2022, with Germany poised to become the world's sixth largest mCommerce market in the next four years.
This mobile revolution is being powered by consumers' embracing new payment methods, with a particularly steep rise in the adoption of e-invoicing. In its 2018 Global Payments Report, Worldpay found that e-invoicing is the fastest growing payment method among Germans, on track to nearly triple its market share between now and 2022 to become the most popular online method.
E-wallets are also growing in popularity, increasing at a rate of 11 percent annually, ahead of bank transfers, credit and debit cards. However, with the rollout of PSD2 in Europe next year, bank transfers may re-gain popularity depending on the uptake of Open Banking solutions across the continent.
Worldpay's report found that mCommerce currently accounts for 38 percent of the €1.14tn in global eCommerce sales, and global mCommerce is set to grow by 19 percent over the next four years. By 2022, the largest mCommerce markets in the world are forecasted to be China (€1.03tn), U.S. (€320bn), UK (€100bn), France (€54.5bn), India (€48bn) and Germany (€44.3bn).
Mark Fleming, general manager for EMEA, Global Enterprise eCommerce at Worldpay, Inc., said: "Germany is one of the most exciting growth markets for mobile commerce, and will likely remain in that position for the foreseeable future. As advancements in device technologies hit the market, it's never been easier to make a purchase from the palm of your hand.
"German consumers' desire for flexibility and convenience shows the importance of providing reliable, secure and easy-to-use payment methods to capture the largest possible share of a strong and growing eCommerce market."
Worldpay has published guidance to help merchants capitalise on the global mCommerce opportunity:
- Consider developing a branded app, as the majority of shoppers prefer apps over mobile browsers when shopping on their smartphone. It's no longer enough to have a mobile-optimised website - if you're not prioritising a transactional app for your brand, you're not putting your best foot forward.
- Use biometrics to speed the journey. Shoppers are becoming increasingly familiar with fingerprint scanning and facial recognition. Biometrics place payments at the back of the user's mind, making the payment seem 'invisible'.
- Identify the most popular payment methods in each territory in which you operate. There's no one-size-fits-all in any region so you'll need to understand the best options for your company.
To learn more about these key insights and trends in global payments, visit https://worldpay.globalpaymentsreport.com/
About the 2018 Global Payments Report
The 2018 Global Payments Report offers a snapshot of the current payment landscape across 36 countries globally. Worldpay's Market Intelligence team compiles the Global Payment Report using a combination of authoritative third-party vendors and other publicly available data. This compiled data was analyzed using Worldpay's proprietary data model and categorization scheme, with support from McKinsey. The report also draws upon Worldpay's decades of experience in providing global eCommerce solutions, informed by our processing of more than 40 billion transactions annually via more than 300 payment types, across 146 countries and 126 currencies.
The projected growth figures contained in this report were sourced from GlobalData and McKinsey and relate to the industry as a whole, not Worldpay's business. The data has been collected using consumer surveys, B2B surveys and input from local research teams. 45,000 consumers were surveyed globally.
Any indicative predictions based on the data we have used should be treated as such. No representation or warranty, expressed or implied, is made by Worldpay, Inc. and/or any of its affiliates, directors, officers, employees, agents or advisers as to the reliability, accuracy, timeliness or completeness of any information, opinions or analysis contained in this document, which is not intended to be relied upon by you or any person for any purpose whatsoever.
Worldpay, Inc. (NYSE: WP; LSE: WPY) is a leading payments technology company with unique capability to power global Omni-commerce. With an integrated technology platform, Worldpay offers a comprehensive suite of products and services, delivered globally through a single provider. Worldpay processes over 40 billion transactions annually, supporting more than 300 payment types across 146 countries and 126 currencies. The company is focused on expanding into high-growth markets and customer segments, including global eCommerce, integrated payments and B2B. Visit us at www.worldpay.com.
1. Worldpay Mobile Payment Journey 2018