DUBLIN, Dec. 03, 2014 /PRNewswire/ -- Research and Markets has announced the addition of the "Global Alternative Payment Methods 2014" report to their offering.
In North America, cards accounted for almost three quarters of B2C E-Commerce transactions, with digital wallets being the largest alternative payment. In the USA, alternative payment methods expand to rival cards in both online and offline retail, while a digital currency trend also evolves. In Canada, PayPal was the most preferred payment method of all alternative methods, but it was only in distant second to credit card.
Over half of B2C E-Commerce transactions in Latin America were split between various methods alternative to cards. Alternative methods are still more important in Latin America, as the share of population owing a bank product such as a credit card in 2013 surpassed 80% only in Brazil, yet both banked and unbanked individuals shop online. In Brazil, Boleto Bancario was the second most used method after bank credit card. In Argentina last year cash payments upon receipt or collection and via the systems such as Pago Facil or Rapi Pago were second to online card payments. In 2013, two thirds of B2C E-Commerce sales in Mexico were generated through credit card payment, with cash on delivery in second place.
In Europe, the share of alternative payments, including mobile and e-wallets, is forecasted to reach up to 20% of the total payments market by 2020, while the revenues of the alternative payment industry are projected to grow by half. While cards account for more than half of B2C E-Commerce in Europe, legislators in the EU are working on new e-payments regulations which will encourage the growth of third-party payment providers.
Looking at alternative payment practice by county, invoice accounted for the largest share of interactive retail sales in Germany in 2013, followed by direct debit, while credit card accounted for less than 20%. In 2013, alternative payment methods were preferred by a significant double-digit share of online shoppers in the UK, though less than the share of those preferring to pay with cards. In France, card remains the most preferred payment method in B2C E-Commerce, followed by PayPal and similar services. In the Netherlands, the local online banking method iDeal accounted for more than half of B2C E-Commerce transactions, while credit card was used in a single-digit percentage of transactions.
In Russia, use of cards and alternative online payments is on the rise, though cash still remains the dominant payment method in online shopping. In the Czech Republic, among online payment methods in B2C E-Commerce, bank transfer was used twice as much as card, while the most used method was cash on delivery. In Poland, alternative payment methods, led by bank transfer, were used by online shoppers more than credit cards:
Key Topics Covered:
1. Management Summary
3. North America
4. Latin America
5. Europe (Regional)
6. Central Europe
7. Western Europe
8. Eastern Europe
11. Middle East & Africa
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SOURCE Research and Markets