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Global Payments Report Summary - November 2017

Core Content

This report provides an overview of global and regional payment trends in the eCommerce sector, highlighting the shift from traditional payment methods to alternative options like eWallets and Bank Transfers. It also discusses the growing influence of biometric authentication and the potential of subscription-based models in shaping the future of online payments.

Main Payment Trends

• eWallets are growing rapidly and are expected to dominate global payment methods by 2021.
• Bank Transfers are becoming increasingly popular, especially in emerging markets, due to convenience and access.
• Credit Cards are losing market share in many regions, including Argentina and Australia, as consumers opt for more convenient and secure alternatives.
• Debit Cards are also declining in popularity, with notable drops in Latin America and EMEA.
• Charge & Deferred Debit Cards are a new category introduced in this report, with a significant decline in usage across several markets.

Key Insights

Argentina

• Argentina's eCommerce market is expected to grow at an annual rate of 24% over the next five years, outpacing Mexico and Brazil.
• The country has the highest internet penetration rate in Latin America (80.1%) and a high percentage of mobile users.
• Consumers in Argentina are increasingly comfortable with online payments, and instalment options are highly preferred.
• Political reforms have opened the market to foreign investment, contributing to the growth of the eCommerce sector.

Biometric Authentication

• Biometric authentication is emerging as a secure and convenient alternative to passwords, PINs, and signatures.
• Technologies like facial recognition, fingerprint scans, and voice recognition are becoming more common in both mobile and desktop environments.
• Regulatory changes in Europe, such as the requirement for multi-factor authentication, are driving the adoption of biometric solutions.
• Despite its benefits, biometric data must be securely managed to prevent fraud and data breaches.

Subscription Services

• Subscription models are becoming more prevalent across various industries, including retail, media, and automotive.
• These models provide convenience for consumers and offer merchants a steady revenue stream.
• Examples include Amazon Prime, Spotify, and Costco, which leverage subscriptions to build customer loyalty.
• Merchants should ensure their infrastructure supports recurring payments and offer multiple payment options to cater to different markets.

Market Guides

Australia

• Credit Cards are still the most preferred payment method, but their share is declining due to the rise of alternative methods.
• Consumers are increasingly open to eWallets like PayPal, and the market is seeing growth in cross-border eCommerce.
• Mobile subscriptions are high, and offering one-click ordering can improve the shopping experience.

Belgium

• Belgium is among the top European countries in terms of mCommerce penetration.
• The share of online spending is expected to nearly double in 2017.
• Consumers are more likely to use online shopping for new purchases, not just replacements for in-person shopping.
• Traditional payment methods like Credit Cards and Bank Transfers remain popular, with eWallets gaining traction.

Payment Method Definitions

• eWallets: Digital wallets that allow users to store payment information and make transactions online.
• Bank Transfers: Direct transfers of funds from a user's bank account to a merchant's account.
• Charge & Deferred Debit Card: A new category of payment methods that allows for delayed payment processing.
• Biometric Authentication: Uses unique biological traits like fingerprints, facial recognition, or voice to verify identity.

Conclusion

The global payments landscape is evolving rapidly, with eWallets and Bank Transfers gaining prominence. Biometric authentication is set to become a standard for secure and seamless transactions, while subscription models are reshaping consumer behavior and merchant strategies. Each region has its own unique trends, with Argentina showing strong potential for growth and Europe emphasizing regulatory compliance and security. Merchants must adapt to these changes by offering flexible payment options and improving user experience to remain competitive.