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Global Online Payment Methods 2013 - Second Half 2013

Global mobile payment market forecast to be worth EUR150Bn in 2013


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2014-03-17 14:36:02 - Global Online Payment Methods 2013 - Second Half 2013 - a new market research report on companiesandmarkets.com

Consumers are increasingly making mobile payments and a recent survey has reported that mobile device user forecast to make future mobile payments especially within the emerging markets. The global mobile online payment market is forecast to be worth EUR150 billion by the end of 2013. Over the next four years, the mobile payment market online, is forecast to see double digit growth each year with the projection for non-banking mobile payments projected to be stronger than banking payments. However, despite this trend, banking related payments are still expected to represent the majority of online payments in 2014. Growth rates in NFC or near-field communication systems have not been as strong as expected although this payment method is forecast to become

 

 

much more prevalent after 2016.
The fast growth of eCommerce over recent years is driving strong growth in online payment systems and this growth is forecast to continue and remain strong as systems implement further security checks and improvements. Increased competition within the mobile payment and global online payment sectors has seen key developments being introduced amongst the main players.

Visa, Mastercard and American Express are proposing new security standards for online payment systems. In addition the new startups such as SumUP and iZettle are also introducing a payment service for online payments which is cheaper than the more traditional models. Bitcoin has been getting increased interest from consumers, merchants and payment providers including governments with a number of key stories promoting this payment system being publicised in the global press. In addition, PayPal has launched an improved application for its mobile wallet with Google Wallet also introducing new ways to pay for goods via its physical prepaid card.

Mobile payment transactions in North America have increased strongly in the last year with growth rates surpassing 50% within one year. The value of the North American mobile payment market is expected to total EUR30 billion. In the United States, the mobile payments at point of sale reported a less than expected growth rate which has resulted in lower mobile proximity payment forecasts. However, it is important to point out that the United States is still forecast to report unprecedented growth for mobile payments in the near future. In Canada, more than three quarters of online shoppers used credit cards to pay for their purchases in 2013.

In Latin America, development of online payments is encouraged by increasing banking coverage and online shopping. Governmental regulations also are stimulating growth. In May 2013, the Brazilian government issued new regulations to facilitate mobile electronic payments. By far the most used payment method in B2C E-Commerce in 2012 in Brazil was credit card, followed by local banking method Boleto Bancario. In Argentina, about 10% of Internet users used mobile banking or mobile wallet. In Peru, mobile payment is regarded as a tool for financial inclusion, as mobile phone penetration is much higher than banking coverage. In Colombia, the value of online payment transactions is forecasted to grow by a double digit rate this year compared to 2012. Credit card penetration increased in Mexico in 2013, creating a potential for further development of online payments.

In Germany, invoice and PayPal were the two most preferred payment methods in B2C E-Commerce. Mobile payments are increasing with slightly above 10% of consumers using mobile payments in parking or ticketing terminals and POS at least once in 2012. In Austria and Switzerland, the majority of online shoppers used invoice to pay in online shops, with credit cards in second place.

In the UK, online shoppers are increasingly paying with debit cards, with online debit card spending overtaking that of credit card in 2012. Regarding mobile payments, around two thirds of consumers in the UK have not yet used it, but have heard of it, and slightly above 10% used it at least once. In France, three of the major banks cooperated to launch an online payment system Paylib in September 2013, an inter-bank alternative to PayPal. The potential of mobile payment in France is indicated in that several millions of NFC capable mobile devices are in use and over 100,000 retail stores had NFC terminals by September 2013. Credit card is expected to remain the dominant payment method in B2C E-Commerce in Italy through 2013. In the Netherlands, around three quarters of online shoppers preferred to pay via a local online banking solution iDEAL in 2012. In Spain, several players launched mobile payment solutions, including NFC payments.

Online and mobile payment increased in Eastern Europe also. Online payments in Russia are close to reaching EUR 10 billion in 2013, growing by at double digit growth rates, though cash on delivery prevailed, used by over half of online Russian shoppers in 2013. Cash still dominates in Poland and Ukraine also, but online and mobile payment grows rapidly. Six major Polish banks cooperated in July 2013 to create a mobile POS payment system. In Estonia, credit cards were popular in domestic E-Commerce and debit cards in cross-border E-Commerce. In Turkey, in the first three quarters of 2013, the number of online payment transactions made with domestic cards reached a value of over EUR 10 billion and the number of mobile banking users doubled.

In Scandinavia, the most used payment method among online shoppers in Denmark in 2013 was Credit or Debit Card. In a sample month early this year the majority of online shoppers in Finland preferred direct payment through bank in B2C E-Commerce, while in Norway over half of online shoppers preferred to pay with credit or debit card and the payment method most preferred by online shoppers in Sweden was invoice.

Online payment is increasingly accepted throughout Asia. In China, authorities issued 250 licenses to third party online payment operators by July 2013, but international player PayPal was still waiting for one. The method most preferred by online shoppers was domestic third party online payment. The largest company on the market was Alipay, followed by Tenpay. In 2013, close to a third of mobile device users in China used mobile payments. In Japan and South Korea, the most used payment method in B2C E-Commerce was credit card. The payment method most preferred by online shoppers in India in 2013 was cash. In 2012, number of online banking users in Thailand reached over 5 millions. In Taiwan, financial regulators were working on legal framework for third party online payments, while banks gained permission to operate them. The mobile payments market in Taiwan is forecasted to grow annually by a double-digit rate between 2013 and 2017.

In Australia, in 2013, the share of credit cards, debit cards and specialized payment providers on online payments number reached almost a third, while the most used online payment method was online banking. Meanwhile, more than a half of individuals in New Zealand paid for E-Commerce purchases online last year.

In the Middle East, cash on delivery was by far the most used payment methods in B2C E-Commerce. Its share was forecasted to decrease by 2015, but still remain more than 50%.

In South Africa, cash was the most used payment method in B2C E-Commerce in July 2013, followed by mobile payment. In Uganda and Kenya mobile payment was dominant, while in Nigeria credit card was slightly more used than cash on delivery.

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