Based on a survey of 10,500 consumers and data analysis from 37 major markets, rapid growth in A2A payments is highlighted.
Local payment methods are set to dominate at 58% of ecommerce transactions by 2028, up from 47% in 2023.
Boku, a global network for localized payment solutions, has
collaborated with Juniper Research to release the '2024 Global Ecommerce
Report: The Changing World of Payments'. The report offers an examination of
consumer payment preferences and behaviors across the globe, highlighting a
notable trend towards local payment methods in ecommerce transactions.
Local Payment Methods Outpace Traditional Cards
Based on a survey of 10,500 consumers and data analysis from
37 major markets, the report has indicated a decline in the market share of
traditional card payments alongside an increase in the use of local payment
methods for online purchases globally. Key findings include the rapid growth of
Account to Account (A2A) payments, such as PIX in Brazil, UPI in India, and
iDEAL in the Netherlands, emerging as the fastest-growing payment method within
ecommerce.
According to the report's global findings, traditional card
payments are expected to decrease to 19% of transaction value by 2028, down
from 31% in 2023. Conversely, local payment methods are projected to constitute
58% of ecommerce transaction values by 2028, an increase from 47% in 2023, marking the
first time they surpass traditional card payments in transaction value.
Additionally, it is estimated that 37% of individuals globally will actively
utilize local payment methods by 2028.
Instant A2A Payments and Wallets to Dominate by 2028
Instant A2A and non-card-linked wallets are forecasted to
account for over 50% of ecommerce transaction value globally by 2028, with
instant A2A payments anticipated to more than double, constituting 18% of all
ecommerce transactions by volume by 2028, up from 8% in 2023.
Stuart Neal, the CEO of Boku said: “Our research shows the
way the world transacts online is changing fast, and that change is being
driven in the main by a consumer preference for convenient, seamless payment
methods like digital wallets, direct carrier billing and Account to Account transfers.
Merchants now realise that the key to their future global growth and success
lies in their ability to offer consumers more payment choice.”
“At Boku, we’re excited to provide the world’s largest
merchants with access to our global network of localised payment solutions so
their customers can more easily pay for the things they love, the way they want
- no matter where they are in the world.”
The report emphasizes the significance of payment choice for
consumers worldwide, particularly among mobile-first generations, who
prioritize the convenience and seamlessness of digital wallets, direct carrier
billing, and instant A2A payments. This shift in consumer behavior is shaping
the present and potentially paving the way for adoption by older demographics.
From Mobile Money to A2A Payments, Insights from Africa
to Asia
Regionally, the report provides insights into specific
markets. In Africa & Middle East, local payments and mobile money services
like M-PESA and MoMo have seen success, necessitating highly localized payment
strategies. Similarly, in Asia Pacific, while card payments remain significant,
local payment methods are rapidly gaining traction.
Europe anticipates a decline in card payments with
substantial growth in A2A payments, while the Far East & China continue to
prefer mobile wallets. LATAM and North America also exhibit shifting payment
preferences, while the Indian Subcontinent sees a significant shift towards
local payment methods, particularly A2A payments, driven by successful
initiatives like UPI in India.
Nick Maynard, the VP of Fintech Market Research, at Juniper
Research said: “Our research for this report from Boku highlights that against
a backdrop of continued strong growth in ecommerce, the global card schemes
(credit, debit and card-linked wallets) continue to lose share to regional and
local payment methods. This is a trend seen at an aggregate global level but
also repeated in every region across the world."
Boku, a global network for localized payment solutions, has
collaborated with Juniper Research to release the '2024 Global Ecommerce
Report: The Changing World of Payments'. The report offers an examination of
consumer payment preferences and behaviors across the globe, highlighting a
notable trend towards local payment methods in ecommerce transactions.
Local Payment Methods Outpace Traditional Cards
Based on a survey of 10,500 consumers and data analysis from
37 major markets, the report has indicated a decline in the market share of
traditional card payments alongside an increase in the use of local payment
methods for online purchases globally. Key findings include the rapid growth of
Account to Account (A2A) payments, such as PIX in Brazil, UPI in India, and
iDEAL in the Netherlands, emerging as the fastest-growing payment method within
ecommerce.
According to the report's global findings, traditional card
payments are expected to decrease to 19% of transaction value by 2028, down
from 31% in 2023. Conversely, local payment methods are projected to constitute
58% of ecommerce transaction values by 2028, an increase from 47% in 2023, marking the
first time they surpass traditional card payments in transaction value.
Additionally, it is estimated that 37% of individuals globally will actively
utilize local payment methods by 2028.
Instant A2A Payments and Wallets to Dominate by 2028
Instant A2A and non-card-linked wallets are forecasted to
account for over 50% of ecommerce transaction value globally by 2028, with
instant A2A payments anticipated to more than double, constituting 18% of all
ecommerce transactions by volume by 2028, up from 8% in 2023.
Stuart Neal, the CEO of Boku said: “Our research shows the
way the world transacts online is changing fast, and that change is being
driven in the main by a consumer preference for convenient, seamless payment
methods like digital wallets, direct carrier billing and Account to Account transfers.
Merchants now realise that the key to their future global growth and success
lies in their ability to offer consumers more payment choice.”
“At Boku, we’re excited to provide the world’s largest
merchants with access to our global network of localised payment solutions so
their customers can more easily pay for the things they love, the way they want
- no matter where they are in the world.”
The report emphasizes the significance of payment choice for
consumers worldwide, particularly among mobile-first generations, who
prioritize the convenience and seamlessness of digital wallets, direct carrier
billing, and instant A2A payments. This shift in consumer behavior is shaping
the present and potentially paving the way for adoption by older demographics.
From Mobile Money to A2A Payments, Insights from Africa
to Asia
Regionally, the report provides insights into specific
markets. In Africa & Middle East, local payments and mobile money services
like M-PESA and MoMo have seen success, necessitating highly localized payment
strategies. Similarly, in Asia Pacific, while card payments remain significant,
local payment methods are rapidly gaining traction.
Europe anticipates a decline in card payments with
substantial growth in A2A payments, while the Far East & China continue to
prefer mobile wallets. LATAM and North America also exhibit shifting payment
preferences, while the Indian Subcontinent sees a significant shift towards
local payment methods, particularly A2A payments, driven by successful
initiatives like UPI in India.
Nick Maynard, the VP of Fintech Market Research, at Juniper
Research said: “Our research for this report from Boku highlights that against
a backdrop of continued strong growth in ecommerce, the global card schemes
(credit, debit and card-linked wallets) continue to lose share to regional and
local payment methods. This is a trend seen at an aggregate global level but
also repeated in every region across the world."
FIS Unveils New Fintech Platform for Financial Services Integration
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
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🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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