Bokuthe global network for local payment solutions, released a global research report titled “Global E-Commerce Report 2024: The Changing World of Payments– an in-depth analysis of payment preferences and purchasing behaviors of consumers around the world.
Details
The report was created in collaboration with Juniper Research 10,500 consumers were surveyed and analyzed data from 37 major markets around the world to identify global, regional and country-specific trends. The findings highlight significant and rapid consumer shifts in e-commerce payments away from traditional card networks (and in emerging cash-on-delivery economies) towards local payment methods such as digital wallets.
Highlights of the Exhibition
- Rise of Local Payments: Local payment methods, including digital wallets and account-to-account (A2A) transfers, are gaining popularity, with A2A payments expected to be the fastest growing method in e-commerce
- Decline card payments: By 2028, card payments are expected to decrease to 19% of the transaction value and 30% of e-commerce transaction volume
- Regional information: Different regions show different trends, with Africa and the Middle East embracing mobile money, Asia-Pacific transition from cards to local methods, Europe moves for A2A payments, and North America focusing on seamless checkout experiences.
What they say
Stuart NealCEO of Boku said, “Our research shows that the way the world transacts online is changing rapidly, and this change is driven primarily by consumers’ preference for convenient, seamless payment methods such as digital wallets, mobile direct debit and account-to-account transfers. Merchants now realize that the key to their future global growth and success lies in their ability to offer consumers more payment options.
At Boku, we’re excited to give the world’s largest merchants access to our global network of local 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. “
Read the full report here
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