This report looks at the current state of the online payment market, what consumers expect from their online payment providers, and how new entrants are threatening the role of the payment card in the future online payment space.
The growth of online commerce has driven huge change in the payments landscape. While payment cards remain the default option for the majority of transactions, non-bank entrants are taking a growing share of the global market. This report provides deep insight into the trends driving change, as well as the payment innovations threatening the future role for cards in online commerce.
FEATURES AND BENEFITS
- Understand the growth of the global online payment space and the factors that have driven the market.
- Successfully target online shoppers by understanding what they want and how they pay for online products and services.
- Plan your strategy effectively by learning about key barriers to online shopping and consumer preferences to online payment tools.
- Gain insight into how the new players in the online payment market are threatening to the payment cards industry.
- Datamonitor's Online Consumer Payment Model shows that the size of global online commerce reached $727bn in 2011. The credit card is still a clear choice for online shoppers due to its convenience, but security remains a major concern that the card industry faces. Only 19% of consumers indicated that they use credit cards for their security.
- Online commerce will continue to grow across the 21 countries featured in the report, but the US is about to be overtaken by China. Datamonitor forecasts that 2014 will be a turning point, with the Chinese and the US online commerce markets drawing level, leaving China poised to overtake the US in early 2015.
- The blurring of online, mobile, and offline commerce will intensify over the next 12 months. The pace of technological change means that the challenge has now moved on from providing a payment solution for a particular channel to creating a payment tool that creates a consistent user experience through several different payment channels.
YOUR KEY QUESTIONS ANSWERED
- How big is the online payment market, and which merchant categories do consumers spend their money with?
- What are the barriers to online shopping in my market, and how can these be overcome?
- What is the expected growth for the online payment space and where will this growth come from?
- How do consumers make online payments, and how much of a threat is coming from non-card payment products?
- What are the opportunities and threats for the global payment industry, both now and in the future?