Loading...
Card payments no longer the default choice for consumers - new research from Boku reveals
Severity: Warning
Message: Attempt to read property "image_name" on null
Filename: views/newsdetail_view.php
Line Number: 97
Backtrace:
File: /home/judfadzm/public_html/webinar4demand.com/application/views/newsdetail_view.php
Line: 97
Function: _error_handler
File: /home/judfadzm/public_html/webinar4demand.com/application/controllers/News.php
Line: 82
Function: view
File: /home/judfadzm/public_html/webinar4demand.com/application/controllers/News.php
Line: 16
Function: index
File: /home/judfadzm/public_html/webinar4demand.com/index.php
Line: 317
Function: require_once
Boku, the global network for localised payment solutions, has released a global research report entitled ‘2024 Global Ecommerce Report: The Changing World of Payments’ - an in-depth analysis of payment preferences and purchasing behaviours of consumers across the globe. The report reveals a continued decline in the market share of traditional card payments and a significant increase in the use of local payment methods for ecommerce purchases across the globe.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240325133414/en/
Boku Global Ecommerce Report 2024 - The Changing World of Payments (Photo: Business Wire)
Produced in collaboration with Juniper Research, the report surveyed 10,500 consumers and analysed data from 37 major markets across the globe to identify global, regional and country specific trends. The findings highlight significant and rapid consumer shifts in ecommerce payments away from the traditional card networks (and in emerging economies cash on delivery) towards local payment methods such as digital wallets. Account to Account (A2A) payments (instant payments and bank transfers) such as PIX in Brazil, UPI in India, or iDEAL in the Netherlands are revealed as the fastest growing payment method within ecommerce.
Key global findings include:
Payment choice is key for consumers around the world. Today’s mobile-first generations - with whom access to and affinity with card networks is low - prioritise the convenience and seamless nature of paying with digital wallets, direct carrier billing and Instant A2A payments. As with the adoption of many new technologies, the adoption of localised payment solutions by younger generations and populations is paving the way for adoption by older consumers.
Nick Maynard, 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."
Stuart Neal, 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.” said Stuart Neal, CEO, Boku.
Regional takeaways include:
Download the full research report: http://www.boku.com/boku-knows/2024-boku-global-ecommerce-report
Notes to editors
About the research methodology
Juniper Research conducted the research using a combination of online surveys and data forecasting across 37 countries.
Juniper Research surveyed 10,500 ecommerce payments users (750 per country) across Brazil, China, Colombia, India, Indonesia, Japan, Malaysia, Nigeria, Philippines, Saudi Arabia, South Korea, Taiwan, Thailand and Vietnam. The fieldwork being completed in October 2023.
The forecasts use data gathered from a number of Juniper Research’s Fintech & Payment research suites. The forecasts and datasets are updated on a quarterly basis.
ecommerce transaction volume is defined as the number of transactions performed via each payment method, while transaction value is the equivalent dollar value of transactions made via each payment method.
About Boku Inc.:
Boku helps people pay the way they want to by building a global network of localised payment solutions including digital wallets, direct carrier billing, and account to account / real-time payments schemes. Boku’s global payments network now includes over 300 local payment methods worldwide, reaching over 7.5 billion consumer payment accounts in more than 90 countries. Boku works with the world’s largest merchants including Amazon, Google, Spotify, Meta, Microsoft, Netflix, Spotify, Tencent and Sky, helping them to grow their businesses in every corner of the globe.
Boku Inc. was incorporated in 2008 and is headquartered in London, UK, with offices in the US, India, Brazil, China, Estonia, France, Germany, Indonesia, Japan, Singapore, Spain, Taiwan and Vietnam.
To learn more about Boku, please visit our website at www.boku.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240325133414/en/