LONDON, January 23, 2019 /PRNewswire/ --
Global mCommerce
to take over desktop shopping by 2023
German consumers are on a mission for convenience as mobile
continues its ascent to the most popular shopping channel,
according to new data from Worldpay, Inc. (NYSE: WP) (LSE: WPY), a
global leader in the payments technology industry. Growing at a
rate of 16 percent annually, mCommerce is set to be worth €44.3bn
by 2022, with Germany poised to
become the world's sixth largest mCommerce market in the next four
years.
This mobile revolution is being powered by consumers' embracing
new payment methods, with a particularly steep rise in the adoption
of e-invoicing. In its 2018 Global Payments Report, Worldpay found
that e-invoicing is the fastest growing payment method among
Germans, on track to nearly triple its market share between now and
2022 to become the most popular online method.
E-wallets are also growing in popularity, increasing at a rate
of 11 percent annually, ahead of bank transfers, credit and debit
cards. However, with the rollout of PSD2 in Europe next year, bank transfers may re-gain
popularity depending on the uptake of Open Banking solutions across
the continent.
Worldpay's report found that mCommerce currently accounts for 38
percent of the €1.14tn in global eCommerce sales, and global
mCommerce is set to grow by 19 percent over the next four years. By
2022, the largest mCommerce markets in the world are forecasted to
be China (€1.03tn), U.S. (€320bn),
UK (€100bn), France (€54.5bn),
India (€48bn) and Germany (€44.3bn).
Mark Fleming, general manager for
EMEA, Global Enterprise eCommerce at Worldpay, Inc., said:
"Germany is one of the most
exciting growth markets for mobile commerce, and will likely remain
in that position for the foreseeable future. As advancements in
device technologies hit the market, it's never been easier to make
a purchase from the palm of your hand.
"German consumers' desire for flexibility and convenience shows
the importance of providing reliable, secure and easy-to-use
payment methods to capture the largest possible share of a strong
and growing eCommerce market."
Worldpay has published guidance to help merchants capitalise on
the global mCommerce opportunity:
- Consider developing a branded app, as the majority of shoppers
prefer apps over mobile browsers when shopping on their
smartphone.[1] It's no longer enough to have a
mobile-optimised website - if you're not prioritising a
transactional app for your brand, you're not putting your best foot
forward.
- Use biometrics to speed the journey. Shoppers are becoming
increasingly familiar with fingerprint scanning and facial
recognition. Biometrics place payments at the back of the user's
mind, making the payment seem 'invisible'.
- Identify the most popular payment methods in each territory in
which you operate. There's no one-size-fits-all in any region so
you'll need to understand the best options for your company.
To learn more about these key insights and trends in global
payments, visit https://worldpay.globalpaymentsreport.com/
About the 2018 Global Payments Report
The 2018 Global Payments Report offers a snapshot of the current
payment landscape across 36 countries globally. Worldpay's Market
Intelligence team compiles the Global Payment Report using a
combination of authoritative third-party vendors and other publicly
available data. This compiled data was analyzed using Worldpay's
proprietary data model and categorization scheme, with support from
McKinsey. The report also draws upon Worldpay's decades of
experience in providing global eCommerce solutions, informed by our
processing of more than 40 billion transactions annually via more
than 300 payment types, across 146 countries and 126
currencies.
The projected growth figures contained in this report were
sourced from GlobalData and McKinsey and relate to the industry as
a whole, not Worldpay's business. The data has been collected using
consumer surveys, B2B surveys and input from local research teams.
45,000 consumers were surveyed globally.
Any indicative predictions based on the data we have used should
be treated as such. No representation or warranty, expressed or
implied, is made by Worldpay, Inc. and/or any of its affiliates,
directors, officers, employees, agents or advisers as to the
reliability, accuracy, timeliness or completeness of any
information, opinions or analysis contained in this document, which
is not intended to be relied upon by you or any person for
any purpose whatsoever.
About Worldpay
Worldpay, Inc. (NYSE: WP; LSE: WPY) is a leading payments
technology company with unique capability to power global
Omni-commerce. With an integrated technology platform, Worldpay
offers a comprehensive suite of products and services, delivered
globally through a single provider. Worldpay processes over 40
billion transactions annually, supporting more than 300 payment
types across 146 countries and 126 currencies. The company is
focused on expanding into high-growth markets and customer
segments, including global eCommerce, integrated payments and B2B.
Visit us at www.worldpay.com.
References:
1. Worldpay Mobile Payment Journey 2018