Boku has released a new global research report analyzing the payment preferences and purchasing behavior of customers around the world.
The report, titled 2024 Global E-Commerce Report: The Changing World of Payments, was created to provide an in-depth analysis of the payment preferences and purchasing behavior of customers around the world. The publication notes that the overall market share of traditional card payments continues to decline and the use of local transaction methods for e-commerce purchases has increased significantly around the world. revealed.
The report, produced in a strategic partnership with Juniper Research, surveyed 10,500 customers and analyzed data from 37 major markets to identify global, regional and country-specific trends.
Additionally, the report highlights that users are significantly and rapidly moving away from traditional card networks for e-commerce payments, and in emerging countries towards local payment methods such as cash on delivery and bank transfers. I made it. These include Brazil's PIX, India's UPI, and the Netherlands' iDEAL, which were revealed to be the fastest growing payment methods in the e-commerce industry.
Publication details
Payment choice is a key feature for customers around the world, and today's mobile-first generation prioritizes the convenience and efficiency of payments through digital wallets, instant A2A payments, and carrier-direct billing. Adoption of localized payment services by younger generations and populations will also accelerate adoption by older customers.
Key global findings include that card value is expected to decline from 31% of transaction value in 2023 to 19% by 2028, while The share of card payments is expected to remain at just 30%. , down from 41% in 2023. At the same time, by 2028, local payment methods will account for 58% of e-commerce transaction value, up from 47% in 2023. This will also account for the majority of online transaction value for the first time. time.
Additionally, the report states that by 2028, 37% of individuals worldwide will actively use local payment methods, such as instant A2A and wallets not linked to cards, to account for more than 50% of e-commerce transactions. It shows that it will become more occupied. Furthermore, A2A instant payments are predicted to increase more than twice as much and become the fastest growing payment method in the e-commerce industry. This will account for his 18% of total trading volume worldwide by 2028, up from 8% in 2023.
Bok and Juniper Research also investigated regional points across several geographic regions around the world, including Brazil, China, Colombia, India, Indonesia, Japan, Malaysia, Nigeria, Philippines, Saudi Arabia, South Korea, and Taiwan. We surveyed multiple e-commerce payment users. Thailand or Vietnam. The field survey will be completed in October 2023 and information will be updated quarterly.
