Global mCommerce to take over desktop shopping by 2023New data from Worldpay suggests that eWallets are set to become most popular payment method in Spain – as early as 2019
January 22, 2019
LONDON, January 22, 2019 – Spanish consumers are on an endless mission for convenience as mobile shopping continues its ascent to dominance. Growing at a rate of 19 percent annually, mCommerce is set to be worth €22.9bn by 2022, according to new data from Worldpay, Inc. (NYSE: WP; LSE: WPY), a global leader in the payments technology industry.
Analysis from Worldpay’s 2018 Global Payments Report suggests that this growth is driven by the rise of eWallets, which are growing at a rate of 18 percent each year. Thanks to increased smartphone ownership and consumers’ search for a more seamless payment experience, eWallets are forecasted to overtake credit and debit cards as the most popular payment method in Spain by 2019. However with the rollout of PSD2 in Europe next year, bank transfers may soon regain popularity depending on the uptake of Open Banking solutions across the continent.
Worldpay’s report, which examines online shopping in 36 countries across five continents, found that mCommerce currently accounts for 38 percent of the €1.14tn in global eCommerce sales, and global mCommerce is set to grow 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 (€54.6bn) and India (€48bn).
Mark Fleming, general manager for EMEA, Global Enterprise eCommerce at Worldpay, Inc., said: “eWallets are clearly the future of mobile commerce for Spanish shoppers. Across Europe, countries are adopting new ways to pay, to facilitate a frictionless experience.
“The message for Spanish merchants is clear. Provided that merchants adapt to consumer’s changing preferences, they will fill more baskets, achieve more app downloads, and increase sales of domestic goods and services.”
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 smartphone1. It’s no longer enough to just 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, so do not shy away from using these methods as a form of authentication. 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.
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.3 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.
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.
1Worldpay Mobile Payment Journey 2018