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Worldpay Editorial Team
September 23, 2019
Worldpay’s 2018 Global Payments Report offers a robust overview of the ways global consumers pay, from Argentina to Vietnam. Our report details how we pay today—and projects how we’ll pay in the future—globally, by region, and in 36 select countries.
Today’s payments landscape reveals a kaleidoscope of diversity, meticulously documented by our team of global payments experts. We look beyond the numbers to explore the art and science of payments with compelling essays on key payment trends.
Are you ready to take control of your payments? Here are ten key takeaways from the report:
Led by rapid adoption in China, eWallets now account for more than half of eCommerce spend in the Asia Pacific region. Leapfrogging traditional technologies, “mobile first” development is transforming the way consumers pay from the mobile device to the point of sale.
Chinese consumers spent over $115 billion abroad in 2017. Capitalizing on this lucrative market means offering familiar payment methods like Alipay, WeChat Pay, and the UnionPay card brand.
Bank transfers are growing in popularity. Consumer convenience, a lower cost of acceptance and regulatory changes like PSD2 make bank transfers a payment method with a bright future. Adding bank transfers to your acceptance portfolio can boost conversion while reducing operational costs.
The use of mobile devices for payments in-store is growing around the world, accounting for 16% of global retail POS spend in 2018. Help to enhance customer experience by enabling mobile payments at the physical point of sale.
Consumers love seamless, secure, and frictionless checkout experiences. Our report shows 36% of 2018 global eCom spend accepting eWallets like Apple Pay; accepting popular eWallets become essential to capturing additional customers.
Accepting credit and debit cards remains a vital component of any consumer payment mix. Based on our report, debit and credit card payments backed by major card brands are expected to rise at the global POS through 2022.
Connected cars, smart speakers, and checkout-free stores are making frictionless payment experiences a reality. The physical act of payments as we’ve known them is changing, yet some friction is essential to security, like secure authentication.
A new twist on consumer credit is gaining steam. “Buy now, pay later” and “try before you buy” services are helping retailers reduce friction at checkout by allowing consumers to defer payment.
Millennials are coming into their own as consumers. Understanding them starts with their shared journey as digital natives, but also considers a profound diversity of experiences across cultures. Millennials are fueling growth in both eWallet acceptance and use of alternative payment methods.
Technology has reshaped the shopping experience. Today consumers are immersed in experiences—not in channels. Serving consumers requires consideration to changing the channel paradigm. See how payments can help retailers navigate this convergence to create unified customer experiences.
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