Enabling Technologies

Surprisingly, of all the alternate means of payments, e-wallet the fastest growing globally says Worldpay

MEDICI

Report Name: Your global guide to alternate payments, 2nd Edition 

Publisher: WorldPay

The total value of payments processed through alternative means (i.e. bank transfer, debit cards, wallets, mobile, cash on delivery and others) went up by 21% in 2013, while the turnover value went up by 44%, as compared to year 2012. The global e-wallet market is dominated by two players: AliPay and PayPal. In year 2012, e-wallets constituted about 12% of the US payment market, with a transaction value of nearly USD 295 Bn. This value is expected to reach USD 1,656 Bn by 2017, which will account for nearly 41% of total payments market share in US.

In the global market, about 17% of total transactions were made using e-wallet in year 2012.

Key points on e-wallets:

  • Of all the alternate means of payments, e-wallet can be easily identified to be the fastest growing payment method globally, and it is extensively used predominantly for the purchase digital and durable goods.
  • In some of the better developed e-commerce markets like US and UK, traditional card providers like Visa are offering new e-wallet products like V.me, which are being increasingly accepted by the merchants.
  • Growth of the e-wallet segment can be largely attributed to the internet savvy young shoppers, who use e-wallets for online transactions.
  • In Latin America, e-wallet constitutes about 10% of the payments market, which is lower than bank transfers (which account for 13% of the total market).
  • In APAC, e-wallet constitutes about 23% of total transactions, and this trend is expected to grow further in the coming years.
  • China is one of the largest markets for e-wallet, and about 44% of total e-commerce transactions in the country are done using e-wallet. AliPay is the market leader in China with about 30% market share, followed by Tenpay, which boasts of about 13.3% market share.

Read more...Link to the report

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