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