Hamburg-based market research firm yStats.com analyzes global E-Commerce payment trends in its ”Global Online Payment Methods 2011“ report. The analysis takes an in-depth look at payment methods in 41 nations on 6 continents, highlighting the most important trends for companies operating in these markets.
In North America in 2010 the market share of credit card payments in E-Commerce still accounted for approx. 40 %, but this figure is expected to decrease slightly by 2015. As a result American Express launched a digital payment platform in March 2011 to offer different payment options to its clients. According to the yStats.com report credit card payments were also in Latin America the preferred payment option accounting for 70 % of all online purchases. In Brazil SafetyPay and BrasPag announced their collaboration early September 2010, while online payment service Paypal seeks to join forces with entertainment website Terra.
Credit card payments continue to be strong in European E-Commerce
In Europe, in 2010 credit cards were the most popular online payment method with a share of approx. 40 %. Credit card payments accounted for approx. 60 % of online purchases in the third quarter of 2010 in Great Britain and France, followed by micropayment services. In Germany the most popular payment method remained payment by invoice, while credit card purchases accounted for only 20 %. The Eastern European market for online payments continues to grow. In 2010, revenue in Russia increased by 75 %, reaching 70 billion RUB. Online payment provider Yandex.Money expanded in 2011 to other CIS countries, including Ukraine, Belarus and Kazakhstan.
Electronic payment methods are also gaining popularity in Asia and Africa
The “Global Online Payment Methods 2011” report by yStats.com clearly shows that the market for electronic payments continues to grow in Asia as well. Revenue in Japan in 2010 reached already approx. 40 trillion JPY, while even 50 trillion JPY are predicted for 2014. In South Korea especially credit card payments were popular with a share of more than 70 %, followed by money transfer. PayPal was able to increase the number of its users in Singapore annually by 45 %, with more than 900 000 accounts existent by the end of 2010. Cash payments were only in China the most popular payment method, with a share of more than 90 %. Last but not least credit card payments were also the preferred payment method in South Africa.