2018 Global Payments Report: 10 takeaways for enterprise retailers
Worldpay’s 2018 Global Payments Report offers a comprehensive overview of the ways global consumers pay, from Argentina to Vietnam and everywhere in between. 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:
1. Asia and the coming wave of eWallets
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.
2. Serving Chinese tourists means speaking their payment language
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.
3. The growing importance of bank transfers
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.
4. Capture eWallet growth at the point of sale
The use of mobile devices for payments in-store is growing around the world, accounting for 16% of global retail POS spend in 2018. Enhance customer experience by enabling mobile payments at the physical point of sale.
5. Accept mobile wallets for seamless online checkout
Consumers love seamless, secure, and frictionless checkout experiences. With 36% of 2018 global eCom spend accepting eWallets like Apple Pay, accepting popular eWallets become essential to capturing additional customers.
6. The stability of credit and debit cards
Accepting credit and debit cards remains a vital component of any consumer payment mix. Debit and credit card payments backed by major card brands are expected to rise at the global POS through 2022.
7. Payments so seamless they’re practically invisible
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.
8. The power of now
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.
9. The emerging importance of Millennials
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.
10. Changing the channel paradigm
Technology has reshaped the shopping experience. Today consumers are immersed in experiences—not in channels. Serving consumers requires changing the channel paradigm. See how payments can help retailers navigate this convergence to create unified customer experiences.
The Global Payments Report helps enterprise retailers make sense of the changing world of payments. For further details, download Worldpay’s 2018 Global Payments Report.