Online spending in eCommerce has been forecasted to go over $4.6 trillion by the year 2020. There are over 140 different payment methods used around the world today, apart from the popularly know credit and debit cards.
Ecommerce businesses that are planning to enter newer markets across the globe are looking to cater to the payment preferences used locally. Offering a variety of payment schemes helps optimise online revenues. The report shows that there is a massive growth in the usage of eWallets, as they provide customers with convenience and security as compared to many other digital payment methods. eWallets are anticipated to receive 28% of point of sale transactions.
Market Inspector has designed an infographic to show the trends in payment methods used around the world. The data has been sourced from Global Payments Report 2018, published by Worldpay.