A new report from Hamburg-based yStats.com, “Global Alternative Online Payment Methods: First Half 2016,” details the methods used around the world to pay for online purchases. Cash on delivery is still relied on in many emerging markets, and digital payment systems are encroaching on the lead of credit cards in mature markets, according to research cited in the report.
Credit cards are used by over half of the world’s online shoppers, but the yStats.com report also points to regional diversity in alternative payment methods. Shoppers in Western Europe use digital payment systems more than credit cards, while in the Middle East and Africa as well as Eastern Europe, cash on delivery is still widely used. There are also a multiple country-specific alternative payment methods, such as Boleto Bancario in Brazil and iDEAL in the Netherlands.
Consumers are very interested in security of their online payments, occasionally driving the alternative methods. A survey cited in the yStats.com report reflects that the majority of online shoppers in Spain choose payment methods based on how secure they are. Having a variety of payment methods is also important to consumers. In Japan, close to one third of online shoppers have cancelled a purchase on not finding their preferred payment method available to them.
Credit cards are used by over half of the world’s online shoppers, but the yStats.com report also points to regional diversity in alternative payment methods. Shoppers in Western Europe use digital payment systems more than credit cards, while in the Middle East and Africa as well as Eastern Europe, cash on delivery is still widely used. There are also a multiple country-specific alternative payment methods, such as Boleto Bancario in Brazil and iDEAL in the Netherlands.
Consumers are very interested in security of their online payments, occasionally driving the alternative methods. A survey cited in the yStats.com report reflects that the majority of online shoppers in Spain choose payment methods based on how secure they are. Having a variety of payment methods is also important to consumers. In Japan, close to one third of online shoppers have cancelled a purchase on not finding their preferred payment method available to them.
