The global online consumer payments market continues to grow strongly. In developed countries, online consumer payments continue to grow in volume and are increasingly moving to mobile devices. In developing nations, online commerce growth is more affected by increases in access to the internet.
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Reasons To Buy
How has the online commerce market developed in the last year and what can be expected in the future?
How important is mobile commerce in the markets in which I operate, and how much can I expect this market to grow?
What do consumers spend their money on online and how are these spending patterns changing?
What payment tools do consumers use to make online payments, and why do they prefer these tools?
The total amount spent online by consumers in the 21 countries Verdict Financial covers was $1,055bn in 2012, of which 24% was accounted for by US consumers. China is the second-largest market, and Verdict Financial forecasts that the country will overtake the US as the biggest online commerce market in 2014.
Mobile commerce already accounts for a significant proportion of online expenditure in Asia Pacific markets, with 31% of South Korean online commerce spending being mobile. Hong Kong and Singapore are also particularly developed mobile commerce markets.
Consumers use their payment tools because they see them as being convenient, rather than because of their perceived security, and this pattern was strongest for credit and debit cards, the most popular payment tools globally.