E-wallets to rival cards as world's most popular payment type by 2017

Thursday, 23rd January 2014

According to WorldPay, online purchases made using alternative payment methods are expected to rise to 59% in 2017 (from 43% in 2012).

"Card payment market share (including credit and debit) will decline to 41% in 2017 (from 57% in 2012)."

"E-wallets will equal cards as the most popular payment method globally, with each predicted to have a 41% share of the overall payments market."

"In 2012, USD 295 billion was processed through e-wallet payments. This is set to rise to USD 1,656 billion by 2017."

"The study reveals that mobile ownership is highest in Europe (88%) but smartphone ownership is the highest in North America (54%). (...) The value of mobile transactions will increase to USD 117 billion by 2017 (from USD 18 billion in 2012)."

Also, it predicts that specialised mobile payment solutions will grow as technology advances and smartphone penetration rates rise. Which is supported by recent news about new mPOS, m-commerce & m-banking solutions being launched (AnywhereCommerceEmerge MobileCumberland Building SocietyGemaltoOP-Pohjola GroupSterling Bank, Argent Bank, Bank of America).

Payoneer and Quantium Solutions partner for cross-border payment solutions

Wednesday, 22nd January 2014

It was announced that payment services provider Payoneer has partnered logistics and fulfillment services company Quantium Solutions to "provide global cross-border payment solutions for the latter’s international e-commerce and mail-order business operators".

"Quantium customers can become Payoneer accountholders, so they can receive commercial payments from companies in the US and around the world. Payoneer’s service can be used by a wide range of international e-commerce and mail order business operators, providing customers with full control over their money and enabling them to withdraw funds to their local bank account or at local ATMs."

Groupon and Borderlinx team up for Canadian cross-border e-commerce

Wednesday, 22nd January 2014

According to this, online group vendor Groupon has selected Borderlinx Global eCommerce Solutions to help facilitate Canadian cross-border US sales.

"Through Borderlinx's compliant cross-border trade solutions, Groupon is able to provide its Canadian customers with the capability to purchase a broader selection of Groupon Goods deals available in the US and ship them to Canada."

"Customers know the full price in Canadian currency they'll pay for a Groupon Goods item and are protected from unexpected taxes, duties and import costs that are often associated with these types of sales."

Facilitation of cross-border paperless trade in Asia and the Pacific

Wednesday, 22nd January 2014

In 2013, UNESCAP published a report "Study on regional arrangements for facilitation of cross-border paperless trade in Asia and the Pacific".

"It is found that successful creation of a cross-border paperless trading environment in any country would require a strong political will, administrative leadership to manage a changeover, and effective participation by trade in addition to creation of a suitable legal framework and marshalling of necessary technological, human and financial resources."

"It seems logical to suggest that a country should first re-engineer and simplify existing business processes, carry out data harmonization, and establish a national single window system before embarking upon cross-border paperless exchange of trade-related data and documents."

"Consumer attitudes towards cross-border trade and consumer protection"

Wednesday, 22nd January 2014

In 2013, European Commission published a report titled "Consumer attitudes towards cross-border trade and consumer protection". This report presents the results of the Flash Eurobarometer survey carried out in September 2012.

"More than half (53%) of European consumers have made at least one online purchase in the twelve months preceding September 2012. (...) A fast uptake of e-commerce can be observed in all 27 Member States, with the strongest development observed in Slovakia (56%, + 50), Ireland (66%, +41), Poland (56%, + 38), the Czech Republic (62%, + 38) and Cyprus (41%, + 35)."

"The Internet is used to make purchases mainly from sellers or providers based in the respondent's own country. "

"The proportion of consumers who purchased at least once from a provider or a seller based in another EU country has nearly tripled since 2006 to reach 15% of the European Consumers in 2012. This proportion is particularly high in the smaller Member States, where shopping online across borders concern more people: for example in Malta (42% of the consumers used a cross-border seller or provider at least once vs. 11% who used a domestic one), Luxembourg (41% vs. 14%), and Cyprus (31% vs. 5%)."

"Internet access makes individuals more likely to shop online both domestically and cross-border."

"59% of EU consumers feel confident about purchasing via the Internet from a retailer/provider located in their own country, but only 36% feel confident about purchasing via the Internet from a vendor located in another EU country."

"Confidence among people who have not made an online purchase is lower: 54% would be confident about purchasing domestically, but only 27% would feel confident about cross-border purchasing."

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