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Online Consumer Payments
Datamonitor, May 2008, Pages: 53
Introduction
Online consumer payment volumes continue to grow rapidly as more consumers warm to the online experience and begin to purchase goods and services online with an increasing appetite. As a result, the online consumer payments market is becoming competitive, fast moving and volatile. Having said this, the opportunities provided by online commerce are vast and should not be overlooked.
Scope
The scope of the discussion in this report is restricted to B2C (business-to-consumer) online commerce globally. In the B2C online commerce both goods and service sectors are considered. Although the bulk of the data provided covers Europe and the US, where possible general consumer trends are considered on a global scale. Online payment mechanisms discussed in this briefing include credit and debit cards, prepaid cards, eWallets and P2P payments solutions.
Highlights
Credit card is the preferred method of payment online among consumers globally. However, ultimately the credit card does not perform well in a card-not-present context - the need to create 3D Secure protocols highlights this. Therefore, the credit card is flawed as an online payment tool and issuers must innovate to defend their share of the market from non-card providers. Indeed, PayPal has grown strongly into a major online payment solution provider. In 2007, €34.3 billion of PayPal transactions were made; equivalent in size to the value of card transactions in Austria.
Reasons to Purchase
Online Consumer Payments examines the past, present and future of the online consumer payment market. It highlights which payment solutions have been developed, indicating the key components of a ‘winning’ online payment solution. Use this report to understand key trends relating to consumers and merchants behaviour online and their attitudes towards the online environment.
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