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Consumer Attitudes to Online Payments
Datamonitor, Nov 2009, Pages: 61
Online commerce has moved from being a niche market segment to a key channel for both consumers and merchants, creating huge opportunities for the payments industry. This report examines the key trends in global online commerce, how consumers make these payments and the factors that drive these decisions. Key strategies for growing the share of online payments made by cards completes the analysis.
Scope
- In-depth analysis of global consumer trends in online payments provides insight into the factors that drive payment behaviour on the internet.
- Analysis of these trends is used to provide the payments industry with a series of strategic insights to help grow their share of this market.
- Granular market sizing data for the full year 2009 quantifies precisely what consumers are buying online and how those transactions are made.
- Discussion of the factors limiting growth in online commerce highlights where issuers, schemes and retailers need to improve to grow this market.
Highlights of this title
The Online Consumer Payments Model shows that the value of global online commerce will reach EUR1.09 trillion by the end of 2009. This accounts for just below 6% of total retail spending, showing both the scale of online commerce and also the further scope for it to expand in the future.
The good news for card issuers is that credit and debit cards account for the majority of online transactions. In 2009, credit cards will account for 45.3% of the global online market while debit cards will account for 17.1%. Datamonitor estimates that the share of PayPal will be around 5.2%.
Convenience, not security, has the greatest impact on consumer choice in online payments. Despite credit cards being ranked the least secure form of payment, they account for the largest share of the market. At the same time, credit cards are seen as the most convenient payment tool. This has important implications for the payment industry.
Key reasons to purchase this title
- Understand the key factors driving consumer payments online, particularly the importance of security and convenience on payment tool choice
- Gain access to The unique Online Consumer Payments Model - with granular market sizing data for 15 major developed and emerging countries.
- Learn which product and marketing strategies will maximise the future online payments opportunity.
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