Worldpay released its Global Payments Report 2017 and it’s loaded with information on the latest payments trends and market insights.
In this post, we look at the bigger picture for payment trends from 2016 to 2021 globally and in the four biggest regions of North America, Latin America, EMEA and Asia.
The contrast between markets is familiar, but the changes and differences in the next five years are worth noting.
Global Payments trends
The Worldpay report opens with a global overview and a look at four key markets and the key payments trends through 2021 within these markets.
Globally, credit cards are expected to drop from 29% in 2016 to 15% usage in the next five years. eWallets will grow from 18% to 46% and debit cards will decrease from 13% to 18% by 2021.
North America shifts
In North America, watch for credit cards to decrease in usage dramatically from 47% to 23% by 2021. eWallets will grow strongly from 18% to 45% and debit cards will drop from 10% to 6%.
Bank transfers will increase from 7% to 13%. cash on delivery is not a big factor in North America, and it will decrease slightly from 4% to 3%.
Latin America differences
In Latin America, credit cards will decrease slightly from 35% to 27%. eWallets will grow from 13% to 22%, bank transfers from 17% to 21% and debit cards slightly from 11% to 14%. This reflects the larger unbanked population in Latin America and thereby the unique challenges of this market
Cash on delivery is expected to remain the same at 8% and PostPay will decline from 6% to 3%.
EMEA unique
The EMEA (Europe, Middle East & Africa) contrasts with North America in a number of ways. Credit card usage will drop from 22% to 14%, while eWallets will grow from 17% to 26%. Bank transfers will grow slightly from 19% to 22% and debit cards will decrease slightly from 18% to 16%.
Cash on delivery will drop slightly from 9% to 8% and e-invoices will grow from 2% to 4%.
Asia, another world
Asia shows a number of differences from the other major markets. Credit card use is already lower at 30% and will drop to 10% by 2021. Use of eWallets will jump dramatically from 22% to 51%.
Bank transfers will remain the same at 16% as will debit cards at 7%. Cash on delivery will decrease slightly from 11% to 9%. Charge and deferred debit cards will drop from 4% to 1%.
Our next post highlights four key payments trends critical for the future for banks, online merchants and consumers.
You can download the full report from Worldpay here.
Author: Douglas Hall, Publisher
Visuals courtesy of Worldpay
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