Electronic CommerceOnline paymentresearch report

Global payments report 2021 From FIS

The following is the Global payments report 2021 From FIS recommended by recordtrend.com. And this article belongs to the classification: Electronic Commerce, research report, Online payment.

FIS released the “global payment report 2021”, and the main insights include:

With the rise of e-commerce, digital wallet is booming

In 2020, the growth of global e-commerce accelerated, and the transaction volume reached US $4.6 trillion, an increase of 19% over 2019.

In 2020, digital wallet accounted for 44.5% of e-commerce transactions, an increase of 6.5% over 2019. Chinese consumers take the lead in digital wallets, accounting for 72.1% of e-commerce transactions. The penetration rate of digital / mobile wallets in the United States lags behind the global average. Digital wallets account for only 29.8% of e-commerce transactions, an increase of 23.7% over 2019.

It is expected that by 2024, digital wallet will account for 51.7% of global e-commerce payments, and the share of credit card (20.8%) and debit card (12%) will decrease slightly.

Cash retreated hastily as pos shrank

The impact of the new crown is most directly felt by the sales points. The global transaction volume in 2020 is 4.4% lower than that in 2019. It is expected that the global economic recovery will take place in 18-24 months. The growth rate of global transaction volume will reach 6.5% in 2022, and then increase by 3.3% and 3.5% in 2023 and 2024 respectively.

The new crown pandemic accelerated the reduction of cash for more than three years, exceeding the forecast for 2020. In 2020, cash accounted for 20.5% of global point of sale transactions, a decrease of 32.1% over 2019.

Mobile wallet filled the vacancy of cash, an increase of 19.5% over 2019, accounting for 25.7% of point of sale transactions in 2020.

In Europe, Latin America and North America, credit cards (22.4%) and debit cards (22.3%) account for the majority of point of sale payments, while relatively few are used in Asia Pacific and the Middle East and Africa.

Looking forward to 2024, it is expected that the cash usage will be further reduced by 38% compared with 2020, accounting for only 12.7% of the global point of sale transaction volume.

It is expected that by 2024, the mobile wallet will increase by 30% over 2020, accounting for 33.4% of the global point of sale transaction volume.

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