yStats Reveals Alternative Payment Methods Outrun Credit Cards Globally!
yStats has issued Global Alternative Payment Methods: Second Half 2016 report and found that alternative payment methods globally account for a higher share of ecommerce sales than credit cards.
Although credit and debit cards still account for the highest share of global ecommerce sales compared to other individual payment methods, the combined share of alternative payment methods now outweighs bank card payments and accounts for more than 50% of global online retail payments.
In the coming years, through 2020, yStats forecasts that credit and debit card share will further decrease while use of alternative payments will continue to rise.
The top alternative online payment method is e-wallet, accounting for close to one-third of global ecommerce sales. It is also the second most-used payment method for cross-border online shopping. Other prominent alternative payment methods include bank transfer, direct debit, cash on delivery, payment by invoice and in-store payment.
Three quarters of online merchants concur with this reasoning by accepting at least 3 different online payment options, according to a 2016 survey cited in the yStats.com report.