London, UK -- (SBWIRE) -- 10/20/2022 -- The latest market analysis report titled Online Payments in Retail – Thematic Research has been added to GlobalData Plc report store. The growth of online payments in the retail industry will be driven by the increasing inclination of consumers toward online payment methods post-COVID-19. People have become accustomed to limited physical interactions, avoiding cash payments whenever possible due to hygiene concerns. In addition, retailers have started offering frictionless payment methods to increase convenience and offer expedited shopping experiences.
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Ecommerce is projected to keep growing, as a rising number of consumers are using online platforms to shop instead of visiting retail stores. This trend was accelerated by the COVID-19 pandemic. Mobile commerce (m-commerce) is growing at a rapid rate and is especially popular among millennials and Gen Z consumers. It is projected to account for 50% of eCommerce by 2021 and will eventually become the main way consumers shop online. Furthermore, the online payments industry is fragmented due to the sheer number of participants involved in payment transactions and also due to the large number of payment options available to consumers.
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Online Payments in Retail Trends
Technology Trends
- Biometrics
- Buy Now Pay Later
- CDBCs
- Cryptocurrencies
- Non-fungible tokens
Industry Trends
- Cashierless stores
- Contactless payments
- Customer loyalty
- Secure payments
- Social commerce
Macroeconomic trends
- COVID-19
- Cross-border payments
- Electronic payments push
- Geopolitics and China
- Regulations: Blockchain
- Regulations: BNPL
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Online Payments Market Companies in the Retail Sector
- ACI Worldwide: In August 2021, the company teamed up with PayPal to enable utility bill payments through digital wallets.
- Adyen: The company processes transactions in the cloud; all payments accepted by merchants are completed digitally. Adyen currently processes payments for eBay. It also has a contract to process all Alipay transactions outside of China, putting it in a strong position to benefit from China's growth and maturation in online payments.
- Affirm: Strategic partnerships with companies such as Shopify, Walmart, and Amazon are expected to help grow its presence in the US and make it an important player in the BNPL sector.
- Afterpay: In August 2021, digital fintech company Square acquired the company for $29 million, which will help Afterpay expand its presence among merchants who use Square's software.
- Alipay: As of August 2020, Alipay had amassed one billion users, accounting for 55.4% of the market share in the mobile payments market. The Alibaba platform is the most popular shopping website and around 70% of transactions use Alipay. Chinese consumers have adopted wallets for everyday use and cross-border transactions are accepted both in-store and online.
- Amazon
- American Express
- Apple
- Danske
- Google Pay
- Klarna
- Kroger Pay
- Mercado Pago
- Paytm
- Rovolut
- Samsung
- Square
- Tenpay
- Visa
- Walmart Pay
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