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The Evolving World of eCommerce Payments

Thursday, September 21, 2017   (0 Comments)
Posted by: Terri Brustad

Jeremy Light of Accenture offers his perspective on global eCommerce payment trends, including the challenges with adoption by traditional merchant acquirers and the difficulties in creating a global payment strategy by all involved in the eCommerce payment process.

Since the first eCommerce transaction in 1994, eCommerce has grown rapidly, impacting the way we shop today and leading to the formation of a whole new industry of eCommerce businesses and support services. Global eCommerce reached $1.9 trillion in 2016, and is poised to grow at ~19% CAGR (compound annual growth rate) up to 20201.

Advances in technology have led to the proliferation of alternative payment methods, which are making financial interactions easy, quick and secure. Examples include Ideal, Sofort, PayPal and Klarna. According to Worldpay, there are over 300 different types of payment methods used in eCommerce.

¹https://www.emarketer.com/Article/Worldwide-Retail-Ecommerce-Sales-Will-Reach-1915-Trillion-This-Year/1014369

 

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Originally released on Accenture Banking Blog, June 7, 2017, http://bankingblog.accenture.com.

Jeremy Light is the managing director of Accenture Payment Services in Europe, Africa and Latin America.


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