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Online payment fraud losses to double by 2023: Report

Above one third of connected consumers already use mobile payment services

March 28, 2019 / 06:11 PM IST

Although E-Commerce sales maintain rapid growth, fear of fraud is still a major barrier in many nations, according to the Global Online Payment Methods Analysis Report 2019 from ResearchandMarkets.

The research finds that online payment fraud losses are expected to double between 2018 and 2023. As a result, digital buyers opt for payment methods which they deem most secure. These perceptions vary by country, driving the popularity of cards and digital wallets in advanced markets, while also helping cash on delivery maintain a leading position in selected emerging economies.

In addition to safety, online shoppers also value the ease and convenience of payments. In the U.K. and the U.S., a high percentage of digital buyers save payment card details for faster checkout in future purchases, while in Brazil more than one in three respondents to a survey, cited in the report, would choose a mobile shopping app that offers payments in one click. Overall, the preferences of global online shoppers vary by country and region, encouraging E-Commerce merchants to adjust their payment mix.

Another major development is the rise of mobile payment services. Above one third of connected consumers already use mobile payment services, with Asia-Pacific outpacing all other global regions, in terms of adoption. As the interest in payments by phone rises, services such as Apple Pay are expected to expand their user base in the near future.



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Moneycontrol News
first published: Mar 28, 2019 06:11 pm
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