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Online Payments: Cards Not Present?
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Datamonitor
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2012-02
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67 pages
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Report
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OVERVIEW
EXECUTIVE SUMMARY
- Online payments: where we are today and how we got here
- Datamonitor analyzes consumer-to-business online payments
- The emergence of the digital wallet threatens the link between bank and consumer
- Online banking e-payment targets payments to domestic online merchants
- The card industry has focused on improving security through two-factor authentication
- Online commerce is a huge and rapidly growing market
- Online commerce was a $727bn market in 2011, with the US the largest single country
- Infrastructure improvement has resulted in particularly strong growth in economically developing countries
- Payment cards remain the leading choice, but alternatives are growing in popularity
- Flight and hotel bookings are still the biggest online payment sector
- Understanding consumer attitudes toward online payments
- There are three barriers to online commerce: infrastructure, security and the online experience
- Convenience and comfort are the driving factors behind the popularity of credit cards as an online payment tool
- The future of online payments
- Online commerce will reach $1.4tn by 2014
- Digital wallets and OBeP will erode the share of payment cards in online payments
ONLINE PAYMENTS: WHERE WE ARE TODAY AND HOW WE GOT HERE
- Introduction
- Datamonitor analyzes consumer-to-business online payments in this report
- The emergence of the digital wallet threatens the link between bank and consumer
- Defining online payment providers and digital wallets in the context of this report
- Digital wallets act as a payment hub for online transactions, sitting between bank and consumer
- PayPal pioneered the digital wallet a decade ago, but competition will be fierce in 2012
- Online banking e-payment targets payments to domestic online merchants
- Online banking e-payment leverages the existing Internet banking infrastructure
- iDEAL is an OBeP success story, while others are ready to roll out
- The card industry has focused on improving security through two-factor authentication
- The payment card industry has added security layers to combat fraud, at the expense of convenience
- The use of one-time passwords offers two-factor authentication for online payments
SIZING THE GLOBAL ONLINE PAYMENT MARKET
- Online commerce is a huge and rapidly growing market
- Online commerce was a $727bn market in 2011, with the US the largest single country
- Online commerce has experienced strong double digit growth in most countries
- Households in Sweden and Australia spend the most over the Internet
- Online commerce is equal to 4.7% of the total value of global consumer retail
- Payment cards remain the leading choice, but alternatives are growing in popularity
- The credit card is the clear leading choice for online shoppers due to its convenience
- However, the selection of online payment tools varies greatly by country
- Big ticket items dominate global online commerce
- Flight and hotel bookings are still the biggest online payment sector
UNDERSTANDING CONSUMER ATTITUDES TOWARD ONLINE PAYMENTS
- The concept of online commerce is well received, but barriers remain
- The majority of consumers in developed countries have purchased online
- There are three barriers to online commerce: infrastructure, security, and the online experience
- Generational change will support further growth in online commerce
- Convenience and comfort are the driving factors behind choice of online payment tool
- Credit cards are still the number one choice for consumers
- Consumers are comfortable with credit cards for online payments, but have concerns about their security
- Consumers favor digital wallet services due to their convenience and perceived security
- Cash on delivery is still a dominant payment channel in emerging countries
- Online fraud has a substantial impact on consumer behavior, driving some away from online commerce
THE FUTURE OF ONLINE PAYMENTS
- Growth in online commerce will be strongest in the east
- Online commerce will reach $1.4tn by 2014
- Low value digital services and big ticket items will play a key role in the future growth of online payments
- Digital wallets and online banking e-payment will erode the share of payment cards in online payments
- The weak user experience will see cards continue to face challenges from dedicated online payment tools
- Growth in the use of digital wallets will drive the integration of online, mobile, and offline commerce
- OBeP has the potential to be popular among customers, but poses challenges to the issuing business
APPENDIX
- Supplementary data
- Definitions
- Methodology
- Further reading
- Ask the analyst
- Disclaimer
TABLES
- Table: The value of online payments by country ($m), 2011
- Table: The average online spend per household by country ($), 2011
- Table: Online spend as a proportion of retail spending by country, 2011
- Table: Online commerce penetration by country, 2011
- Table: Reasons for consumers not shopping online by age group, 2011
- Table: Reasons for consumers not shopping online (infrastructure factors), 2011
- Table: Proportion of consumers who have experienced online fraud and their level of concern toward online fraud in the future by country, 2011
- Table: Responses to "I prefer to be able to browse items in a store" as a reason for not shopping online by age group, 2011
- Table: Popularity of online payment tools among consumers globally, 2011
- Table: Different factors that influenced consumers' choice of online payment tools, 2011 (part 1)
- Table: Different factors that influenced consumers' choice of online payment tools, 2011 (part 2)
FIGURES
- Figure: Credit cards are the number one payment tool used in online commerce
- Figure: The digital wallet acts as a payment hub for a consumer's online transactions, cutting the funding source out of the loop
- Figure: American Express introduced Serve to offer online, offline, and mobile payment services
- Figure: Visa announced that V.me will launch in early 2012
- Figure: OBeP leverages the existing Internet banking infrastructure
- Figure: 3-D Secure become a global standard for online payment authentication
- Figure: Mobile OTPs can be used with 3-D Secure to increase online payment security
- Figure: MasterCard launched the world's first OTP display card in 2010
- Figure: The US remained the biggest online payment market in 2011
- Figure: Households in Sweden and Australia spent the most over the Internet
- Figure: Online spending accounted for 4.7% of the global consumer retail total in 2011
- Figure: Credit cards are the number one payment tool used in online commerce
- Figure: Choice of online payment tools varies by countries
- Figure: Credit cards are most popular in Japan, but the US still accounts for the largest level of online credit card transaction values
- Figure: Cash payments account for a sizable proportion of online commerce transactions
- Figure: Flight and hotel bookings are still the biggest online payment sector
- Figure: Electrical goods and clothing are larger than the flights and hotels category in Russia and South Korea
- Figure: Almost one in three consumers globally have purchased products or services over the Internet at least once
- Figure: Online experience issues are the main reason consumers do not shop online, but the youngest demographics also have issues with infrastructure
- Figure: Consumers face different hurdles to shopping online in different countries
- Figure: Lack of access to payment tools is a major barrier to online commerce
- Figure: The fear of fraud has always been a major influence on the online channel
- Figure: Some consumers do not like shopping over the Internet, and prefer to be able to browse items in a store
- Figure: An inability to browse items instore is not a major barrier to online commerce for the younger generations
- Figure: Credit cards are still the number one choice for online payments
- Figure: Different factors influence consumer choice of online payment tools
- Figure: Cash on delivery is still a n important payment method in countries with underdeveloped payment infrastructures
- Figure: Online fraud has a substantial impact on consumer behaviors
- Figure: The global online payment market is expected to reach $1.4tn by 2014
- Figure: China is set to become the world's largest online commerce market
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