Report: E-Commerce Card Payments to Reach $5 Trillion in 2020
Jan. 19, 2016
E-commerce purchases using credit and debit cards totaled $2.1 trillion in 2014 and will grow to $5 trillion in 2020, according to a new study from strategic research and consulting firm RBR. The company said e-commerce card payments are growing faster than card payments overall and will account for 13 percent of $38 trillion in total global card spend (up from 11 percent of $20 trillion in 2014).
The report acknowledged the role of alternative ways to pay online, especially in varied local markets, such as PayPal, cash-on-delivery, direct debit and others. But card payments will dominate, RBR said, particularly in Asia. Despite the prevalence of Alipay in China, the Asia-Pacific region accounts for one third of the volume and more than half of the value of all e-commerce card payments globally.