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eCommerce Payment Transactions to Exceed $7.5 Trillion Globally by 2026, says Juniper Research

eCommerce Payment Transactions to Exceed $7.5 Trillion Globally by 2026, says Juniper Research Image Credit:WK Stock Photo/Bigstockphoto.com

A new study from Juniper Research has found that the value of global eCommerce payment transactions will exceed $7.5 trillion by 2026, from $4.9 trillion in 2021. 

This growth rate of 55% over the next five years will be driven by retailers offering compelling omnichannel retail experiences that increase user eCommerce spend. Omnichannel retail is a model that provides end users with the ability to access retail services, including sales and customer support, via multiple channels.

The new research predicts that these channels, including online, mobile and physical retail locations, will be instrumental for future success. This is because users expect the same services to be available irrespective of the channel. Additionally, it found that there are increasing appetites for new payment methods within eCommerce checkouts, including Open Banking-facilitated payments and digital wallet one-click checkout buttons. Accordingly, it recommends that merchants ensure payment options match changing user expectations, or they will be rapidly left behind.

Platforms Must Emulate China’s eCommerce Success

The research found that by 2026, China will account for over 37% of global eCommerce payments by transaction value, owing to its established and extensive eCommerce and payments landscape that provides greater convenience for users via easily accessible alternative payment methods.

Additionally, the research recommends prioritising digital wallets, Open Banking‑facilitated payments and cryptocurrencies to emulate the eCommerce success experienced in China. To do so, it recommends that platform providers partner with specialists in these specific emerging payment areas to keep pace with changing merchant expectations around acceptance types.

Wanda Mkhize, Executive Smart Home & Content at Telkom
With unusually high summer rainfall expected in Gauteng and unseasonal wet weather already being experienced in the Cape, we’re sure these world-class Warner channels focused purely on undemanding entertainment will go down well these holidays.

Wanda Mkhize, Executive Smart Home & Content at Telkom
With unusually high summer rainfall expected in Gauteng and unseasonal wet weather already being experienced in the Cape, we’re sure these world-class Warner channels focused purely on undemanding entertainment will go down well these holidays.

Author

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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