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🛒💳 Mastercard's Future Blueprint! 'Mastercard E-commerce Tokenization Completed in Europe by 2030' reveals how Mastercard plans to revolutionize online payments with full tokenization. Get ready for safer, smoother transactions!

Digital wallets are the fastest growing payment method in the world, and Asia is leading the charge, according to the latest report by payments processing firm Worldpay.  Globally, digital wallets accounted for 50% of e-commerce purchases and 30% of in-store purchases in 2023, accounting for $14 trillion in transaction value. That figure is expected to hit $25 trillion by 2027, the report showed. Consumers in Asia-Pacific are the biggest users of digital wallets as physical cards and cash usage continue to decline. Last year, 70% of online payments and 50% of in-store payments in Asia-Pacific used digital wallets — the highest among all the regions. https://lnkd.in/ggWbK3fu

Exciting news from Worldpay suggests that by 2027, digital wallets are expected to drive half of all e-commerce spending in the UK. This signals a remarkable change in how consumers embrace digital transactions. Find out more below: #DigitalWallets #UK #Fintech

A report from Worldpay predicts that digital wallets will make up half of all e-commerce spend in the UK by 2027. This reflects a significant shift in consumer behavior towards more digital transactions. #DigitalWallets #UK #Fintech

💡 Did you know? #PIX is on track to overtake credit cards as the preferred payment method in #digitalcommerce in Brazil by next year! 📈 This shift highlights the growing influence of real-time payment systems in the region, offering both merchants and consumers faster, more secure transactions. For businesses looking to expand into #LatinAmerica, embracing local payment methods like PIX is becoming crucial to staying competitive. #Payments #LatinAmerica #DigitalCommerce #Brazil #Innovation #BusinessGrowth #Ecommerce #GlobalExpansion https://lnkd.in/d8wvXdJ5

In its 2024 Report, Worldpay projects a global rise in the use of digital wallets, accounting for £203.5bn in UK ecommerce transactions by 2027. More below. #Payments #DigitalWallets #Ecommerce

“The remarkable rate of digital wallet adoption tells us a lot about the power of consumer preference when it comes to how people shop.” - Gabriel de Montessus, Head of Global Enterprise at Worldpay Digital wallets accounted for $13.9 trillion in global transaction value in 2023, accounting for 50% of e-commerce and 30% point-of-sale consumer spend. Driven by ease of use, accessibility, consumer trust and enhanced security, digital wallets have seen unprecedented growth that’s projected to reach $25tn in global transaction value by 2027. Beyond this, they’ve ultimately helped standardise the payments experience across consumers’ preferred methods - whether that be card, account-to-account (A2A), or even BNPL. Explore more on the future of digital wallets + more consumer payments trends via Worldpay: https://lnkd.in/eeV_iFaR

It’s fascinating to see the dynamic shift in payment preferences across Latin America (LATAM), a region with great new payment technology adoption. Here’s a summary of the key trends and indicators published in the Global Payments Report 2024. Credit Cards: They were the dominant online payment method in LATAM, accounting for 35% of the e-commerce transaction value and leading in five out of six markets in the region. Account-to-Account (A2A) Payments: LATAM saw the highest A2A payment penetration globally, with 20% of e-commerce transaction value. Brazil’s Pix system played a significant role, leading to 30% of transaction value in Brazil. Colombia and Peru also saw significant A2A adoption, with services like PSE in Colombia and Yape and PLIN in Peru. Post-Pay Services: LATAM had the highest global usage of post-pay, a payment method where consumers receive a voucher online and pay in cash at physical stores. It represented 4% of LATAM’s e-commerce transaction value, with Mexico and Peru having even higher rates due to services like OXXO, 7-Eleven, and PagoEfectivo. Source: © Visual Capitalist, 2024 Used with permission, all rights reserved. 

Across the world, consumers are beginning to turn their backs on card-based payments and card-linked wallets. Many ecommerce businesses aren't quite embracing the shift. Having spent so much time and effort perfecting their card-based payment flows, the last thing they want is a new disruption. 🚨 To complicate it further, consumers' preference is tilting towards local payment methods, meaning, one single solution can't be replicated across different markets. Ecommerce merchants will need to accommodate a myriad of country-specific schemes and nuances to maintain and acquire new customers, and to become more commercially and operationally agile: these newer payment options are simply a more elegant and fit-for-purpose way of processing digital payments. 🔎 Dive deeper in our latest blog post, in collaboration Payments Cards & Mobile: https://lnkd.in/dt7YaGtB #localpaymentmethods #ecommercepayments #boku

Brazil’s instant payment system Pix is set to surpass credit cards as the most widely used payment method in Brazilian digital commerce by next year, according to Payments and Commerce Market Intelligence (PCMI) data analysed by EBANX. The projection for 2025 estimates that Pix will account for 44% of all value transacted in online purchases in Brazil, an increase of four percentage points, while cards will have a 41% share. The even more intense acceleration over the past year has brought this scenario forward, as previous forecasts indicated it would surpass credit cards only after 2026. This data is part of a study that shows in less than four years Pix has more more than 168 million users and accounts for 14% of all instant payments worldwide. The growth in the past year has been driven primarily by retail and travel, the two largest digital verticals in the country, and also the two that will accelerate the most: 31% and 20% per year, respectively, over the next three years. “These sectors saw Pix as a way to reach more customers. Many merchants encourage payments with Pix by offering discounts to those who choose it,” explains Sebastian Fantini, Product Director at EBANX https://lnkd.in/dTRHQj5F