Online Payments in Retail - Thematic Research

Online Payments in Retail - Thematic Research

Summary

This report explains the significance of online payments in the retail industry while providing an overview of the latest technology, industry and macroeconomic trends for it in the retail industry. The report goes on to talk about m-commerce and alternative payment systems with examples.

The shift towards online payment methods away from cash transactions began long before COVID-19, but the pandemic significantly accelerated this trend which is expected to remain even after the crisis resides. Ecommerce and m-commerce are projected to keep growing, as a rising number of consumers are using online platforms to shop instead of visiting retail stores. The demand for frictionless, contactless shopping is growing making it essential to understand the online payments market.

ScopeThe COVID-19 pandemic has boosted the use of online payment systems, a trend which is here to stay. M-commerce is likely to become the biggest contributor reaching 50% of all ecommerce. Retailers are aiming to make online payments frictionless which will reduce the possibility of purchases being abandoned. Online payments industry is highly fragmented which is why retailers are looking to merge efforts to increase their market shares.Reasons to BuyGain a comprehensive understanding of the role played by online payment systems in the retail industry.

Companies Mentioned

ACI Worldwide
American Express
Amazon
Alipay
Danske
Google Pay
Paytm
Tenpay
Visa
Walmart Pay