The world’s e-commerce developments are dependent on flexible payment solutions. If retailers and other businesses want people to shop from anywhere, they need to be able to pay from anywhere.
Now that these trends are finding their favour with businesses, research has discovered that consumers are also getting on board. In particular, the Asia-Pacific region is observing rapid growth in these payment methods, with IDC revealing growth will top 100 per cent by the end of 2017.
In 2015, the firm is expecting mobile payments to account for US$500 billion worth of purchases. By 2017, IDC is forecasting the total value of all mobile payments worldwide to reach the $1 trillion mark.
The Asia-Pacific region is set to be one of the main catalysts for this growth, as the recent proliferation of affordable smart devices in the area is enabling more people to access the internet.
According to Associate Research Director Shiv Putcha, mobile devices are the main reason for this growth, outpacing other banking trends in the region.
“Smartphone adoption has grown much more rapidly than general banking and card adoption in the Asia-Pacific region,” he explained.
While upcoming mobile payment solutions Apple Pay and Samsung Pay are expected to affect e-commerce trends in mature economies in the region, such as Australia and China, IDC is predicting they will have less of an impact in emerging economies.
This area of the world has long been a growing e-commerce market, with the Global Online Measurement Standard for E-commerce reporting that it was the world’s largest region for the trends in 2014.
The organisation reported that the region accounted for more than a third (36.6 per cent) of all e-commerce transactions in 2013, setting the scene for the current levels of growth being observed.
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