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2018 Global Payments Report

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2018 Global Payments Report 2018 Global Payments Report The Digital Wallet Opportunity Around the World 2018 Global Payments Report 2 Global expansion is a major driver for many If you’re a merchant, digital wallets can make very good business sense. Easy, transparent, and secure online businesses, but that objective can payment options are a win for everyone. With increased often seem steep or even unattainable marketplace competition, every competitive advantage without the right tools and expertise. In matters, and removing any friction around the payment the past, if a merchant wanted to enter process is essential. Combine this with the constant innovation and disruption in the payments space, and another international market, they’d likely it’s clear you need to use every opportunity to stay have to research and integrate various ahead of the curve. regional payment methods and currencies, That’s especially true as the world moves toward a which could add complexity and drain future anchored in mobile commerce. More and more resources. On top of that, growth may not users are making purchases on their phones and be sustainable from one region to the next. other smart devices. They don’t want to fiddle around In searching for a more agile and scalable with tiny keyboards, small screens, and confusing input options. Digital wallets eliminate many of these strategy, businesses are looking to the drawbacks, whether it’s purchasing via a website or integration of more ubiquitous payment through using contactless mobile technology. methods such as digital wallets. There are other advantages, too — centralizing transactions can help increase your payment volume Digital wallets are an increasingly popular way for and reduce your processing fees. Cross-border consumers to pay for goods and services. The concept payment and international commerce can be simplified is simple -- users save their payment details with a through digital wallets. digital wallet provider once, and then checking out on any website that accepts that particular wallet In 2019, 2.1 billion global consumers becomes effortless and secure. Every merchant who are expected to use a digital wallet integrates with that digital wallet automatically receives all the consumer payment details they need to process to make a payment or send money, transactions quickly and effectively. an increase of almost 30% from 2017. It makes sense from a consumer perspective, too. As a PayPal service, Braintree is uniquely equipped to They no longer need to enter card numbers on help with your global digital wallet strategy. As your every website, and can pay without worrying about payments partner, we’ll give you a direct line to the the security of their data just by entering their login most widely adopted global digital wallet -- with more and password details. Increasing demands on time than 235 million active user accounts -- alongside and fear of fraud mean that consumers are naturally credit, debit, Venmo (in the US), and other payment moving toward payment options that are fast, simple, platforms, as well as all of the features and innovations convenient, and secure. you need to more easily take your business global. 2018 Global Payments Report 3 What countries offer the biggest advantages for merchants accepting digital wallets? Just where in the world should merchants be looking to take advantage of the digital wallet opportunity? We’re glad you asked. It’s a complex question, but we’ve got you covered. We’ve explored five key regions (through 64 countries, chosen by quality of data available) and taken a deeper look at 13 spotlight countries to identify those that are well- prepared (and some less prepared) for digital wallet options. We’ll start by looking at four global consumer profiles, then explore how ready different regions are for these payment platforms. After that, we’ll dig into the details of individual countries. By the time we’re done, you’ll have the information you need to make an informed choice for increasing your digital marketplace and expanding internationally. Let’s get into it. 2018 Global Payments Report 4 Universal Consumer Profiles Every consumer is unique, but integrating These profiles can be found throughout all local, regional, and international marketplaces. We’ve digital wallets into your payment options covered each of these profiles below and also relies on appealing to a broad range of highlighted what percentage of each type of user users. To make that easier, we’ve identified can be found in the spotlight countries. This helps four key consumer profiles to help you make it easier for you to identify countries with opportunities for digital wallet growth. hone your approach. * A note on Japan Japanese people tend to underreport their behaviors on almost every kind of survey. They regularly show up in global surveys with results far different (and usually lower) than other developed countries. Any market research and planning for Japanese consumers should take this into account. 1 The Mobile Toe-dipper 2 The Mobile Irregular 3 The Confident Consumer 4 The Mobile Savant 2018 Global Payments Report 5 Universal Consumer Profiles These users tend to have an internet connection 1 and mobile phone, but do not typically use their smartphones in daily life. These consumers are uncomfortable with having an online presence or purchasing online and are less often affluent. The Mobile We don’t believe they’re a key target for digital Toe-dipper wallet awareness, marketing, or usage. Low technology and digital commerce understanding, comfort, and usage They are most prevalent in Canada, Japan*, France, Australia, and the US. They are least prevalent in China, India, South Korea, Mexico, Brazil, and Poland. 2018 Global Payments Report 6 Universal Consumer Profiles These users tend to be older than average and 2 typically have lower incomes. They may have a smartphone but do not use it very often for digital commerce activities. Although they are slightly more likely to purchase online than the toe-dipper, The Mobile they do not make online purchases regularly or frequently. We believe they can be a reasonable Irregular segment to target for digital wallet penetration, and it helps if this is combined with financial literacy education and dealing with concerns about online payment and fraud. Moderate technology and digital commerce understanding, comfort, and usage They are most prevalent in Japan*, Australia, France, Canada, Germany and Mexico. They are least prevalent in China, India, and South Korea. 2018 Global Payments Report 7 Universal Consumer Profiles These consumers have an online and social media 3 presence and make use of a smartphone a few times a week. They typically have mid-range incomes and good home-based or mobile internet access. They take part in a few digital commerce activities The Confident a week and are comfortable with shopping online. We believe they’re a good target for digital wallet Consumer market penetration, with an approach focused on awareness, convenience, and security concerns. Considerable technology and digital commerce understanding, comfort, and usage They are most prevalent in South Korea, India, China, and Poland. They are least prevalent in Japan*, Canada, the US, Australia, and France. 2018 Global Payments Report 8 Universal Consumer Profiles These consumers use their smartphones and tablets 4 every day. They are typically of the younger generation, are always “on the go,” are highly educated, relatively affluent, and may use multiple devices. The Mobile They are very comfortable interacting and buying online and are frequent digital commerce users. Savant They sometimes make multiple online purchases every week. We believe they’re an excellent target for digital wallet market penetration, with an approach focused on ease of use, speed, convenience, and omni-channel availability. High technology and digital commerce understanding, comfort, and usage They are most prevalent in China, India, Brazil, and South Korea. They are least prevalent in Japan*, Canada, Germany, France, and Australia. 2018 Global Payments Report 9 Regional Overview Before diving into the individual countries, we’ve provided an overview of five key regions around the world, so you can better understand the overall context of the global digital marketplace. Europe North America Latin America APAC Middle East & Africa 2018 Global Payments Report 10 Europe Eastern Europe presents enormous opportunities for merchants to integrate digital wallets. Strong access to next-generation broadband, high smartphone usage, tech-savvy consumers, and the proliferation of online merchants are fueling digital commerce. The payments landscape in Western Europe, meanwhile, is highly diverse and more mature. As card penetration increases, digital wallets are likely to become more attractive to European consumers. Growth of remote mobile purchases as % of total digital purchases* 2013 2017 +15.8% 15.1% Increase 30.9% * Data Includes these select countries in the region: Poland, Russia, France, Germany, Turkey, United Kingdom. Internet usage in Europe — fixed- next few years in Eastern Europe, regulations and initiatives in line and mobile with 10% to 15% year-on-year Western Europe are encouraging growth expected. people to move away from cash Europe is one of the most well- and toward credit and debit cards developed global areas for internet Digital commerce and digital and digital wallets. These younger investment, speed, reliability, and wallet predictions consumers are likely to become availability. There is substantial more accustomed to using cards consumer demand for cellular Digital commerce across the as they age, leading to durable data services, and operators have region, especially in Eastern behavior changes in the market. invested heavily in mobile-data Europe, is expected to prove networks. Data consumption is lucrative among the younger EU limitations on surcharges and expected to rise rapidly over the generation. New government cross-border fees will help ease 2018 Global Payments Report 11 Europe cross-border payments.
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