Worldpay’s 2017 Global Payments Report analyzed 36 countries across the world to gauge the current state of the payments industry and to predict future trends on a global and domestic scale. The findings show the global e-commerce market is expected to grow 11.1 percent over the next five years, with e-wallets predicted to become 45.9 percent of the market by 2021. The U.S. e-commerce market is set to grow by 9.8 percent – an overall yield of $1,077.5 billion in 2021.
Once again, Worldpay’s annual report found alternative payment methods are gaining more ground in the e-commerce market. E-wallet payments (39.2 percent), bank transfers (11.6 percent), prepaid cards (0.2 percent) and e-invoices (0.1 percent) are all expected to increase in use across the world. This global trend holds true in the U.S. E-wallets, such as PayPal, are the second most used payment method by Americans and are set to become the top payment option with a 46 percent usage rate by 2021, followed by credit cards, bank transfers, deferred credit cards and debit cards. With e-wallets ranked as the third most popular payment method in the U.S. in the 2016 Global Payments Report, therefore, its second place standing in the 2017 report marks a significant change in consumer payment preferences.