Alternate payment methods could push global eCommerce market to $11.4
trillion by 2029

Date:
Mon, 02 Sep 2024 13:29:00 +0000

Description:
The ecommerce market could grow from $7 trillion to $11.4 trillion by 2029, with 69% of payments handled via APMs.

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According to new research by Juniper, the global ecommerce market could reach a staggering $11.4 trillion by 2029, driven not by a particular area of
sales, but by new and emerging payment methods .

The 63% growth, up from $7 trillion in 2024, is said to be largely driven by alternative payment methods (APMs), enabling consumers in non-card-centric markets to partake in online shopping.

Defined as the cardless and cashless transfer of funds, APMs include digital wallets and account-to-account payments. Ecommerce growth fuelled by alternative payment methods

According to the report , an estimated 360 billion ecommerce transactions
will be made using APMs by 2029, representing more than two-thirds (69%) of transactions in the market. Juniper believes that this will encourage a more inclusive online retail environment whereby so-called unbanked individuals in emerging markets will be able to participate in online retail.

Factors such as smartphone and internet access together with consumer desire for broader options that meet their needs are driving the change.

Looking ahead, payment service providers looking to stay ahead of the curve will prioritize APMs, and online retailers will need to offer suitable
payment options during the checkout process to attract and retain customers.

Payment options can also be tailored to customer locations and demographics
in order to stand out from other sellers.

Research author Lorien Carter summarized: Alternative payment options have grown substantially, with APM transaction volumes leapfrogging cards in emerging markets. As merchants look to attract new users and geographies,
they must consider offering APMs a key strategy to accomplish this. More from TechRadar Pro These are the best payment gateways Ecommerce activity is causing a spike in pollution by warehouses Take your shop online with the
help of the best ecommerce platforms



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Link to news story: https://www.techradar.com/pro/alternate-payment-methods-could-push-global-ecom merce-market-to-11-4-trillion-by-2029


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