Emerging markets and coronavirus power surge in online shopping

Transaction values for physical goods sales online will grow from $3.3 trillion in 2020 to $4.4 trillion by 2025, thanks in no small part to the coronavirus outbreak, according to Juniper Research.

Further growth will, meanwhile, be driven by increased availability of e-commerce in emerging markets over the next five years.

The Indian Subcontinent and Latin America are expected to be at the front of the pack, highlighting the necessity for stakeholders to address pain points around cross-border payments, including varying local payment regulations and differing consumer preferences.

OEM Pay

The likes of Apple Pay and Google Pay will see a surge in use, with purchase volumes for remote goods anticipated to grow by 730% globally between 2020 and 2025. OEM Pay is seeing increasing consumer awareness, driven by its use in the contactless arena.

Juniper Research predicts that it will increasingly disrupt established e-commerce payment methods by offering frictionless experiences, although it also found that current acceptance of OEM Pay across different merchants is highly varied.

It recommends that payment providers focus on maximising integration to ensure seamless user checkout processes.

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