Companiesandmarkets.com

Online payment method market dominated by credit cards

Press Release   •   Aug 16, 2012 15:17 BST

The global online payment method market was dominated by credit card payments throughout 2011 and is set to show steady growth through 2012, with mobile payments set to perform the strongest.

Mobile payments have been forecast to increase by approximately 75% worldwide compared to 2011. In reaction to this, PayPal has launched its PayPal Mobile service. The company expects further growth for 2012 and plans to enter the markets of Russia, China, India and the Middle East.

In the US, credit card payments still remain the preferred method within the online payments industry. The market share for this sector was 40% in 2011, and this figure has been anticipated to slightly increase through to 2016, despite online safety concerns raised by customers.

The trend of credit card payments being the most popular tends to be very similar throughout the globe. In 2011, credit cards were online shoppers' preferred payment method in Brazil and Mexico. In 2012, credit cards replaced cash as the preferred online payment method in Argentina.

Credit cards were also the most popular online payment method in Europe, with the UK, France, Germany, and Spain all preferring to pay via credit card.

Finally, with the exception of China and Thailand, credit cards were the most popular payment method in the Asia-Pacific region. In Japan, every resident had on average more than six credit cards in 2011.

For more information on the global online payment method market, see the latest research: Global Online Payment Method Market Report

Follow us on Twitter @CandMResearch

Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.