yStats.com’s New Report: Online Payment Fraud Projected to Increase on a Global Scale

(PresseBox) (Hamburg, ) yStats.com, a secondary market research firm based in Hamburg, finalized a new report “Global Online Payment Methods: Full Year 2016” that highlights online payment preferences of consumers from around the globe. Notably, research from the report projects a rise in online payment fraud at double digit rates by 2020.

E-Commerce consumers have varying attitudes per region regarding online payment methods. Research in the yStats.com report reveals the multiplicity of these differences. For example, consumers from the Asia-Pacific and the Americas prefer to make online purchases via credit card, whereas online consumers from other areas have a preference towards alternative payment methods such as digital payment services or cash on delivery. Additionally, another survey conveys that online consumers prefer credit cards as the top payment method when buying cross-border, with online payment services such as E-Wallets coming in second.

Third party research cited in the yStats.com report relays that E-Wallets are the top payment method by share of E-Commerce sales worldwide, whereas credit cards come in second place. E-Wallets presumably outperform credit cards on a global scale due to China, the biggest online retail market in the world, where they account for over 50% of E-Commerce sales.

For both online retailers and consumers, payment security is a top concern, even in advanced markets such as the USA and the UK. yStats.com’s report includes estimations that losses due to online payment fraud will increase yearly at double digit rates by 2020.

For further information, see: https://www.ystats.com/wp-content/uploads/2017/03/20170101_Product-Brochure-Order-Form_Global-Online-Payment-Methods_Full-Year-2016.pdf

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