The global online and mobile payment markets will likely enjoy further growth in the next five years, with payments possibly reaching three trillion Euros, says a recent study published by Hamburg-based yStats.com.
According to the report, the mobile payment sector will outpace online and the total payments market, buoyed by the launch of mobile payment solutions such as Apple Pay.
One-touch checkout will become a growing trend, with one-touch technologies introduced by Apple, PayPal, and Amazon, the report said.
The report also expects Asia-Pacific to overtake North America to become the biggest online retail market.
In China, the biggest market in the Asia-Pacific region, local third party payment providers dominate mobile and online payments. The number of online payment users in the country totaled to about 300 million, while mobile payment users hit 200 million.
In the U.S., credit cards are still the leading payment method, being preferred by 48 percent of online customers in 2014. Security, however, remains a major concern in both mobile and online payments in the US, as well as in Canada, the report said.
In Europe, the third biggest region by B2C E-Commerce sales in the world, online payment methods greatly vary.
Non-cash payment methods, particularly credit cards, are mostly used in the Western sub-region, while cash on delivery and other alternative methods dominate the Eastern European countries.