Global E-commerce Should Reach US$ 11.4 Trillion in 2029, Driven by Alternative Payment Methods, Study Reveals

Global e-commerce is on track to reach a transacted volume of US$ 11.4 trillion in 2029, marking a growth of 63% compared to the expectation of US$ 7 trillion by the end of 2024. This data was revealed in a study released today by Juniper Research, which attributes this significant development to alternative payment methods (APMs), such as digital wallets, direct payments to merchants (P2M) and the ubuy now, pay later’ (BNPL, or electronic crediary).

The report highlights that the supply of APMs has grown substantially in emerging markets, surpassing credit card payments in these countries.The analysis suggests that electronic payment methods, which do not involve cards, are changing buying habits, especially among unbanked customers in emerging markets.

“As payment providers (PSPs) offer more APMs, the proper availability of payment options in the end consumer cart will be crucial to improving sales conversion rates”, the study states.Research suggests that PSPs can increase customer satisfaction by tailoring purchase conversions to meet the geographic and demographic needs of consumers through partnerships with local payment companies.

Transactions in E-commerce

Based on 54.7 thousand data points from 60 countries, Juniper Research predicts that in five years, 70% of the 360 billion transactions carried out in e-commerce will be via APMs. At the same time, the company believes that e-commerce companies will invest in logistics improvements to make delivery more viable and attractive to consumers, adding even more value to the sector.

With Mobile Time information