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Omni-channel shopping to boost digital payments significantly, as is already being seen in China

Digital payments are going to be the norm across all channels

Global ecommerce payment transactions are set to exceed $7.5trn by 2026, from $4.9trn in 2021 – a growth rate of 55% – as omni-channel retail becomes the norm and consumers embrace new ways to pay.

So finds the latest research from Juniper Research, which predicts that all channels, including online, mobile and physical retail locations, will have to become seamless and offer the same experience for all customers at any part of the shopping journey, says its report eCommerce Payments: Emerging Trends, Opportunities & Market Forecasts 2022‑2026.

There is also set to be an increasing appetite for new payment methods within ecommerce checkouts, including Open Banking-facilitated payments and digital wallet one-click checkout buttons. Accordingly, Juniper recommends that merchants ensure payment options match changing user expectations, or they will be rapidly left behind.

The research found that by 2026, China will account for over 37% of global ecommerce payments by transaction value, owing to its established and extensive ecommerce and payments landscape that provides greater convenience for users via easily accessible alternative payment methods.

Additionally, the research recommends prioritising digital wallets, Open Banking‑facilitated payments and cryptocurrencies to emulate the ecommerce success experienced in China. To do so, it recommends that platform providers partner with specialists in these specific emerging payment areas to keep pace with changing merchant expectations around acceptance types.

One example of this is Pay-by-Bank payments, which use instant bank transfers to pay for goods. Here, the consumer carries out what looks like a peer-to-peer instant payment, but which pays a retailer. Already leading building supplies company Toolstation is rolling out this service.

The research also forecasts that physical goods will account for 82% of the global ecommerce payments transaction value by 2026. It urges payment providers to support BNPL, an alternative payment method that integrates fixed instalment plans and flexible credit in ecommerce checkout options, to capitalise on the continuing growth of ecommerce due to the ongoing global COVID-19 pandemic.

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