Global Ecommerce Payment Market Will Grow 16% By 2020

BOSTON–()–Cross-border solutions are expected to take center stage over the next four years and a report shows the global eCommerce payment market will grow at a compound annual growth rate of 16.42 percent by 2020, according to the latest edition of the X-Border Payments Optimization Tracker.

This month’s tracker serves as a framework for evaluating nearly 100 companies that provide merchant payment processing services geared for cross-border payments. It also focuses on the latest news and trends in the cross-border payments space.

According to Research and Market’s “Global E-Commerce Payment Market 2016-2020” report, the factors expected to fuel growth in the industry involve the rise of mobile commerce, advancements to in-store payment options and positive competition among vendors.

Mobile payment solutions have emerged as useful, seamless and convenient alternatives for consumers who prioritize efficiency when making online transactions.

IBM recently offered Apple Pay to commerce clients making online transactions, and the tech company opted to integrate this payment method after learning that 80 percent of consumers’ reasons for abandoning the checkout process are tied to the process of inputting payment information.

Meanwhile, mobile payment platform Alipay and payment provider Concardis recently partnered to streamline brick-and-mortar payment processes for Chinese tourists shopping in Germany. More than 200,000 German retailers plan to adopt the duo’s solution, which will soon be introduced in Austria as well.

There are 98 companies appearing in this month’s scorecard, with six new additions including: ACI Worldwide, CX Pay, EPay, Globebill, Merchant e-Solutions and SafetyPay. Five companies’ profiles were also updated including: Authorize.Net, cardstream, Dialxs, Elavon and IBM.

Making the top five of the top 25-ranked players in the cross-border payments space for July as they did last month were BlueSnap, Digital River, Worldpay and Ingenico ePayments, who finished atop the list for the second consecutive month. New to the top five was ACI Worldwide.

Here’s a look at the top 10-ranked companies this month and each company’s respective score:

1. Ingenico ePayments – 82
2. ACI Worldwide – 81
3. Worldpay – 78
4. Digital River – 75
5. BlueSnap – 66
6. Chase Paymentech – 57
7. Paysafe – 56
(t) 8. CyberSource – 54
(t) 8. Pitney Bowes – 54
10. Vantiv – 53

Each company was scored in six different areas including: developer toolkits, fraud tools, geographies, payment methods, omnichannel and risk/compliance services.

Other highlights from the tracker include:

• 25 percent of China’s entire population is predicted to be ordering items through cross-border eCommerce by 2020.

• An interview with Shannon Long, CEO of Brew Export, a turnkey service that handles legal, shipping and marketing logistics for U.S. breweries wanting to gain international exposure. Long talks about the difficulties of launching American craft brewers into foreign markets.

• Worldpay introduces one-stop shop for omnichannel payments in Europe.

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