KUALA LUMPUR (June 20): The value of e-commerce card payments made worldwide grew by 26% during 2015 to reach US$2.7 trillion, according to the Global Payment Cards Data and Forecasts to 2021 released yesterday by UK-based strategic research and consulting firm RBR.
In a statement yesterday, RBR said online card spending is set to double between 2015 and 2021 to reach US$6 trillion worldwide.
It said the key factors driving this growth include:
RBR said its study reveals that while some cardholders have previously held back from purchasing goods online because of security concerns, confidence in the e-commerce channel is rising.
It said measures being taken to reduce fraud include the creation of a new 3-D Secure specification to authenticate cardholders which will be progressively rolled out over the coming years.
RBR said 3-D Secure 2.0 is designed to meet the needs of consumers using new technologies such as mobile apps and digital wallets.
It will increase risk-based authentication, removing the requirement for a password for the vast majority of transactions. This update should offer further reassurance and convenience to online shoppers.
RBR forecasts that e-commerce card spending will more than double between 2015 and 2021 to reach $6 trillion.
Meanwhile, RBR’s Chris Herbert commented: “The e-commerce sector will represent a growing proportion of global card expenditure with one dollar in five spent online by 2021.
“The improving convenience and security of the e-commerce channel are key drivers of this growth,” said Herbert.