FIS report predicts that digital wallets will become the preferred payment method for e-commerce by 2025
Credit/cash cards remain the top online payment method among Australians in 2021, accounting for a third (33%) of e-commerce transaction value, however, an FIS report predicts digital wallets will overtake debit cards. credit/payment to become Australia’s leading e-commerce payment method by 2025.
The FIS report added that Buy now, pay later (BNPL) is also proving very popular in Australia and its share of e-commerce transaction value will continue to increase from 11% in 2021 to 14% in 2025.
the 2022 Global Payments Report by Worldpay from FIS, now in its seventh year, examines current and future payment trends in 41 markets.
The report found that the Australian e-commerce market will continue to show robust growth of 11% CAGR through 2025. Australia has also seen one of the largest relative expansions (22%) at point of sale ( POS) in APAC in 2021, reflecting a steady recovery from the impact of the Covid-19 pandemic.
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The FIS report also highlights the following e-commerce payment trends:
• The Australian e-commerce market is expected to grow by more than half (51%) between 2021 and 2025 to reach US$70.7 billion in transaction value.
• In 2021, the main online payment method was credit/payment cards, which accounted for 33% of transaction value, followed by digital wallets (26%), debit cards (15%) and BNPL (11%).
• Digital wallets are expected to overtake credit/cash cards to become the primary payment method for e-commerce by 2024.
• BNPL is the fastest growing online payment method and is expected to account for 14% of e-commerce transaction value by 2025, behind New Zealand in APAC, where BNPL is expected to claim 17% the value of online transactions.
Trends in point-of-sale (POS) payments
The FIS report revealed:
• The value of POS transactions rebounded strongly in 2021, with Australia recording one of the largest relative expansions in APAC at 22%.
• Cash is in steep decline and Australia is expected to have the lowest share of cash in APAC in 2025, with cash accounting for just 2% of point-of-sale transaction value.
• Debit cards (41%) and credit cards (35%) were the main point-of-sale payment methods in 2021 and are expected to maintain these leading positions through 2025.
• As Australian consumers move away from cash at the point of sale, mobile wallets – the fastest growing offline payment method – are building consumer loyalty and are on track to account for 16% of in-store transaction value in here 2025.
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