Boom in eCommerce Sparks Evolution

Top financial and professional services information provider VRL has released a new report on Alternative Payment Channels, which explores changing trends in the global payments market. Both developed and emerging economies are adapting payment channels in line with technological and cultural developments.

The report asserts that “Payments are moving from cash-based to cashless transactions, and on to ‘customer not present’ transactions”. Not only are transactions becoming more developed technologically, but their increased convenience is more attractive for the consumer; becoming faster, cheaper and more secure.

Internet and mobile presence in the EU, US and other developed economies has been high for a number of years, and the increased popularity of electronic payments and self-service banking are among the changing trends in EU banking. However, mobile payment infrastructure in developed economies needs development before it can escalate further.

In BRIC nations the comparison between banked citizens and the number of mobile phones is striking; a mere 30 percent have access to financial services whereas SIM penetration is 86 percent in Brazil and a staggering 141 percent in Russia. This foundation represents “a great opportunity for mobile payments”. Increased internet access and other IT developments are also instrumental in this transformation. India, for example, had 16.72 million internet subscribers in 2010, a y-o-y increase of 19.5 percent.

The report provides a detailed breakdown of potential markets, and investigates the necessary developments to sustain the growth in Alternative Payment Channels. Topics covered include:

• Changing consumer spending habits and the impact of socioeconomic factors

 

• Opportunities in emerging economies

 

• Challenges prohibiting the growth of alternative payments

 

• Technological developments in the areas of internet and mobile banking

 

• The necessity of standardisation of alternative payment channels

 

For further details on how to purchase a copy of the report, special offers or for more information please call Jeannie Lam on +44 (0)20 7563 5640 or by email

jeannie.lam@vrlfinancialnews.com

VRL industry reports provide the analytical intelligence needed to make better-informed business decisions. VRL reports cover a broad range of topics and are compiled by analysts who are specialists in their field.

For more details on VRL reports visit: http://www.vrl-financial-news.com/reports.