Alternative Finances

Alternative Payments To Power 50 Percent of World’s eCom Sales in 2020

A new report suggests that alternative payment methods will drive 50% of B2C ecommerce payments. reports PayPal, Amazon and Google Wallet are fueling this growth with AliPay, Alibaba’s payments arm, contributed significantly as its user base grows and more global sites accept AliPay for payment.

This growth represents a particularly significant shift in key regions to alternative methods. For instance, today, cards account for nearly 75 percent of ecommerce transactions in North America and in Canada, cards dominant, as well. The share of alternative payments in Europe is forecasted to reach up to 20 percent of the total payments market by 2020, driven mostly via regulation that is creating incentives for alternative payments providers. Especially relevant is the Netherlands where online banking method iDeal was used in more than 50% of online ecommerce transactions. In Poland, alternative payment methods, led by bank transfer, were used by online shoppers more than credit cards.

In China, the B2C E-Commerce landscape is dominated by online and m-payments (growing 8x). Alternative payments is defined broadly to also include cash which remains the most preferred payment method in India. Cash is still widely used in Africa and Middle East where m-payment growth is increasing.

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Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

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