Smartphones have become the key to multi-channel commerce
Juniper Research has found that m-commerce payments will reach $3.1 trillion in 2025, up from $2.1 trillion in 2020. The study found that the boost of offline digital wallets using OEM Pay has been a key driver of increased mobile commerce usage.
A new study has revealed that the two largest e-commerce markets, China and the United States, will see smartphone payments for remote goods increase by 55% and 74%, respectively, between 2020 and 2025.
According to data, e-wallet payments are widespread in China and e-commerce continues to grow as affordability and prosperity rise. In the US, OEM Pay and PayPal wallets will be the main beneficiaries of the ongoing shift to online shopping caused by the pandemic.
This increase in mobile commerce is expected to drive the rapid growth of new payment models such as BNPL (Buy Now, Pay Later). Deploying BNPL via APIs in checkout processes will mark a significant departure from traditional models of consumer financing for online purchases based on commissions and annual interest rates. The BNPL also offers noticeable benefits to merchants as a way to increase the average cart size while enhancing the usability for shoppers.
We’ve reported that Razorpay has joined a partnership with PayPal. The partnership comes as digital technologies become more crucial for personal and business use during the coronavirus pandemic.