Report: E-Wallets Overtaking Traditional Payment Methods in US E-Commerce
The 2018 / 2019 Annual Report published earlier this year by a global affiliate network Admitad has revealed telling trends about the use of e-wallets during e-commerce transactions, as well as other important findings related to mobile commerce (“m-commerce”).
As of 2018, e-wallets made up 31 percent of all online payment methods. According to the report, projections also reveal that by 2023, credit cards and other traditional payment methods will only account for 22 percent of the transactions that happen in e-commerce. The report also found that m-commerce is on the rise: In 2018, 40 percent of all e-commerce transactions were performed through a mobile device.
The trends outlined in the report illustrate trends that have unfolded in Asia and are now taking hold in the U.S. E-commerce sales in the U.S. exceeded $504 billion in 2018, which makes the U.S. the world’s second biggest e-commerce market.
Admitad’s findings are based on analysis of advertisers and publishers’ data in their network, revealing various insights on consumer and vendor behavior. Members of the network generated more than U.S. $3.4 billion in sales in 2018. The report features data from more than half a million publishers and nearly 2,000 advertisers – including Booking.com, Alibaba and Aeroflot.
Admitad is a global affiliate marketing network that helps advertisers boost online sales and monetizes web and mobile traffic for the world’s best publishers. The company was founded by Alexander Bachman in Heilbronn, Germany in 2009, and currently has offices in seven countries around the globe with more than 400 employees.
Disclosure: This article includes a client of an Espacio portfolio company