In today’s fast-evolving marketplace, business owners face unique challenges in navigating payments and consumer preferences. By understanding these facets, businesses of all sizes can better position themselves to meet customer needs, optimise their payment processes, and harness the opportunities presented by digital transformation in the financial landscape.
Worldpay empowers businesses of all sizes to make, take and manage payments. Whether online, in store or mobile, you’ll find Worldpay at the heart of great commerce experiences globally.
The Worldpay Global Payments Report, now in its ninth year, can also shed valuable light on customers’ shopping patterns and preferences, both in-store and online, which can help your business capture more visits and more sales.
The following are key insights from the 2024 report, and what they mean to you as a business owner.
- Digital wallets are the people’s payment choice.
Digital wallets are dominating the payment landscape as consumers around the world are choosing them above all other payment methods, online and at the POS. And with total global transaction value predicted to exceed $25 trillion by 2027, you may be frustrating your customers, and missing out on sales, if you’re not accepting digital wallet payments.
- Credit and debit cards continue to be strong inside and outside digital wallets.
Consumers are still heavily using their credit and debit cards; they’re just using them differently. Today, cards are powering the payments behind “pass-through” digital wallets like Apple Pay® and PayPal®, so if you don’t accept payment from these types of apps, you may be left behind.
At the same time, card transaction value continues to rise even in highly penetrated card markets like the U.S. and the U.K., so be sure to accept contactless payment and chip cards to make checkout safer, faster, and more convenient.
- Global e-com growth outpaces POS by more than 2 to 1.
It’s hardly a secret that people like to shop online, but the rate of growth continues to be surprising. In 2023, e-commerce reached 14.4% globally as a percentage of all commerce, and it’s predicted to continue growing, with e-commerce forecasted to rise 8% in Europe and 7% in North America in the years ahead.
As a business owner, be sure to work with a payments company that can provide you with the latest “Cart” technology to process online orders quickly and securely from your website. And think beyond your site: explore global online marketplaces like Etsy or social media sites that can help you increase your online footprint, drive awareness, and generate additional sales and profits.
- Prepaid cards will surpass $1 trillion in 2024.
Prepaid cards may sound like old tech, especially given the popularity of digital wallets, but they are still widely in use as gift cards, general purpose reloadable cards, and payroll or government-benefit distribution methods. Work with your payments provider to learn how you can get a piece of these transactions, forecasted to be worth $1 trillion in global transaction value this year.
- Cash remains relevant amid economic uncertainty.
Cash may not be “king” anymore, but it is still in high use, especially among unbanked and lower-income consumers, but also among consumers at all income levels who are using cash as a budgeting tool amid high inflation.
As you continue to accept cash, be sure to work with a payments solution that can track cash payments, right alongside digital, card, and other payments, so you have all your financial data in one place for more complete and insightful business reporting.
So, what is your opportunity for 2024? The Global Payments Report points to digital wallet acceptance, e-commerce expansion, prepaid card innovation and better cash management as just a few of the ways you can grow your business this year, but it can be difficult to know where to start.
Worldpay is here for you every step of the way. Call us at 0808 208 5152 to discuss how Worldpay can help your business.