The next generation of online payments: As brands retool to meet consumers’ growing demand for convenience and security, we explore the future of online payments in this timely series brought to you by Braintree. Check out the whole series here.
Mobile commerce is exploding, driving a flurry of innovations in mobile payments processing. Driven by new global markets, rapid consumer adoption of tablets and smartphones, and significant evolutions in secure mobile payments, mobile commerce now accounts for 7 percent of all e-commerce sales, roughly a 7x increase since 2010. That will rise to more than 50 percent in the next three years.
Since 2013, several of the world’s leading technology brands, including Apple, Google, Samsung, and Amazon, have flooded the market with mobile payments solutions — all jockeying for a share of the expected $800 billion worldwide market for mobile commerce in 2018. By that same year, more than 1 billion people in markets around the world will routinely use mobile payment solutions to buy both in-store, and online, via web, native mobile, and in-app.
The rise of contextual commerce, in particular, is expected to have a significant impact on how and where mobile consumers conduct transactions. With several large social platforms, such as Pinterest, Facebook, and Twitter all introducing ‘Buy Now’ styled buttons that leverage digital wallet technologies, there is expected to be a significant spike in mobile consumer payments. This will create several positive outcomes for web and mobile merchants, including lower Customer Acquisition Cost, increased sales conversions, and higher customer Lifetime Values.
This, combined with the introduction of several ‘off-the-shelf’ technical tools — such as Braintree’s v.zero sdk which offers a complete, readymade payment UI for easy integration into apps and websites — have given online merchants of all sizes and in any market the ability to tap a wellspring of monetization opportunities.
Braintree, acquired by PayPal in 2013, which already provides support for 135 currencies in 45 countries, currently powers some $50 billion in mobile payment volumes per year, and is expected to be a dominant force in the future of global mobile payments.
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