Germany on Track to Become Sixth Largest mCommerce Market – Worldpay

LONDON, January 23, 2019 /PRNewswire/ --

Global mCommerce to take over desktop shopping by 2023

German consumers are on a mission for convenience as mobile continues its ascent to the most popular shopping channel, according to new data from Worldpay, Inc. (NYSE: WP) (LSE: WPY), a global leader in the payments technology industry. Growing at a rate of 16 percent annually, mCommerce is set to be worth €44.3bn by 2022, with Germany poised to become the world's sixth largest mCommerce market in the next four years.

This mobile revolution is being powered by consumers' embracing new payment methods, with a particularly steep rise in the adoption of e-invoicing. In its 2018 Global Payments Report, Worldpay found that e-invoicing is the fastest growing payment method among Germans, on track to nearly triple its market share between now and 2022 to become the most popular online method.

E-wallets are also growing in popularity, increasing at a rate of 11 percent annually, ahead of bank transfers, credit and debit cards. However, with the rollout of PSD2 in Europe next year, bank transfers may re-gain popularity depending on the uptake of Open Banking solutions across the continent.

Worldpay's report found that mCommerce currently accounts for 38 percent of the €1.14tn in global eCommerce sales, and global mCommerce is set to grow by 19 percent over the next four years. By 2022, the largest mCommerce markets in the world are forecasted to be China (€1.03tn), U.S. (€320bn), UK (€100bn), France (€54.5bn), India (€48bn) and Germany (€44.3bn).

Mark Fleming, general manager for EMEA, Global Enterprise eCommerce at Worldpay, Inc., said: "Germany is one of the most exciting growth markets for mobile commerce, and will likely remain in that position for the foreseeable future. As advancements in device technologies hit the market, it's never been easier to make a purchase from the palm of your hand.

"German consumers' desire for flexibility and convenience shows the importance of providing reliable, secure and easy-to-use payment methods to capture the largest possible share of a strong and growing eCommerce market."

Worldpay has published guidance to help merchants capitalise on the global mCommerce opportunity:

1. Consider developing a branded app, as the majority of shoppers prefer apps over mobile browsers when shopping on their smartphone.^[1] It's no longer enough to have a mobile-optimised website - if you're not prioritising a transactional app for your brand, you're not putting your best foot forward.