Alternative Payment Methods (APMs) are crucial for businesses to attract customers in all geographies, particularly in markets like China, where more than a third of internet users are regular online shoppers and have specific local payment preferences.
WorldPay’s Optimising your Alternative Payments report, an in-depth study of the APM landscape, found that in China, Alipay has a 60% market share in eCommerce transactions. WorldPay’s partnership with Alipay helps support global brands to expand into China and capture Chinese inbound business. As the biggest acquirer outside of China for eCommerce UnionPay transactions, WorldPay enables merchants to sell directly to consumers in this market, as well as UnionPay cardholders outside of China.
Today, APMs account for $212 billion (or 22%) of global eCommerce transactions. It is estimated that there are currently over 230 APMs operating globally including: real-time bank transfer, offline credit transfer, direct debits, eWallets, cheques and mobile payments.
Phillip McGriskin, chief product officer, WorldPay, said: "eCommerce has removed geographical boundaries, opening up the opportunities for brands to sell to consumers regardless of country or origin. WorldPay’s partnership with leaders like Alipay and China UnionPay allows global brands such as Microsoft to maximise transaction success through truly global reach and acceptance.