Germany is all set to become the sixth largest mCommerce market, according to a study by Worldpay Inc., a payments technology provider. mCommerce is growing among German consumers at a rate of 16 per cent annually. By 2022, mCommerce will be worth €44.3bn.
This mobile revolution is being powered by new payment methods, with a 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 per cent 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 per cent of the €1.14tn in global eCommerce sales, and global mCommerce is set to grow by 19 per cent 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.”
