Global Electronic Payment Transactions Have Increased at A Rapid Pace

Date: 2015-08-22

Globally, electronic payment transactions have increased at a rapid pace, thanks to the advance of IT technology and proliferation of smartphones. The number of global mobile payments is estimated to have grown at a five-year CAGR of 58% to 29m in 2014, while the transaction value reached USD325bn in the year, growing 6-fold in the past four years. Already, many global innovators such as Apple (Apple Pay),Amazon (Amazon Payment), E-bay (Paypal), Alibaba (Alipay) have tapped into mobile payment, aiming to lead the change in industry landscape. 

Global Mobile Payment Analysis

Mobile Payment

According to the Korea Statistics Bureau, e-commerce transactions grew 27% y-o-y to KRW4.4trn in June, showing the fastest growth in more than three years. While some of this may have been spurred by the MERS outbreak (people choosing to stay indoors rather than shopping in department stores or supermarkets), we think the rollout of new quick payment apps/services also played a role – mobile shopping transactions grew 3 times as fast, up 80% y-o-y to KRW2.0trn. While m-commerce is still a fraction (6.7%) of total retail sales in Korea, we think the exponential growth is worth noting. 

The Key Players 

Company

Name of service

Time of launch

LG U Plus

Paynow

Nov-13

e-Bay Korea

Smile Pay

Apr-14

LG U Plus

Paynow Touch

Jul-15

Samsung Electronics

Samsung Pay

Aug-15

Daum Kakao

Kakao Pay

Sep-14

LG Electronics (planned)

Android Pay

Oct-15

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