Online card spending is expected to double by 2021, reaching $6 trillion globally, new RBR Research has found.

The ‘Global Payment Cards Data and Forecasts to 2021’ has revealed that the value of e-commerce card payments made worldwide grew by 26 per cent during 2015 to reach $2.7 trillion, and represented 12 per cent of all card expenditure.

According to RBR, key factors driving this growth include: a surge in internet penetration and smartphone holding; a rising number and range of merchants with an online presence; the convenience of making impulse buys on the move via mobile devices; tools such as one-click checkouts and suggested additional items, which simplify the transaction process.

The study reveals that while some cardholders have previously held back from purchasing goods online because of security concerns, confidence in the e-commerce channel is rising. Measures being taken to reduce fraud include the creation of a new 3-D Secure specification to authenticate cardholders which will be progressively rolled out over the coming years.

RBR’s Chris Herbert commented: “The e-commerce sector will represent a growing proportion of global card expenditure with one dollar in five spent online by 2021. The improving convenience and security of the e-commerce channel are key drivers of this growth.”

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