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Shoppers look for more ways to pay online
Consumers increasingly are bypassing credit cards and finding other ways to pay online, says Javelin Strategy & Research.
The economic slowdown isn’t the only thing leading to a slower growth rate in online credit card retail purchase volume. To be sure, credit card purchase volume will continue to grow online and command the largest market share among payment types, reaching $107 billion by 2013, up from $81 billion in 2008, Javelin Strategy & Research says in a recent report, “Online Retail Payments Forecast.” But credit card volume online will grow at a modest 5.6% cumulative annual growth rate from 2008 to 2013. By comparison, retailers’ private label payment cards will grow in online purchase volume at a cumulative annual growth rate of 23.5%, and prepaid cards, 41.8%. As a result, credit cards will account for 40% of online retail purchase volume by 2013, down from 59% in 2007, Javelin says.
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