The global online payment market is predicted to be worth over 3.3 trillion US dollars by 2020.
This growth is expected to be driven by an increase in mobile payments.
The research, published by ReportLinker, also revealed regional differences in payment preferences.
Credit and debit cards are the most popular ecommerce payment options in North America and Western Europe, as well as in South Africa where bank transfers are equally popular.
Third-party payment providers are popular in China, while invoices reign supreme in Germany.
Cash on delivery remains popular in Russia and Mexico, as well as in less-developed countries where trust in online payments is still low.Â
