Shifting Trends Seen By TSG and JCB
Payments volumes globally have largely recovered from the slowdown of the pandemic. Looking specifically at eCommerce, global eCommerce payments have grown nearly 500% faster than all other payment volume over the past two years as these consumers are buying more online through international merchants. TSG partnered with JCB to understand the potential of the massive Asian market. Below are some key findings:
- International Travel is Strengthing
- International travel traffic rose 325% in May 2022 versus the previous year. While APAC-specific travel rose more dramatically, increasing 492% in June 2022 from a year earlier.
- Additionally, it is estimated that there will be 46M international travelers in 2027, up from 40M pre-pandemic in 2019
- APAC Travel Recovery is Well Underway
- The four APAC countries (Japan, China, South Korea, and India) where JCB cards are issued, with the largest number of inbound travelers destined for the U.S., are responsible for ~$70B in annual economic activity.
- Power of Choice
- International travelers have become more frustrated as they find the payment methods they’re accustomed to do not function as they would expect when traveling abroad. In fact, 59% indicated they would abandon their shopping cart if their preferred method was unavailable.
- JCB has narrowed in on designing its international payment infrastructure to allow the payment experience for the cardmember to be the same whether they’re conducting a transaction in Japan, the U.S., or across Europe.
Read more in TSG and JCB’s white paper – The Untapped Potential of JCB: The Massive Asian Market
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