Worldpay vs Boku: Comparing 2024 Global E-commerce Payment Trends

Efi Pylarinou
5 min readMay 2, 2024

Payments are Eating the World. The annual Global Payments report by FIS has become an industry standard. Their Worldpay Global Payments Report 2024 was the 9th edition and the first one after they split from FIS.

I recently curated on Linkedin a new Payments report focused on e-commerce payment trends by Boku. I highlighted the trends in Europe, a developed market, as I was intrigued by the projected increase in e-commerce checkout value using Account to Account (A2A) payments — from 24% in 2023 to 30% in 2028 (31% is currently done via credit cards). Boku Payments is a 15-year-old Fintech headquartered in California that IPO`d on AIM at the London Stock Exchange in late 2017. They are essentially a mobile payments provider and serve several BigTech companies.

A comparison of the two survey-based studies is valuable, as it provides a sense of the range of the projections. Let’s take a closer look at the similarities and differences.

Digital Wallets Dominate, But Growth Rates Vary

Both studies agree that digital wallets are the dominant payment method globally, commanding 61% of global e-commerce transaction value by 2027 according to WorldPay, while Boku has them at a lower but still substantial 56% of e-commerce checkout values by 2028 (adding card-linked and non-card linked wallet projections).

The other noticeable difference is that Worldplay reports that in 2023 digital wallets accounted for 50% of transaction value, whereas Boku reports 54%. Therefore, Worldpay expects substantially higher growth from the 2023 levels compared to Boku.

Worldpay is more optimistic than Boku on the dominance of Digital wallets in ecommerce.

WORLDPAY — E-commerce Payment Trends (Transaction Value %)

For point-of-sale (POS) payments, Worldpay sees digital wallets rising from 30% to 46% between 2023–2027. Boku’s study doesn’t cover in-store payments.

WORLDPAY — POS Payment Trends (Transaction Value %)

Cards Cede Ground to Wallets, But Remain Relevant

Credit and debit cards remain major players, but are losing some ground to digital wallets, especially for online purchases:

- Worldpay has credit cards decreasing from 22% to 15% and debit cards from 12% to 8% of global e-commerce spending by 2027. Overall, card usage is projected to be 23% in 2027.

- Boku projects a larger drop for credit cards in e-commerce checkouts. Credit cards are projected to drop from 20% to 11% and debit cards from 11% to 9% by 2028. Overall, card usage is projected to be 20% in 2028.

So, while cards are ceding some share to digital wallets, they still command a sizable portion of online spending.

And Worldpay’s data shows cards are holding steady for in-store payments.

BOKU E-commerce Payment Trends

Sizable Divergence in the A2A Projections in E-commerce

A key difference between the two studies is the trajectory of account-to-account (A2A) payments. For overall transaction values, Worldpay has A2A remaining challenged around an 8% global share through 2027, noting A2A has struggled to break through in card-heavy markets.

However, Boku projects a huge surge in A2A adoption specifically for e-commerce checkouts, rocketing from just 8% in 2023 to 16% by 2028. The lower cost of A2A payments is likely driving this trend (doubling of transaction value) in online purchases.

WORLDPAY — E-commerce Payment Trends (Transaction Value %)

The divergence between the two surveys is also pronounced when comparing the European-focused projections. WorldPay reports A2A checkout volume of 18% in 2023 and 19% for 2027, whereas Boku reports 15% (lower) in 2023 and 26% for 2028!

Despite the common EU regulatory frameworks, European countries differ substantially in their payment choices in e-commerce. Currently, there are 5 European countries with A2A payments as their top payment choice — Poland, The Netherlands, Sweden, Finland, and Norway.

Digital wallets are the top choice in 5 other European countries — UK, Italy, Germany, Spain, and Denmark.

BNPL projections are flat

Worldpay sees no growth in BNPL of global ecommerce spending — stagnant at 5% — from 2023–2027.

Boku reports a slight increase from 4% to 5% in 2028 as more players enter the BNPL space.


The comparison of the Worldpay and Boku studies demonstrates the dynamic global payments environment. The verdict is out there.

There is significant divergence with regard to the A2A payment choice. Wordplay is considerably more optimistic about the dominance of Digital wallets and sees no growth in A2A. These contrasting outlooks underscore the challenges and opportunities facing merchants in this dynamic landscape. As consumer preferences continue to shift, businesses must remain agile and adapt their strategies accordingly.

📌 Twitter:

📌 Subscribe to my YouTube Channel with my insights and industry leader interviews. New video every Wednesday:

📌 Apple Podcast 👉

📌 Spotify Podcast 👉

📌 Linkedin:

📌 TikTok:



Efi Pylarinou

№1 #Finance Global Woman Influencer by Refinitiv 2020 & 2019. Top Global #Fintech Influencer, Futurist, #AI, #Blockchain +: 30yrs FINANCE —