Live Events Stage a Global Come-back Post-pandemic
- E-Commerce , Transaction Banking , Payments
- 26.10.2021 07:15 pm
The online ticketing sector shows signs of strong recovery around the globe.
The average cost of a ticket rose by $87 and online payment transactions increased by 342% in the months July to September, compared to the same period in 2020.
Data from leading global payments software provider ACI Worldwide shows global eCommerce transactions continue to rise at a steady rate, over 6% in the last three months, with the hard-hit live events sector making a dramatic recovery post-pandemic.
The travel sector has also continued to make a steady recovery over the summer months. September was the strongest month in 2021 so far, with dreams of winter sun seeing the number of transactions increase by 65% compared to August figures, as people booked holidays with more confidence as vaccine rates rose and international borders opened.
The number of global transactions made increased by 12% in the months July to September, compared to the same period in 2020 when many international borders were still closed.
However, with travel showing strong signs of recovery, fraudsters are following the trend. Over the last two months, fraud attempts have increased by 2%, with the average fraud attempt increasing by $149 in one month alone ($332 in August 2021 to $481 in September 2021).
“After months of lockdown, many consumers around the world are now enjoying the opportunities to visit concerts and sporting events or to book a trip abroad,'' commented Erika Dietrich, head of merchant payments analytics, ACI Worldwide. “As always, the risk of fraud is ever present. All players in the industry—from airlines to travel operators, law enforcement, banks and payment providers—must do more to collaborate, such as sharing intelligence through industry consortia and networks, to win the battle against fraud and keep consumers safe when shopping online.”
ACI’s data also reveals payment methods such as BNPL, mobile eWallets, in-app mobile payments and “Buy Online, Pick-up In Store” (BOPIS) continue to grow in popularity. Demonstrating the need to offer multiple payment options for merchants looking to take advantage of the winter holiday season as consumers escape cold climes.
While payment transactions made on mobile increased only slightly by 2% in the last three months compared to Q3 2020, the value of transactions has increased by $18, with an average payment value of $110.
There was a 118% increase in “buy online, pick up in-store” transactions made in the last three months, compared to 2020, with consumers and retailers increasingly more comfortable with the process. The average basket value has increased by over $20.