The cross-border business-to-consumer (B2C) e-commerce market has been steadily evolving, with the transaction value of cross-border B2C payments showing an increasing trend between 2020 and 2022. As digital wallets such as PayPal and Alipay continue to gain popularity, they are fast becoming the preferred payment method for online cross-border shopping transactions [10].

Traditionally, card-based payment methods have been the go-to option for online cross-border purchases. However, the rising adoption of mobile wallets indicates a shift in consumer preferences, with more people opting for the convenience, security, and speed offered by digital payment solutions [10].

Digital wallets, such as PayPal and Alipay, provide a seamless and secure way for consumers to make online payments, eliminating the need to enter credit card information each time they make a purchase. This not only simplifies the checkout process but also adds an extra layer of security, as users do not have to share their sensitive financial information with multiple online retailers [10].

Another factor driving the growing popularity of digital wallets is their ability to support multiple currencies, making it easier for consumers to shop from international e-commerce websites. This has further fueled the growth of cross-border B2C e-commerce, as consumers can easily make purchases from different countries without having to worry about currency conversions and fluctuating exchange rates [10].

The increasing prevalence of digital wallets in cross-border B2C e-commerce transactions is a reflection of the broader trend towards digitalization in the financial sector. As technology continues to advance, more people are embracing digital payment solutions for their convenience, security, and ease of use. This trend is expected to continue, with digital wallets becoming an increasingly important component of the global e-commerce ecosystem [10].

In conclusion, the growth of digital wallets as the preferred payment method for cross-border B2C e-commerce transactions highlights the ongoing shift in consumer preferences towards more convenient and secure payment solutions. As more people adopt digital wallets like PayPal and Alipay for their online shopping needs, the cross-border B2C e-commerce market will continue to evolve, creating new opportunities and challenges for retailers and payment providers alike. To remain competitive in this rapidly changing landscape, businesses must adapt to these emerging trends and embrace the digitalization of payments to better serve their customers and capitalize on the growing cross-border e-commerce market.

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