North America Online Payment Methods Market 2022: Cards

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Dublin, June 27, 2022 (GLOBE NEWSWIRE) — The “Online payment methods in North America 2022” report has been added to from ResearchAndMarkets.com offer.

While mobile wallets have seen a surge in usage and popularity during and after the pandemic, most consumers in the United States and Canada still prefer to use credit cards for online purchases in 2022.

Nonetheless, mobile wallets are growing in acceptance, already supported by around one in two e-commerce merchants in the US and one in three in Canada. In-store use of mobile payment solutions is also on the rise as competition between major vendors such as Apple and Google intensifies.

U.S. Consumer Adoption of BNPL Continues to Grow in Usage and Penetration

One payment solution that is gaining popularity with consumers in North America is the Buy Now Pay Later (BNPL) service. In the United States alone, the number of BNPL users is expected to more than triple by 2025. The younger generation saw the highest BNPL user penetration rates in 2021.

Additionally, about one-third of US online shoppers used BNPL as a payment method, and nearly half of all BNPL users preferred using BNPL over credit cards. When it comes to BNPL platforms used, Afterpay and Klarna were in the lead in the US, according to a recent survey cited by the analyst.

Main topics covered:

1. Management Summary

2. Global developments

  • Trends in online and mobile payments, May 2022
  • Value of payments, by e-commerce payments and POS payments, in USD trillion, 2021 and 2026f
  • Share of cash payments, as % of total value of POS transactions, by region, 2021 and 2025f
  • Value of contactless card transactions, in USD trillion, 2020 and 2021e
  • Share of contactless card transactions, in % of the total value of contactless transactions, 2021e
  • BNPL B2C e-commerce sales, in USD billion, 2021e & 2026f
  • Number of BNPL users, in millions, 2021e & 2026f
  • BNPL’s share of B2C e-commerce payments, in %, 2021e & 2026f
  • Value of Digital Wallet Transactions, USD Trillion, 2022f & 2026f
  • Number of B2C e-commerce transactions paid by OEM mobile payment apps, in billions, 2022f and 2026f
  • Number of mobile wallet users, by region, in millions, 2020 and 2025f
  • Mobile proximity payment users worldwide, in millions, and annual change, in %, 2020-2025f
  • Penetration of mobile proximity payment users, as % of smartphone users, 2020-2025f
  • Penetration of local mobile payment users, in % of smartphone users, 2021e
  • Payment methods accepted by online merchants, by already accepted and planned, in % of online merchants, February 2022
  • Factors influencing in-store shopping choice, excluding digital payments, % of consumers, December 2021
  • Growth areas according to small businesses, % of small businesses, December 2021
  • Share of consumers and small businesses planning to exclusively use digital payment methods in the next two years, in %, December 2021
  • Value of cryptocurrency payments, USD billion, 2018-2023f

3. North America

3.1. Regional

  • Overview of online and mobile payment trends, May 2022

3.2. United States

  • Payment methods used in B2C e-commerce, as % of online shoppers, February 2022
  • Means of payment offered when paying online, as a % of online merchants, October 2021
  • Top 5 drivers for working with a payment partner, as % of online merchants, October 2021
  • Breakdown of payment methods used most often, by age group, as a % of adults, February 2022
  • Distribution of digital wallets used, in % of digital wallet users, February 2022
  • Use of credit/debit card or bank account vs. digital wallet as online payment methods, % of online shoppers, February 2022
  • Attitude towards banks and digital means of payment, in % of the population, February 2022
  • Value of mobile proximity payment transactions, in billion USD, and annual change, in %, 2019-2026f
  • Value of P2P mobile payment transactions, USD billion, and annual change, in %, 2020-2025f
  • Intention to use in-store payment methods post-pandemic, % of adults, June 2021
  • Share of consumers using cash for all their payments, in % of consumers, by age group, 2016 & 2019 & 2021
  • BNPL’s share of B2C e-commerce sales, in %, 2021e & 2025f
  • BNPL’s share of fashion B2C e-commerce sales, in %, 2021e
  • BNPL users, in millions, 2020-2025f
  • BNPL penetration, in % of online buyers, 2021
  • Penetration rate of BNPL users, in % of Internet users, by age group, 2021 & 2025f
  • Top 3 BNPL platforms used, in % of BNPL users, May 2021
  • Top 6 most used BNPL apps, % of downloads in the BNPL category, Q1 2021
  • Share of BNPL users preferring BNPL to credit cards, in %, August 2021
  • BNPL user preferences if BNPL was not offered, in % of purchases, October 2021
  • Cryptocurrency penetration and interest in owning cryptocurrency, % of consumers, 2020 and 2021
  • Reasons for owning a cryptocurrency, in % of cryptocurrency owners, 2021
  • Attitudes towards offering cryptocurrencies as an online payment method, % of online merchants, October 2021
  • Impact of cryptocurrency acceptance on merchant preferences, % of consumers, by generation, 2021
  • Reasons for using cryptocurrency for purchases, by product categories, % of consumers, February 2021
  • Reasons for not buying cryptocurrency, % of consumers, 2021
  • Reasons for not buying cryptocurrency, % of consumers, by generation, February 2021

3.3. Canada

  • Value of e-commerce card payments, USD billion, % change year-on-year, 2019-2023f
  • Breakdown of the value of e-commerce card payments by card type, in %, 2023f
  • Payment methods offered when paying online, as a % of online businesses, October 2021
  • Top 5 drivers for working with a payment partner, as % of online merchants, October 2021
  • Means of payment used on a weekly basis, in % of consumers, April 2020 and April 2021
  • Attitude towards the use of digital wallets and mobile payment services, in % of adult Internet users, March 2021

Companies cited

  • To affirm
  • After-payment
  • Klarna
  • PayPal
  • paysafe
  • Perpay
  • Quadruple payment
  • Sizzle
  • Starbucks
  • Venmo
  • WearOS

For more information on this report, visit https://www.researchandmarkets.com/r/8ygvvs

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