Dublin, July 7, 2021 (GLOBE NEWSWIRE) – The report “Online Payment Methods in North America 2021” has been added to ResearchAndMarkets.com offer.
Online Payment Methods in North America 2021 provides an overview of the current state and future trends of the online payment market in North America. The publication reveals that consumers and traders facing the health crisis of COVID-19 have gradually turned to online payment solutions
Growing digital adoption among consumers around the world has boosted the use of digital wallets in 2020
The online payment industry around the world has grown over the years, especially after the onset of COVID-19 in 2020. This meant more frequent use of digital wallets, which resulted in spending growth. digital wallet, where the former is expected to increase. the number of users to more than 4 billion in 2025, and this will almost double by 2025, accounting for half of the portfolio’s total spending. In addition, the value of M-Commerce is expected to increase dramatically to over $ 3 trillion by 2025, encouraged by the increased use of online services in 2020.
North American consumers have gradually turned to online payments to make fewer in-person payments in 2020
In the North American region, the online payment industry has undergone substantial changes following the onset of COVID-19. In the United States and Canada, consumers have turned to online payments. Therefore, the number of proximity mobile payment users as well as the value of mobile commerce is expected to increase in 2020.
One of the common reasons for this change in behavior was to make fewer in-person payments. This has also prompted the formation of specific preferences in terms of payment methods. Credit and debit cards were the most commonly used in the region for online shopping. Additionally, US consumers surveyed opted for multiple payments even more than a single payment method.
US customers choose BNPL for purchases that otherwise would not fit their budget.
An alternative payment solution that was gaining popularity among consumers in North America was the buy now-pay-later service. Reasons American consumers choose to use BNPL include making purchases that don’t fit within their budget, avoiding paying credit card interest, or borrowing money without a credit check.
In addition, major BNPL service providers such as Afterpay, Quadpay and Affirm saw an increase in their percentage of app downloads between 2020 and the first quarter of 2021, while Klarna saw a slight percentage decline while overall. by remaining a leader in the sector.
Cover of the report
- This report covers the North America online payment market. It takes into account a broad definition of online payment, including payment methods used in online shopping and mobile payment, such as distance and proximity payments. Additionally, information relating to the impact of the coronavirus (COVID-19) on digital payments in North America and around the world has been included in this report.
- The report includes data released mostly within the past 12 months. The exact date of publication of the source is indicated on each map. The time period to which the data refer differs depending on the source.
Structure of the report
- The Global Chapter opens the report, providing an overview of global developments in online and mobile payments.
- Then, regional development information is included, covering trends in online and mobile payments, and news on major players, such as payment providers, banks and retailers are presented on a text graph.
- The rest of the report contains country specific information. The countries of the region are presented in descending order of B2C E-Commerce sales. Depending on data availability, the following types of market information are included: payment methods most used by online shoppers, number and value of online / mobile payment transactions, use of mobile payments and consumer awareness of mobile payment services. Not all of the types of information mentioned are available for each of the countries covered.
- For the region’s first country, the United States, information regarding the impact of COVID-19 on online and mobile payments has also been provided.
Main topics covered:
1. Executive summary
2. Global developments
- Value of digital wallet spend, in trillions of dollars, 2020 and 2025f
- Number of digital wallet users, in billions, 2020 and 2025f
- Value of mobile business transactions, in trillions of USD, 2020 and 2025f
- Use of cash in mature markets, by country, as a% of total transaction volume, 2010 and 2020e
- Cash use in emerging markets, by country, as a% of total transaction volume, 2010 and 2020e
- Share of contactless payments and e-commerce,% of total digital wallet spend, 2025f
- Number of QR Code payment users, in billions, 2020e & 2025f
- Share of QR code payment users,% of all mobile phone users, 2025f
- Value of instant payments, in trillions of USD, 2020e and 2025f
- Share instant payments, as a% of the total value of B2B and consumer digital money transfers and bank payments, 2025f
- Value of mobile payment transactions authenticated via biometrics, in trillions of USD, 2020 and 2025f
- Share of adults who expected digital payment options to be offered when making in-person purchases, in%, and specific digital payment options expected, in% of adults, November 2020
- Breakdown of blockchain use cases, in%, 2021e
3. North America
- Online and mobile payments trend overview, June 2021
- Online and mobile payments news on players, June 2021
- Share of mobile transactions, in% of overall online transactions, Q2 2019 & Q2 2020
- Go paperless at least one bill payment, by generation, in% of adult consumers, December 2020
- Breakdown of modes of receipt and access to invoices and statements, in% of adult consumers, 2020 & 2021e
- Main reasons for wanting to receive certain invoices and statements online, as a% of adult consumers, December 2020
- Main drivers for using mobile apps to interact with businesses, as a% of adult consumers, 2020 and 2021
3.2 United States
- To affirm
- After payment
- Apple Pay
- Google pay
- Pay Pal
- Robin Hood
- Samsung Pay
- Separate it
For more information on this report, visit https://www.researchandmarkets.com/r/cn5ghg
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