DUBLIN, July 1, 2020 /PRNewswire/ — The “2020 Global Online Payment Methods and Impact of COVID-19” report has been added to from ResearchAndMarkets.com offer.
Adoption of digital payment methods increases during the COVID-19 outbreak
Consumer payment behavior is changing as a result of the coronavirus outbreak, the report says. Nearly 50% of global shoppers were using digital payments more than before the pandemic, and the majority plan continues to do so after the virus comes under control. E-wallets and contactless cards are the main payment methods benefiting from this change, as consumers use less cash and make more purchases online. In an international survey cited in the report, nearly three-quarters of respondents found contactless to be a cleaner way to pay.
E-commerce payment choices amid the pandemic differ by country
When shopping on e-commerce websites during the pandemic, global consumers primarily use credit cards and digital wallets, although there is also a high variation in how shoppers from different countries pay online. . For example, more than two-thirds of digital buyers in Canada chose to pay by credit card when shopping online during the outbreak, while UK shoppers preferred debit cards and those in Italy switched to digital wallets like PayPal. Payment security was the number one criteria online shoppers applied when choosing their preferred payment method, according to a April 2020 investigation.
- This report covers the global 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 remote and proximity payments. Additionally, information related to the impact of the coronavirus (COVID-19) on digital payments around the world is included in this report.
- The report includes data mostly released within the previous 12 months. The exact publication date of the source is indicated on each map. The period to which the data refer differs depending on the source.
- The global chapter opens the report, presenting an overview of global developments in online and mobile payment.
- The rest of the report is split by regions presented in descending order of B2C e-commerce sales. Within each region, countries are grouped by advanced and emerging markets, where applicable, and ranked by online sales. Additionally, text tables summarizing the impact of COVID-19 on digital payments in each of the regions are included.
- Depending on data availability, the following types of market information are included: payment methods most used by online and mobile shoppers, breakdown of e-commerce orders by payment methods, number and value of online/mobile payment, mobile payment user penetration and consumer and merchant attitudes towards online and mobile payments. Not all types of information mentioned are available for each of the countries covered.
Main topics covered
1. Management Summary
2. Global developments
- Impact of COVID-19 on online and mobile payment, May 2020
- Impact of COVID-19 on payment providers, June 2020
- The impact of COVID-19 on payments revenue, incl. Payments revenue in 2019, pre-COVID-19 forecast and payments revenue forecast under the impact of COVID-19, USD billion, 2020
- Post-COVID-19 forecast for digital commerce and payments spending, in trillions of dollars, 2020f and 2021f versus 2019
- Share of consumers planning to increase their use of digital payments due to COVID-19, in %, during COVID-19 and over the next 6-9 months, April 2020
- Share of digital transactions in total value of payment transactions, 2025f, by estimate before COVID-19 and after
- Most used payment methods when shopping online during the pandemic, as % of online shoppers, by selected countries, April 2020
- Payment methods used for the first time when buying online during the pandemic, in % of online shoppers, by selected countries, April 2020
- Criteria for choosing a payment method in online purchases that have become more important since the pandemic outbreak, in % of online shoppers, by selected countries, April 2020
- Share of online shoppers who abandoned a cart because their preferred payment method was not offered, in %, January 2019
- Share of respondents who consider contactless as a cleaner means of payment, in %, April 2020
- Mobile proximity payment user penetration, as % of smartphone users, by selected countries, 2019e
- Overview of mobile money statistics, incl. Number of live services, registered accounts, in millions, active accounts, in millions, transaction volume in millions and transaction value, in billion USD, and annual growth, in %, by region, 2019
3. Asia Pacific
3.2. Advanced Markets
3.2.2. South Korea
3.3. Emerging Markets
4.1. Regional4.2. Advanced markets4.2.1. United Kingdom4.2.2. Germany4.2.3. France4.2.4. Spain4.2.5. Italy4.3. Emerging markets4.3.1. Russia4.3.2. Poland4.3.3. Turkey4.3.4. Czech Republic
5. North America
5.2. United States
6. Latin America
6.1. Regional6.2. Brazil6.3. Mexico6.4. Argentina6.5. Colombia6.6. Chile
7. Middle East & Africa
7.2. United Arab Emirates
7.3. Saudi Arabia
7.5. South Africa
- Alphabet Inc.
- Amazon.com Inc.
- Ant Financial Services
- Apple Pay Inc.
- facebook inc.
- Grab Holdings Inc.
- Kakao Corp.
- LINE Corp.
- Mastercard Inc.
- MercadoLibre Inc.
- Naver Corp.
- PS Yandex Money LLC
- PayPal Holdings Inc.
- Pay Pay Corp.
- Paytm E-Commerce Pvt. ltd.
- Rakuten Inc.
- Samsung Electronics Co.Ltd.
- Tencent holdings ltd.
- visa inc.
For more information on this report, visit https://www.researchandmarkets.com/r/l4e9lt
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SOURCE Research and Markets