The latest publication from Hamburg-based desk research company yStats.com titled “North America Online Payment Methods 2022” shares insights into the online payment market in the United States and Canada amid and after the COVID-19 pandemic, analyzing and summarizing the important figures, forecasts, and trends. The publication reveals that in North America, BNPL payment solutions and cryptocurrency adoption gained momentum, prompting merchants to adapt their offered payment methods.
Use of mobile wallets in North America is forecasted to increase significantly by 2024
The North American online payment industry progressed substantially after the onset of COVID-19 prompted consumers and merchants to adopt online technology. This change in payment preferences does not only apply to the online shopping experience, but also transfers to in-store purchasing post-pandemic, according to the yStats.com report. Customers changed their preferences towards seamless payments and wish to keep this experience in the future. In North America, BNPL and digital/mobile wallets were the online payment methods projected to grow the most by 2024, with digital/mobile wallets also being the payment method forecasted see the greatest increase for in-person purchases post-pandemic.
Credit and debit cards continue to be the most used payment methods for online purchases in the United States and Canada
According to surveys cited in the yStats.com report, consumers in both Canada and the US shared somewhat similar preferences regarding payment means used when shopping online. Consumers from both countries especially preferred credit cards. More than one in two US consumers opted for credit cards as their top digital payment method. Additionally, the total credit card volume used to pay for online purchases in Canada has surpassed that of debit cards. A survey cited in the yStats.com report also indicates that over one-half of the US population trusts banks more than digital solution providers, which explains the preference for credit and debit cards over digital wallets and mobile payment options.
