web analytics

The digital payment landscape in North America continues to expand, with mobile payments forecasted to witness robust growth in 2022

The latest report published by Germany-based online research firm yStats.com, North America Mobile Payment Methods 2022” gives insights into the latest development in the digital payment industry in North America. Some key highlights of the report include forecasts of the number of mobile wallet users as well as the most commonly offered payment methods by online merchants in the region.

The mobile payments market in North America is evolving in light of emerging consumer trends such as BNPL, mobile payments, and Omni channel payments

As an after-effect of the pandemic, the North American region saw an acceleration of digital payment channels both E-Commerce and brick and mortar stores, displaying signs of steady future expansion. According to the source as cited in the new yStats.com report, contactless payments were the leading trend in the region, with tap-to-pay transactions witnessing double-digit year-on-year growth in 2021. Furthermore, card-based payments and mobile payments are the forces behind the growth of contactless payments in the region. In the U.S., digital user penetration saw a moderate increase from 2020 to 2021, with an estimated over three-quarters of the population making use of digital payments in 2021. In addition to this, more than two-thirds of online merchants in the U.S. were seen providing digital wallets as a payment option during online checkout. The in-store mobile payment volume in the U.S. is also projected to maintain robust growth in 2022, as reported in the new yStats.com publication. Yet another trend that was seen to be dominating both the U.S. and Canadian markets was the growth of Omni channel payment options. As per a survey cited in the latest yStats.com report, close to three-quarters of consumers in Canada are demanding the option to be able to pay via debit cards across multiple channels including online shopping platforms. The region is also projected to experience a surge in the Buy now pay later shopping services, with a share of BNPL in total B2C E-Commerce sales in the U.S. forecasted to double between 2021 and 2025. In Canada, a greater share of online merchants was seen supporting BNPL payment method as compared to the U.S., as revealed by a survey referenced in the new yStats.com report.

The U.S. mobile payment market is witnessing growth in terms of P2P mobile payment users

With the increasing digital payment user penetration in the U.S., the number of P2P mobile payment users is skyrocketing, as spelled out in the new yStats.com report. The growth rate of mobile P2P payment users reached its peak in 2020, thereafter declining, and is forecasted to maintain a gradually declining growth rate between 2021 and 2026. Nevertheless, the number of mobile P2P payment users is projected to grow moderately reaching a value in the millions by 2026.  On the other hand, the number of smartphone users making mobile P2P payments is forecasted to maintain a steady growth rate between 2019 and 2026, with more than two-thirds of smartphone users expected to make a P2P mobile transaction by 2026.