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North America Online Payment Methods 2020 & COVID-19’s Impact

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Description

Countries Covered: Canada, USA

Pages: 74

Publication Date: 17/04/2020

Questions Covered in the report:

  • How does the coronavirus pandemic influence the development of digital payments in this region?
  • Which payment methods are preferred by online shoppers in North America?
  • How important is online payment security to consumers and merchants in the U.S.?
  • What is the current state of mobile wallets in the USA and Canada?
  • What are the leading mobile payment apps in North America?

Key Findings:

Contactless Payments Growth Surges in North America Due to COVID-19

Coronavirus drives contactless payments up, and payments revenues down

The outbreak of COVID-19 has multiple implications for the digital payments market in North America. In-store, consumers are increasingly using contactless payment methods such as cards and mobile wallets in order to avoid handling cash. According to a March 2020 survey cited in the yStats.com report, three in ten respondents in the USA have used contactless payments for the first time during the pandemic and more than two-thirds among the survey group planned to continue doing so in the future. Online, purchase transactions of certain product segments such as groceries and food delivery are surging, while cross-border and online travel transactions are down. Overall, total payments revenues are expected to decline in 2020.

Credit card is the leading payment method in North American E-Commerce

The top payment method used by online shoppers in both the USA and Canada is credit card. Two-thirds of E-Commerce sales in Canada were settled via this method. Debit cards and digital wallets ranked next in the USA, with digital wallets predicted to overtake credit cards in a few years’ time, according to a forecast cited by yStats.com. In Canada, e-transfers via Interac is another popular alternative payment method, which also has received a boost during the coronavirus.

Mobile wallet adoption is rising in North America

Mobile wallets are growing in popularity among U.S. and Canadian consumers. In the USA, close to half of consumers either already use a mobile wallet or are interested in using one. The leading mobile apps used for in-store purchases in the USA were Apple Pay, Google Pay and Samsung Pay, while in terms of remote transactions PayPal, Amazon Pay and Visa Checkout were the top digital wallets. Shoppers in Canada are also warming up to mobile payment solutions, with nearly one in three connected consumers being comfortable with using mobile or digital wallets as of 2019, according to data included in the yStats.com report.

 

1. Management Summary

2. Global Developments

  • The Impact of COVID-19 on Payments Revenues, incl. Payments Revenues in 2019, Pre-COVID-19 Forecast, and Payments Revenues Forecast Under The Impact of COVID-19, in USD billion, 2020
  • Online & Mobile Payment Platform Revenues, in USD billion, 2019e & 2024f
  • Mobile & Online Remote Payment Value, in USD billion, by Selected Regions, 2024f
  • Mobile & Online Remote Payment Value, in USD billion, by Digital and Physical Goods, 2024f
  • Payment Methods Preferred in E-Commerce, in % of Online Shoppers, by Selected Regions, January 2019
  • Share of Online Shoppers Who Had Abandoned a Shopping Cart Due to Their Preferred Payment Method Not Being Offered, in %, January 2019
  • Share of Mobile Shoppers Who Had Abandoned a Shopping Cart Due to Their Preferred Payment Method Not Being Offered, in %, August 2019
  • Online Payment Fraud Losses, in USD million, by Segment, 2023f
  • Online Payment Fraud Prevention Software Spending, in USD billion, 2020f & 2024f
  • Number of Digital Wallet Users, in billions, 2019e & 2024f
  • Breakdown of Digital Wallets by Provider’s Main Industry, in %, 2019
  • Proximity Mobile Payment Users, in billions, and Penetration, in % of Smartphone Users, 2018 – 2023f
  • Proximity Mobile Payment User Penetration, in % of Smartphone Users, by Selected Countries, 2019e
  • Value of Mobile Payment Transactions Authenticated via Biometrics, in USD billion, 2019e & 2024f

3. Regional

3.1. North America

  • Online & Mobile Payment Trends and News About Players, March 2020

3.2. USA

  • The Impact of COVID-19 on Digital Payments, April 2020
  • Share of Consumers Shopping Online More Frequently as A Result of The Coronavirus Outbreak, in %, March 2020
  • Precautions Taken by Consumers Due To COVID-19 When Shopping In-Store, in % of Consumers, March 2020
  • Perceived Importance of the Contactless Feature in Credit Cards, in % of Consumers, by Pre COVID-19 and on March 3, 2020
  • Contactless Card Payment Transaction Value, in USD billion, 2020f & 2024f
  • Consumers Who Tried Contactless Payments for the First Time During The Pandemic, in % of All Consumers, and Consumers Who Would Keep Using Contactless Payments After The Pandemic, in % of First-Time Users, March 2020
  • Breakdown of Payment Methods Used, by Retailer Type, in % of Consumers, August 2019
  • Top 3 Payment Methods Used via Computer, by Average Purchase Value, in USD, and Frequency of Purchase, by Times Purchased in The Previous 30 Days, 2019
  • Top 3 Payment Methods Used via Mobile, by Average Purchase Value, in USD, and Frequency of Purchase, by Times Purchased in The Previous 30 Days, 2019
  • Payment Methods That Small Businesses Plan to Start Accepting In The Next 12 Months, in % of Small Businesses That Not Do Not Currently Accept That Payment Method, 2019
  • Awareness, Usage and Usage Intent of Interest-Free Online Payment Programs, in % of Adults, Q1 2019 – Q4 2019
  • Top Reasons for Shopping Cart Abandonment During Checkout, in % of Adults, September 2019
  • Share of Merchants Storing Customer Payment and Profile Data and Planning to Start Doing So in The Next 12 Months, in %, September 2019
  • Average Share of Online Sales Attributed to Fraudulent Transactions According to Merchants, in %, 2018 & 2019
  • Innovative Payment Security Measures Perceived by Merchants as Effective in Combating Online Fraud, in % of Merchants, September 2019
  • Annual Payment Transaction Value per Digital Wallet, in USD, 2019e & 2024f
  • Mobile Wallet User Penetration, in % of Smartphone Users, May 2019
  • Share of Digital Wallet Users Who Change The Card They Use In Their Digital Wallets to a Non-Default Card Every Couple of Weeks or More Often, in %, by Usage Channel, August 2019
  • Top 3 Digital Wallets, by Payment Channel, in % of Digital Wallet Users, August 2019
  • Mobile Payment Usage, in % of Smartphone Users, 2018 & 2019
  • Types of Payments Made via Mobile Payment Apps, in % of Mobile Payment App Users, January 2020
  • Reasons for Not Using Mobile Payment Apps, in % of Internet Users Who Do Not Use Mobile Payment Apps, January 2020
  • Breakdown of Payment Methods Used With Digital Wallets, by Credit Card, Debit Card and Bank Account, in % of Users, August 2019
  • Breakdown of Payment Methods Used With Apple Pay, in % of Apple Pay Users, by Generation, August 2019
  • Number of Proximity Mobile Payment Users of Apple Pay, Google Pay and Samsung Pay, in millions, 2019e
  • Number of Proximity Mobile Payment Users, in millions, and Penetration, in % of Smartphone Users, 2018- 2023f
  • Proximity Mobile Payment Transaction Value, in USD billion, and Year-on-Year Change, in %, 2018- 2023f
  • P2P Mobile Payment Transaction Value, in USD billion, and Year-on-Year Change, in %, 2018-2023f
  • Top 3 Digital Wallets Used for P2P Payments, in % of Users, August 2019

3.3. Canada

  • Breakdown of E-Commerce Sales by Payment Method, in %, 2018
  • Most Trusted Payment Methods, in % of Internet Users, April 2019
  • Breakdown of Main Reasons For Credit Card Use, in % of Credit Card Holders, May 2019
  • Impact of An Easy Checkout and Payment Process On Purchase Behavior, in % of Internet Users, April 2019
  • Selected Reasons for Shopping Cart Abandonment, in % of Online Shoppers, January 2019
  • Share of SMBs Who Reported Having Lost Sales Due to Lack of Preferred Payment Methods, in % of SMBs, September 2019
  • Payment Methods Preferred By Small Businesses, in % SMB Payment Decision Makers, By Total Preferred and Primarily Preferred to Accept, September 2019
  • Share of Internet Users Comfortable With Mobile Or Digital Wallet Payments, in %, 2016 & 2019
  • Number of Proximity Mobile Payment Users, in millions, and Penetration, in % of Smartphone Users, 2018- 2023f
  • Mobile Payment Apps Used, in % of Smartphone Users, 2019
  • Purposes of Using P2P Payment Services, in % of Users, August 2019
  • Average Number of E-Transfers via Interac per Month, in millions, 2019 & March 2020
  • Afterpay Ltd
  • Alphabet Inc.
  • Amazon Payments Inc
  • American Express Co
  • Apple Inc
  • Holdings Inc
  • Klarna AB
  • PayPal
  • Samsung Co. Ltd.
  • Square Inc
  • Starbucks Corp
  • Venmo LLC
  • Visa Inc.
  • Zelle LLP

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