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North America Online Payment Methods 2022

2,450.00

SKU: 1575 Categories: ,
Sample reports can only be downloaded by members.
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Description

Countries Covered: Canada, USA

Pages: 71

Publication Date: 08/06/2022

Questions Covered in the report:

  • Which payment methods are used by U.S. online shoppers the most in 2022?
  • Which payment methods are currently offered by North American online merchants and how is the acceptance projected to change in the future?
  • Which role do mobile payment methods play for in-store payments post-pandemic in the U.S.?
  • How does the U.S. share of BNPL usage for B2C E-Commerce purchases compare to the worldwide average?
  • Which payment methods were most offered in online checkout in Canada in 2021?

Key Findings:

North American consumers continue the adoption of online payments post-COVID-19: new yStats.com report.

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 toward 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 to 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.

1. Management Summary

2. Global Developments

  • Online & Mobile Payment Trends, May 2022
  • Payment Value, by E-Commerce Payments and POS Payments, in USD trillion, 2021 & 2026f
  • Share of Cash Payments, in % of Total POS Transaction Value, by Region, 2021 & 2025f
  • Value of Contactless Card Transactions, in USD trillion, 2020 & 2021e
  • Share of Contactless Card Transactions, in % of Overall Contactless Transaction Value, 2021e
  • BNPL B2C E-Commerce Sales, in USD billion, 2021e & 2026f
  • Number of BNPL Users, in millions, 2021e & 2026f
  • BNPL Share of B2C E-Commerce Payments, in %, 2021e & 2026f
  • Valueof Digital Wallet Transactions, in USD trillion, 2022f & 2026f
  • Number of B2C E-Commerce Transactions Paid by OEM Mobile Payment Apps, in billions, 2022f & 2026f
  • Number of Mobile Wallet Users, by Region, in millions, 2020 & 2025f
  • Proximity Mobile Payment Users Worldwide, in millions, and Year-on-Year Change, in %, 2020 – 2025f
  • Proximity Mobile Payment User Penetration, in % of Smartphone Users, 2020 – 2025f
  • Proximity Mobile Payment User Penetration, in % of Smartphone Users, 2021e
  • Payment Methods Accepted by Online Merchants, by Already Accepted and Planned, in % of Online Merchants, February 2022
  • Factors Influencing Store Purchasing Choice, Excluding Digital Payments, in % of Consumers, December 2021
  • Areas for Growth According to Small Businesses, in % of Small Businesses, December 2021
  • Share of Consumers and Small Businesses Planning to Use Digital Payment Methods Exclusively Within the Next Two Years, in %, December 2021
  • Cryptocurrency Payment Value, in USD billion, 2018 – 2023f

3. North America

3.1. Regional

  • Overview of Online & Mobile Payment Trends, May 2022

3.2. United States

  • Payment Methods Used in B2C E-Commerce, in % of Online Shoppers, February 2022
  • Payment Methods Offered in Online Checkout, in % of Online Merchants, October 2021
  • Top 5 Factors in Working with a Payments Partner, in % of Online Merchants, October 2021
  • Breakdown of Payment Methods Used Most Often, by Age Group, in % of Adults, February 2022
  • Breakdown of Digital Wallets Used, in % of Digital Wallet Users, February 2022
  • Use of Credit/Debit Card or Bank Account vs. Digital Wallet as Online Payment Methods, in % of Online Shoppers, February 2022
  • Attitude Towards Banks and Digital Payment Methods, in % of Population, February 2022
  • Proximity Mobile Payment Transaction Value, in USD billion, and Year-on-Year Change, in %, 2019 – 2026f
  • Mobile P2P Payment Transaction Value, in USD billion, and Year-on-Year Change, in %, 2020 – 2025f
  • Intent of Using Payment Methods Post-Pandemic In-Store, in % of Adults, June 2021
  • Share of Consumers Using Cash For All of Their Payments, in % of Consumers, by Age Group, 2016 & 2019 & 2021
  • BNPL Share of B2C E-Commerce Sales, in %, 2021e & 2025f
  • BNPL Share of Fashion B2C E-Commerce Sales, in %, 2021e
  • BNPL Users, in millions, 2020-2025f
  • BNPL Penetration, in % of Online Shoppers, 2021
  • BNPL User Penetration Rate, in % of Internet Users, by Age Group, 2021 & 2025f
  • Top 3 BNPL Platforms Used, in % of BNPL Users, May 2021
  • Top 6 Most Used BNPL Apps, in % of Downloads in the BNPL Category, Q1 2021
  • Share of BNPL Users Preferring BNPL Over Credit Cards, in %, August 2021
  • Preferences of BNPL Users if BNPL Was Not Offered, in % of Purchases, October 2021
  • Cryptocurrency Penetration and Interest in Owning Cryptocurrency, in % of Consumers, 2020 & 2021
  • Reasons for Owning Cryptocurrency, in % of Cryptocurrency Owners, 2021
  • Attitudes Towards Offering Cryptocurrencies as an Online Payment Method, in % of Online Merchants, October 2021
  • Impact of Cryptocurrency Acceptance on Merchant Preferences, in % of Consumers, by Generation, 2021
  • Reasons for Using Cryptocurrency for Purchases, by Product Categories, in % of Consumers, February 2021
  • Reasons for Not Purchasing Cryptocurrency, in % of Consumers, 2021
  • Reasons for Not Purchasing Cryptocurrency, in % of Consumers, by Generation, February 2021

3.3. Canada

  • E-Commerce Card Payments Value, in USD billion, in % Y-o-Y change, 2019-2023f
  • Breakdown of E-Commerce Card Payments Value by Card Types, in %, 2023f
  • Payment Methods Offered in Online Checkout, in % of Online Businesses, October 2021
  • Top 5 Factors in Working with a Payments Partner, in % of Online Merchants, October 2021
  • Payment Methods Used on a Weekly Basis, in % of Consumers, April 2020 & April 2021
  • Attitude Towards Use of Digital Wallets & Mobile Payment Services, in % of Adult Internet Users, March 2021
  • Affirm
  • Afterpay
  • Klarna
  • Paypal
  • Paysafe
  • Perpay
  • Quadpay
  • Sizzle
  • Starbucks
  • Venmo
  • WearOS

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