Countries Covered: USA, Canada.
Publication Date: 04/10/2023
Questions Covered in the Report:
- What is the forecasted value of digital wallet transactions globally as of 2028?
- What is the forecasted value of proximity mobile payment transactions in the U.S. by 2027?
- Which were the most used BNPL services for online purchases in the U.S. as of March 2023?
- What is the forecasted share of credit cards in the food and retail transaction volume in Canada by 2024?
Digital wallets in North America are set to grow at a double-digit CAGR between 2023 and 2028: new yStats.com report
Digital wallets are forecasted to witness a significant increase in transaction value by 2028
While card-based payment methods such as credit and debit cards continue to dominate the North American online payment market, digital wallets like PayPal, Apple Pay, and Google Pay have been steadily gaining ground. As of September 2022, digital wallets secured the fourth position in terms of online payment methods, used at least five times per month, following debit cards, cash, and credit cards. In the U.S., close to one-third of surveyed respondents reported using digital wallets for online payments as of April 2022, with nearly half of them embracing at least one e-wallet or mobile payment app for online purchases as of July 2023. This growing adoption is mirrored in the forecasted double-digit Compound Annual Growth Rate (CAGR) for digital wallet transaction values between 2023 and 2028 on a global scale.
Credit and debit cards are still among the dominant online payment methods in the U.S.
Despite the diversification of online payment methods, the American economy’s preference for credit and debit cards persists. This preference is largely attributed to the well-established network of card providers in the region. Meeting the evolving consumer demand for frictionless payment solutions, card providers now offer contactless payment alternatives such as BNPL and one-tap payments, ushering in an era of innovation in North America’s online payment landscape. Buyers are also open to experimenting with novel payment methods like account-to-account app payments and machine-to-machine payments due to their speed, convenience, and control. However, credit and debit cards remain at the forefront as the most frequently used payment methods for consumers in their most recent online purchases, as of December 2022. Furthermore, these two payment methods are poised for the highest anticipated increase in usage as of April 2023.