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North America Online Payment Methods 2021

North America Online Payment Methods 2021

  • June 2021
  • 93 pages
  • ID: 5748370
  • Format: PDF
  • yStats - Global E-Commerce Intelligence

Summary

Table of Contents

Digital payment adoption increased in North America after COVID-19 onset

The latest publication “North America Online Payment Methods 2021” provides insights into the current state and future trends of the online payment market in North America. The publication reveals that consumers and merchants challenged by the COVID-19 health crisis shifted progressively to online payment solutions

The increased digital adoption among consumers worldwide boosted usage of digital wallets in 2020

The online payment industry worldwide has been growing over the years, especially after the onset of COVID-19 in 2020. This meant the more frequent usage of digital wallets, which brought growth in digital wallet spending, where the former was forecasted to see a rise in the user number to more than 4 billion in 2025, and the latter to almost double by 2025, accounting for half of the total wallet spending. Moreover, the M-Commerce value was forecasted to increase significantly to over USD 3 trillion by 2025, encouraged by the surge of online service usage in 2020.

Consumers in North America progressively shifted towards online payments in order to make fewer payments in person in 2020

In the North American region, the online payment industry witnessed substantial changes after the COVID-19 onset. Consumers in the US and Canada shifted to online payments, thus, the number of proximity mobile payment users along with the mobile commerce value was expected to increase in 2020. One of the common reasons for this change in behavior was making fewer payments in person. This also prompted forming of specific preferences in terms of payment methods. Credit and debit cards were the most commonly used in the region for online shopping. Moreover, US consumers surveyed opted for multiple payments even more than just for one payment method.

US customers choose BNPL to make purchases that would not otherwise fit in their budget.

An alternative payment solution that was gaining popularity among consumers in North America was the buy-now-pay-later service. The reasons for US consumers choosing to use BNPL include making purchases that would not fit in their budgets, avoiding paying credit card interest, or borrowing money without a credit check. Furthermore, top BNPL service providers, such as Afterpay, Quadpay and Affirm witnessed an increase in their percentage of app downloads between 2020 to Q1 2021, while Klarna, saw a slight decline in percentage while still leading the sector.

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