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Global Alternative Online Payment Methods 2020 and COVID-19’s Impact

Global Alternative Online Payment Methods 2020 and COVID-19’s Impact

  • May 2020
  • 115 pages
  • ID: 5902696
  • Format: PDF
  • yStats - Global E-Commerce Intelligence

Summary

Table of Contents

Alternative payment methods battle credit cards online

E-Wallets dominate among alternative online payment methods


According to a recent survey cited in the report, one-fifth of digital buyers worldwide would not complete an online purchase if their preferred payment method is not offered. While credit and debit cards are the top choices of e-consumers in the USA, Brazil, France, Japan, South Africa, and many other countries, alternative payment means are gaining importance. Among them, E-Wallets such as PayPal and Alipay are the top methods used, already leading in various E-Commerce markets worldwide. Other popular alternatives to credit cards used by online shoppers are bank transfer, cash on delivery, and invoice.

Security concerns guide the choice of payment methods amid COVID-19

Amid the coronavirus outbreak, the payment choices of digital buyers continue to vary by country and region, as the report shows. While the overall preference ranking still holds, there is also a significant share of online buyers which are using payment methods they have never used before. For example, nearly one in five digital buyers in Italy paid by a prepaid card online for the first time, and one-tenth of Canada’s online shoppers started using a digital wallet. The main factor considered by consumers when choosing a payment method during the pandemic is it security and protection against fraud loss.

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