North America Online Payment Methods 2021 code:1532

North America Online Payment Methods 2021
OVERVIEW
TABLE OF CONTENTS
COMPANIES MENTIONED
Countries Covered: Canada, USA
Pages: 93
Publication Date: 24/06/2021
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Questions Covered in the report:
  • What is the share of instant payments in the percentage of total B2B and consumer digital money transfer and banking payments value expected to be in 2025?
  • What is the share of adults who expected digital payments to be offered when shopping in person in 2020?
  • What are the top reasons for the willingness to receive certain bills and statements online in percentage of adult consumers in 2020?
  • Which payment methods were preferred when shopping online in percentage of US adults in 2021?
  • What are the top reasons for using BNPL option in the percentage of adults in the US in 2021?
  • Which payment methods were used more frequently after COVID-19 in percentage of consumers in Canada in 2021?

Key Findings:

North American consumers adopt online payments rapidly post-COVID-19: new yStats.com report.

With the increased digital adoption, the M-Commerce market value was predicted to grow at CAGR 8% over the 5 years from 2020

The global online payments market grew over the past year, encouraging the adoption of online payments. This also prompted the increased usage of digital wallets, with the number of users predicted to rise by 1 billion between 2020 and 2025, and the digital wallet spending forecasted to nearly double by 2025, making up around half of the total wallet spending. Meanwhile, M-Commerce value was predicted to grow at a CAGR of almost 8% through 2025, prompted by the substantial rise of online services usage after the COVID-19 onset. Additionally, consumers worldwide rapidly adopted QR code payments, which were forecasted to surge in the number of users and to account for nearly 3 in 10 of all mobile users. Another payment method that is expected to surge between 2020 and 2025 is instant payments.

Consumers in North America opted for contactless payments to avoid in-person interaction when shopping in 2020

The North American online payment industry has progressed substantially after the onset of COVID-19 prompting consumers and merchants to adopt online technology. Customers changed their preferences towards seamless payments, such that significant growth in the number of proximity mobile payment users is predicted in the US to exceed 120 million in 2025, a number representing nearly half of the market of smartphone users in the country. Canada was also forecasted to see an increase in mobile commerce in 2020, to reach slightly over CAD 17 billion. This ongoing shift to online when making payments amid the pandemic had several drivers. In Canada, the major one was making fewer in-person payments and also because the online method permits accurate tracking of spending, as well as providing a seamless experience at checkout.

Credit and debit cards led to other payment methods when shopping online in North America in 2020

Consumers in both Canada and the US shared somewhat similar preferences with regard to payment means used when shopping online. The US consumers preferred credit and debit cards with well over 50% of adults opting for them, while digital wallets were only in the third place, according to surveys cited in the yStats.com report. In Canada as well, credit cards prevailed among the consumer preferences with debit cards following them as the second preferred form of payment when shopping online, with digital wallets in third place, as of April 2021. Moreover, the acceptance of multiple digital payment methods gained momentum, with more consumers using two or more methods in the US in 2020. With regard to digital wallets, Apple Pay was expected to be the US market leader with the highest number of users of around 40 million in 2021.

BNPL continued gaining momentum in North America in 2021 with increased service provider app downloads.

Buy Now Pay Later solutions have also been adopted by consumers in the region, with over half of US consumers being inclined to use it if their trusted payment service provider offers the service. The top four BNPL service providers in the US, based on the number of downloads were Klarna, Afterpay, Quadpay and Affirm. Customers in the US were motivated to use BNPL for purchases that otherwise would not fit in the budget, to avoid paying credit card interest and to borrow money without a credit check.

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1.Management Summary

2.Global Developments

  • Value of Digital Wallet Spending, in USD trillion, 2020 & 2025f
  • Number of Digital Wallet Users, in billions, 2020 & 2025f
  • Value of Mobile Commerce Transactions, in USD trillion, 2020 & 2025f
  • Cash Usage in Mature Markets, by Countries, in % of Total Transactions Volume, 2010 & 2020e
  • Cash Usage in Emerging Markets, by Countries, in % of Total Transactions Volume, 2010 & 2020e
  • Share of Contactless and E-Commerce Payments, in % of Total Digital Wallet Spend, 2025f
  • Number of QR Code Payment Users, in billions, 2020e & 2025f
  • Share of QR Code Payment Users, in % of All Mobile Phone Users, 2025f
  • Value of Instant Payments, in USD trillion, 2020e & 2025f
  • Share Instant Payments, in % of Total B2B and Consumer Digital Money Transfer and Banking Payments Value, 2025f
  • Value of Mobile Payment Transactions Authenticated via Biometrics, in USD trillion, 2020 & 2025f
  • Share of Adults Who Expected Digital Payment Options being Offered When Shopping In-Person, in %, and Particular Digital Payment Options Expected, in % of Adults, November 2020
  • Breakdown of Blockchain Usage Cases, in %, 2021e

3.North America

3.1.Regional

  • Overview of Online & Mobile Payment Trends, June 2021
  • Online & Mobile Payment News About Players, June 2021
  • Share of Mobile Transactions, in % of Overall Online Transactions, Q2 2019 & Q2 2020
  • Switching At Least One Bill Payment to Paperless, by Generation, in % of Adult Consumers, December 2020
  • Breakdown of Bills & Statements’ Receipt and Access Methods, in % of Adult Consumers, 2020 & 2021e
  • Top Reasons of the Willingness to Receive Certain Bills and Statements Online, in % of Adult Consumers, December 2020
  • Top Drivers of Using Mobile Apps to Interact With Companies, in % of Adult Consumers, 2020 & 2021

3.2.United States

  • Number of Proximity Mobile Payment Users, in millions, and Year-on-Year Change, in %, 2020 – 2025f
  • Number of Proximity Mobile Payment Users, in millions, and Its Share in Total Smartphone Users Number, in %, 2020 – 2025f
  • Number of Proximity Mobile Payment Users, by Payment Platforms, in millions, 2021e
  • Proximity Mobile Payment Average Annual Spending Value Per User, in USD, and Year-on-Year Change, in %, 2020 – 2025f
  • Value of Mobile P2P Payment Transactions, in USD billion, and Year-on-Year Change, in %, 2020e – 2024f
  • Value of B2B Payment Transactions, by Payment Method, in USD trillion, and Breakdown of B2B Payment Methods, in % of Total Transaction Value, 2021f
  • Digital Payments Used, by One Type & Two or More Types, in % of Consumers, 2016 – 2020
  • Mobile Payment Providers Methods Typically Used, in % of US Adults, April 2021
  • Payment Methods Preferred When Shopping Online, in % of US Adults, April 2021
  • Payment Methods Preferred When Purchasing In-Store, in % of US Adults, April 2021
  • Breakdown of Digital Payment Platforms Primarily Used, in % of Adults, April 2021
  • Payment Methods Used When Paying Online in the Past Month, in % of Consumers, March 2021
  • Payment Methods Used More Frequently After COVID-19 than Before, in % of Consumers, March 2021
  • Drivers of Changed Payment Method Habits Amid COVID-19, in % of Consumers, March 2021
  • Payment Methods Small Businesses Are Familiar With, in % of Small Businesses, February 2021
  • Usage of Debit Cards, by Types of Services, in % of Respondents, 2018 & 2019 & 2020
  • Retail-Oriented Online Credit Card & Debit Card Spend Penetration Rate, in % of Total Spending, January 2020 – January 2021
  • Breakdown of Contactless Card Awareness, in % of Consumers, 2019 & 2020
  • Adults Who Intend to Continue Using Contactless Payment Forms After COVID-19, by Generation, in %, September 2020
  • BNPL User Penetration Rate, in %, and Share of BNPL Users Who Missed at Least One Payment, in %, December 2020
  • Top BNPL Applications, in % of Total BNPL Apps Downloads, Q4 2018 & 2019 & 2020 & Q1 2021
  • Share of Consumers Who Would Use a Zero Interest BNPL Offered by PayPal for Online Shopping Instead of BNPL Provider Used in the Past, in %, 2020
  • Top Reasons for Using BNPL Option, in % of Adults, March 2021
  • BNPL User Penetration Rate, in % of Respondents, and Change in Use of BNPL Compared to March 2020, in %, by Age Groups, September 2020
  • BNPL Service User Penetration Rates, by Age Groups, in % of Consumers, July 2020 & March 2021
  • Breakdown of BNPL Usage, by Credit Utilization Rate at First BNPL Transaction, in %, July 2020
  • Breakdown of Most Common BNPL Lenders Used, incl. Afterpay, Affirm, Bread, GreenSky, Klarna, and QuadPay, in % of BNPL Users, May 2020
  • Breakdown of Most Common BNPL Lenders Used, incl. Affirm, Afterpay, FuturePay, Klarna, and PayPal, in % of Adult BNPL Users, March 2021
  • Number of BNPL Users, by Service Provider, incl. Affirm, Afterpay, Bread, FuturePay, Klarna, PayPal, QuadPay, Sezzle, and Splitit, in millions, November 2021
  • Breakdown of BNPL Users’ Attitude Towards BNPL Lenders Compared to Credit Card Companies, in % of Adult BNPL Users, March 2021
  • Average Amount Spent via BNPL, in % of Adult BNPL Users, March 2021
  • Breakdown of Reasons to Use BNPL, in % of Online Consumers, September 2020
  • Breakdown of Intentions to Use BNPL Services in the next 12 Months, in % of Adults, July 2020 & March 2021
  • Cryptocurrency Adoption Rate, and Global Average Cryptocurrency Adoption Rate, in % of Population, December 2020
  • Product Categories Purchased/to Be Purchased with Cryptocurrency, by Owners & Nonowners, in % of Consumers, February 2021
  • Consumers Who Made Purchases Using Cryptocurrency, by Product Categories & Generation, in %, February 2021
  • Consumers Who Would Consider Purchasing in the Future Using Cryptocurrency, by Product Categories & Generation, in %, February 2021
  • Breakdown of Digital Payment Platforms That are Trusted to Invest In or Purchase With Cryptocurrency of Choice, in % of Respondents, April 2021
  • COVID-19 Precautions to Be Taken While Shopping In-Stores, in % of Consumers Who Have Been or Plan to Be Vaccinated, January 2021
  • Share of Instant Payments, in % of Global Instant Payment Transaction Values, 2025f
  • Top Reasons for Shopping Cart Abandonment During Checkout, in % of Adults, December 2020

3.3.Canada

  • Payment Methods Used When Paying Online in the Past Month, in % of Consumers, March-April  2021
  • Payment Methods Used More Frequently After COVID-19 than Before, in % of Consumers, March 2021
  • Top 3 Payment Methods, by Usage Frequency, April 2021
  • Drivers of Changed Payment Method Habits Amid COVID-19, in % of Consumers, March 2021
  • Breakdown of Payment Methods, in % of Total Transaction Volume, 2019
  • Breakdown of Payment Methods, in % of Total Transaction Value, 2019
  • Volume of POS Transactions, in millions, Value of POS Transactions, in USD million, by Payment Method, and Year-on-Year Change, in %, 2018 & 2019
  • Volume of Remote Transactions, in millions, Value of Remote Transactions, in USD million, by Payment Method, and Year-on-Year Change, in %, 2018 & 2019
  • Top Payment Methods Used by Businesses, by Small & Medium and Mid-Market Companies, in % of Total Expenditures, November 2020
  • Value of B2C E-Commerce and M-Commerce Sales, by November 2019 & November 2020 Forecasts, in CAD billion, 2020e
  • Payment Methods When Making Purchases Online in the Last 12 Months, in % of Adult Online Shoppers, March 2020
  • Awareness of Digital Wallets & Mobile Payment Services, by Province, in % of Adult Internet Users, March 2020
  • Share of Respondents Who Believe That Online Shopping Increases Exposure to Fraud, in %, February 2021
  • Top Factors That Impact the Online Shopping Comfort Level, in % Respondents, February 2021
  • Breakdown of Respondents Who Wish BNPL Option to be Offered, by Checkout Channel, and by Age Groups, in %, January 2021
Read More
  • Adyen
  • Affirm
  • Afterpay
  • Apple Pay
  • BlockFi
  • Bread
  • CivisScience
  • Coinbase
  • Coinmama
  • FuturePay
  • Google Pay
  • Klarna
  • PayBright
  • PayPal
  • Paysafe
  • QuadPay
  • Robinhood
  • Samsung Pay
  • Sezzle
  • SimplyPayMe
  • Splitit
  • Starbucks
  • Venmo
  • Zelle
  • eToro
Read More

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