Payment methods

Global Online Payment Methods Analysis Report 2021: Contactless and Ecommerce Payments Expected to Account for Half of Total Wallet Spending by 2025 | New

DUBLIN, November 3, 2021 / PRNewswire / – The “Global Online Payment Methods 2021: Post COVID-19” report was added to ResearchAndMarkets.com‘s offer.

This report provides an overview of the current status and future trends of the online and mobile payments market globally. Among other findings, the publication reveals that globally, blockchain is expected to be primarily used for cross-border payments and settlements in 2021.

Due to the poor card infrastructure in many countries, QR code payments are expected to accelerate significantly globally by 2025.

The global online payments industry accelerated in 2020, leading merchants and customers to embrace digital payments in the wake of the COVID-19 outbreak, leading to increased use of digital wallets , and the number of accounts is expected to grow between 2020 and 2025 with a CAGR of over 10% and the global value of spending on digital wallets is expected to nearly double by 2025.

Contactless and e-commerce payments are expected to account for half of total wallet spending by 2025. In addition, QR code payments are also expected to improve and be used by nearly 3 in 10 smartphone owners globally. by 2025, and this was believed to be stronger due to poor card infrastructure in emerging markets.

Biometrics, including fingerprints, iris, voice and facial recognition, were crucial in online payments for consumers and payment service providers in 2020

As online payments accelerated, so did the risk of becoming a victim of fraud and the demand for security measures. Features such as fingerprints, iris, voice recognition and facial recognition are essential for consumers and payment service providers to secure online payments, thus boosting consumer confidence in 2020.

The value of mobile payments authenticated by biometric data is expected to increase significantly globally from 2020 to 2025 to reach more than three trillion US dollars.

Despite the ramp-up of the BNPL solution in 2020, credit cards still represent the significant share of purchases in the United Kingdom

The BNPL solution was also another rapidly developing payment method around the world. In the United States, the most popular providers of the following services are PayPal, Afterpay, Klarna, Affirm, and Quadpay.

Common reasons among consumers surveyed for using the following service are out of budget purchases, avoiding credit card interest, borrowing money without a credit check, and the like. PayPal Credit and Klarna were also commonly used in the UK in 2020, but credit cards still held most purchases.

Cover of the report

  • This report covers the global online payment market. It takes into account a broad definition of online payment, including payment methods used in online shopping and mobile payment, such as distance and proximity payments. In addition, information relating to the impact of the coronavirus (COVID-19) on digital payments around the world is included in this report.
  • The report includes data released mostly within the past 12 months. The exact date of publication of the source is indicated on each map. The time period to which the data refer differs depending on the source.

Structure of the report

  • The Global Chapter opens the report, providing an overview of global developments in online and mobile payments.
  • The rest of the report is divided by regions. Within each region, countries are grouped by advanced and emerging markets, where applicable. Additionally, text graphics summarizing the impact of COVID-19 on digital payments in each of the regions are included.
  • Depending on data availability, the following types of market information are included: payment methods most used by online and mobile shoppers, breakdown of e-Commerce orders by payment method, number and value of transactions from online / mobile / alternatives, online / mobile / alternative payment user penetration and consumer and merchant attitudes towards online and mobile payments. Not all of the types of information mentioned are available for each of the countries covered.

Global developments

  • Online and mobile payment Post COVID-19, August 2021
  • Value of payments, in trillions of dollars, by region and by estimates before and after COVID-19, 2010, 2014, 2018, 2019 and 2020e
  • Main online payment methods, in% of respondents, August 2020
  • Use of cash in mature markets, by country, incl. Japan, Singapore, South Korea and the United States, as a% of total transaction volume, 2010 and 2020e
  • Use of cash in emerging markets, by country, incl. Indonesia, India, Mexico and China, as a% of total transaction volume, 2010 & 2020e
  • Number of cashless transactions, billions, CAGR,%, 2020, 2025f & 2030f
  • Proximity mobile payment users in selected countries, as a% of smartphone users, 2021st
  • Mobile wallet adoption rate,% of respondents, 2020
  • Share of QR code payments,% of all digital wallet transactions, 2020 and 2025f
  • Number of real-time payment transactions in some countries, incl. India, China and South Korea, in billions, 2020
  • Perception of cryptocurrency, in% of millennial consumers, March 2021
  • Number of users making online payments with facial recognition, in billions, 2020 and 2025f
  • Number of users who will confirm transactions with speech recognition, in millions, 2020 and 2025f
  • Top payment methods consumers plan to use next year, as a% of consumers, March 2021
  • Main payment methods available, by B2C and B2B, in% of payment decision makers, 2020

Companies mentioned

  • ACI in the world
  • Adyen
  • To affirm
  • After payment
  • Alfa Bank
  • Alipay, Tenpay
  • American Express
  • Apple Pay
  • Bancontact
  • Blik
  • BlockFi
  • Boleto Bancario
  • Bread
  • Central bank of Brazil
  • Checkout.com
  • CivisScience
  • Coinbase
  • Coinmama
  • Crossinx GmbH
  • Danske Bank
  • eFawateer.com
  • Ethereum
  • eToro
  • Pay FitBit
  • FuturePay
  • Germin Pay
  • Google pay
  • Handelsbanken
  • Hmmm
  • username
  • Engineer
  • Pay JKO
  • Kakao Pay
  • Klarna
  • Latitute’s salary
  • LINE Pay
  • MasterCard
  • MasterPass
  • Free market
  • Momo
  • MTS Silver
  • N26
  • Naver Pay
  • Nordea
  • Nuapay
  • OP Financial Group
  • Openpay
  • PayBright
  • Pay Pal
  • Pay
  • Paysafe
  • PayU
  • Przelewy24
  • QIWI
  • Quadpay
  • Raiffeisen Bank
  • Rakuten Edy
  • Robin Hood
  • Robinhood Markets Inc.
  • Rocketbank
  • russian standard
  • Samsung Pay
  • Sberbank
  • Seb
  • Sezzle
  • SimplyPayMe
  • SkyCash
  • Separate it
  • Carré inc.
  • Starbucks
  • Bandaged
  • Suica Mobile
  • Swedish bank
  • Tinkoff
  • Unified post
  • Venmo
  • ViettelPay
  • VIPPS
  • Visa
  • VK Pay
  • VTB
  • WhatsApp
  • Yandex.Silver
  • ZaloPay
  • Zelle
  • Zipper

For more information on this report, visit https://www.researchandmarkets.com/r/e9kf0f

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