Payment methods

North America Online Payment Methods Market Report 2021

DUBLIN, July 7, 2021 / PRNewswire / – The “Online Payment Methods in North America 2021” report was added to ResearchAndMarkets.com offer.

Online Payment Methods in North America 2021 provides an overview of the current state and future trends of the online payment market in North America. The publication reveals that consumers and traders facing the health crisis of COVID-19 have gradually turned to online payment solutions

Growing digital adoption among consumers around the world has boosted the use of digital wallets in 2020

The online payment industry around the world has grown over the years, especially after the onset of COVID-19 in 2020. This meant more frequent use of digital wallets, which resulted in spending growth. digital wallet, where the former is expected to increase. the number of users to more than 4 billion in 2025, and this will almost double by 2025, accounting for half of the portfolio’s total spending. In addition, the value of M-Commerce is expected to increase dramatically to reach over 3 trillion dollars by 2025, encouraged by the boom in the use of online services in 2020.

Consumers in North America gradually turned to online payments to make fewer in-person payments in 2020

In the North American region, the online payment industry has undergone substantial changes following the onset of COVID-19. Consumers in the United States and Canada shifted to online payments, thus, the number of proximity mobile payment users as well as the value of mobile commerce is expected to increase in 2020.

One of the common reasons for this change in behavior was to make fewer in-person payments. This has also prompted the formation of specific preferences in terms of payment methods. Credit and debit cards were the most commonly used in the region for online shopping. Additionally, US consumers surveyed opted for multiple payments even more than a single payment method.

US customers choose BNPL for purchases that otherwise would not fit their budget.

An alternative payment solution that is gaining popularity with consumers by North America was the buy now-pay-later service. Reasons American consumers choose to use BNPL include making purchases that don’t fit within their budget, avoiding paying credit card interest, or borrowing money without a credit check.

In addition, major BNPL service providers, such as Afterpay, Quadpay and Affirm, saw an increase in their percentage of app downloads between 2020 and the first quarter of 2021, while Klarna saw a slight percentage decline while overall. by remaining a leader in the sector.

Cover of the report

  • This report covers the online payment market North America. 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 in North America and around the world has been 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.
  • Then, regional development information is included, covering trends in online and mobile payments, and news on major players, such as payment providers, banks and retailers is presented on a text graph.
  • The rest of the report contains country specific information. The countries of the region are presented in descending order of B2C E-Commerce sales. Depending on data availability, the following types of market information are included: payment methods most used by online shoppers, number and value of online / mobile payment transactions, use of mobile payments and consumer awareness of mobile payment services. Not all of the types of information mentioned are available for each of the countries covered.
  • For the leading country in the region, the United States, information relating to the impact of COVID-19 on online and mobile payments has also been provided.

Companies mentioned

  • Adyen
  • To affirm
  • After payment
  • Apple Pay
  • BlockFi
  • Bread
  • CivisScience
  • Coinbase
  • Coinmama
  • eToro
  • FuturePay
  • Google pay
  • Klarna
  • PayBright
  • Pay Pal
  • Paysafe
  • Quadpay
  • Robin Hood
  • Samsung Pay
  • Sezzle
  • SimplyPayMe
  • Separate it
  • Starbucks
  • Venmo
  • Zelle

For more information on this report, visit https://www.researchandmarkets.com/r/tlra14

Media contact:

Research and markets
Laura Wood, senior
[email protected]

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SOURCE Research and Markets

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