North America Online Payment Methods 2022
Digital payment methods are here to stay: new yStats.com report.
Cards continue to dominate the online payments landscape in North America
While mobile wallets experienced a strong increase in use and popularity during and post-pandemic, most consumers in both the U.S. and Canada still prefer to use credit cards for online shopping in 2022, as per data included in the yStats.com report. Nevertheless, mobile wallets are gaining acceptance, already supported by around one in two E-Commerce merchants in the U.S. and one in three in Canada. Also in-store usage of mobile payment solutions is on the rise, with competition among top providers such as Apple and Google intensifying.
BNPL adoption by U.S. consumers continues to grow in usage and penetration
A payment solution gaining popularity among consumers in North America is the Buy Now Pay Later (BNPL) service. In the U.S. alone, the number of BNPL users is projected to more than triple by 2025. The younger generation had the highest BNPL user penetration rates in 2021. Furthermore, around one third of U.S. online shoppers used BNPL as a payment method, and almost half of all BNPL users preferred using BNPL over credit cards. When it comes to BNPL platforms used, Afterpay and Klarna were in the lead in the U.S., according to a recent survey cited by yStats.com.
- 1. Management Summary
- 2. Global Developments
- Online & Mobile Payment Trends, May 2022
- Payment Value, by E-Commerce Payments and POS Payments, in USD trillion, 2021 & 2026f
- Share of Cash Payments, in % of Total POS Transaction Value, by Region, 2021 & 2025f
- Value of Contactless Card Transactions, in USD trillion, 2020 & 2021e
- Share of Contactless Card Transactions, in % of Overall Contactless Transaction Value, 2021e
- BNPL B2C E-Commerce Sales, in USD billion, 2021e & 2026f
- Number of BNPL Users, in millions, 2021e & 2026f
- BNPL Share of B2C E-Commerce Payments, in %, 2021e & 2026f
- Value of Digital Wallet Transactions, in USD trillion, 2022f & 2026f
- Number of B2C E-Commerce Transactions Paid by OEM Mobile Payment Apps, in billions, 2022f & 2026f
- Number of Mobile Wallet Users, by Region, in millions, 2020 & 2025f
- Proximity Mobile Payment Users Worldwide, in millions, and Year-on-Year Change, in %, 2020 - 2025f
- Proximity Mobile Payment User Penetration, in % of Smartphone Users, 2020 – 2025f
- Proximity Mobile Payment User Penetration, in % of Smartphone Users, 2021e
- Payment Methods Accepted by Online Merchants, by Already Accepted and Planned, in % of Online Merchants, February 2022
- Factors Influencing Store Purchasing Choice, Excluding Digital Payments, in % of Consumers, December 2021
- Areas for Growth According to Small Businesses, in % of Small Businesses, December 2021
- Share of Consumers and Small Businesses Planning to Use Digital Payment Methods Exclusively Within the Next Two Years, in %, December 2021
- Cryptocurrency Payment Value, in USD billion, 2018 – 2023f
- 3. North America
- 3.1. Regional
- Overview of Online & Mobile Payment Trends, May 2022
- 3.2. United States
- Payment Methods Used in B2C E-Commerce, in % of Online Shoppers, February 2022
- Payment Methods Offered in Online Checkout, in % of Online Merchants, October 2021
- Top 5 Factors in Working with a Payments Partner, in % of Online Merchants, October 2021
- Breakdown of Payment Methods Used Most Often, by Age Group, in % of Adults, February 2022
- Breakdown of Digital Wallets Used, in % of Digital Wallet Users, February 2022
- Use of Credit/Debit Card or Bank Account vs. Digital Wallet as Online Payment Methods, in % of Online Shoppers, February 2022
- Attitude Towards Banks and Digital Payment Methods, in % of Population, February 2022
- Proximity Mobile Payment Transaction Value, in USD billion, and Year-on-Year Change, in %, 2019 - 2026f
- Mobile P2P Payment Transaction Value, in USD billion, and Year-on-Year Change, in %, 2020 – 2025f
- Intent of Using Payment Methods Post-Pandemic In-Store, in % of Adults, June 2021
- Share of Consumers Using Cash For All of Their Payments, in % of Consumers, by Age Group, 2016 & 2019 & 2021
- BNPL Share of B2C E-Commerce Sales, in %, 2021e & 2025f
- BNPL Share of Fashion B2C E-Commerce Sales, in %, 2021e
- BNPL Users, in millions, 2020-2025f
- BNPL Penetration, in % of Online Shoppers, 2021
- BNPL User Penetration Rate, in % of Internet Users, by Age Group, 2021 & 2025f
- Top 3 BNPL Platforms Used, in % of BNPL Users, May 2021
- Top 6 Most Used BNPL Apps, in % of Downloads in the BNPL Category, Q1 2021
- Share of BNPL Users Preferring BNPL Over Credit Cards, in %, August 2021
- Preferences of BNPL Users if BNPL Was Not Offered, in % of Purchases, October 2021
- Cryptocurrency Penetration and Interest in Owning Cryptocurrency, in % of Consumers, 2020 & 2021
- Reasons for Owning Cryptocurrency, in % of Cryptocurrency Owners, 2021
- Attitudes Towards Offering Cryptocurrencies as an Online Payment Method, in % of Online Merchants, October 2021
- Impact of Cryptocurrency Acceptance on Merchant Preferences, in % of Consumers, by Generation, 2021
- Reasons for Using Cryptocurrency for Purchases, by Product Categories, in % of Consumers, February 2021
- Reasons for Not Purchasing Cryptocurrency, in % of Consumers, 2021
- Reasons for Not Purchasing Cryptocurrency, in % of Consumers, by Generation, February 2021
- 3.3. Canada
- E-Commerce Card Payments Value, in USD billion, in % Y-o-Y change, 2019-2023f
- Breakdown of E-Commerce Card Payments Value by Card Types, in %, 2023f
- Payment Methods Offered in Online Checkout, in % of Online Businesses, October 2021
- Top 5 Factors in Working with a Payments Partner, in % of Online Merchants, October 2021
- Payment Methods Used on a Weekly Basis, in % of Consumers, April 2020 & April 2021
- Attitude Towards Use of Digital Wallets & Mobile Payment Services, in % of Adult Internet Users, March 2021
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