North America Online Payment Methods Report 2021: US Customers Choose BNPL to Make Purchases That Would Not Otherwise Fit in Their Budget – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “North America Online Payment Methods 2021” report has been added to ResearchAndMarkets.com’s offering.

North America Online Payment Methods 2021 provides insights into the current state and future trends of the online payment market in North America. The publication reveals that consumers and merchants challenged by the COVID-19 health crisis shifted progressively to online payment solutions.

The increased digital adoption among consumers worldwide boosted usage of digital wallets in 2020

The online payment industry worldwide has been growing over the years, especially after the onset of COVID-19 in 2020. This meant the more frequent usage of digital wallets, which brought growth in digital wallet spending, where the former was forecasted to see a rise in the user number to more than 4 billion in 2025, and the latter to almost double by 2025, accounting for half of the total wallet spending. Moreover, the M-Commerce value was forecasted to increase significantly to over USD 3 trillion by 2025, encouraged by the surge of online service usage in 2020.

Consumers in North America progressively shifted towards online payments in order to make fewer payments in person in 2020

In the North American region, the online payment industry witnessed substantial changes after the COVID-19 onset. Consumers in the US and Canada shifted to online payments, thus, the number of proximity mobile payment users along with the mobile commerce value was expected to increase in 2020.

One of the common reasons for this change in behavior was making fewer payments in person. This also prompted forming of specific preferences in terms of payment methods. Credit and debit cards were the most commonly used in the region for online shopping. Moreover, US consumers surveyed opted for multiple payments even more than just for one payment method.

US customers choose BNPL to make purchases that would not otherwise fit in their budget.

An alternative payment solution that was gaining popularity among consumers in North America was the buy-now-pay-later service. The reasons for US consumers choosing to use BNPL include making purchases that would not fit in their budgets, avoiding paying credit card interest, or borrowing money without a credit check.

Furthermore, top BNPL service providers, such as Afterpay, Quadpay and Affirm witnessed an increase in their percentage of app downloads between 2020 to Q1 2021, while Klarna, saw a slight decline in percentage while still leading the sector.

Report Coverage

• This report covers the online payment market in North America. It takes into account a wide definition of online payment, including payment methods used in online shopping and mobile payment, such as remote and proximity payments. In addition, information related to the impact of the coronavirus (COVID-19) on digital payments in North America and worldwide was included in this report.
• The report includes data mostly published in the previous 12 months. The exact date of publication of the source is stated on each chart. The time period which the data refers to differs by source.

Report Structure

• The global chapter opens the report, featuring an overview of global online and mobile payment developments.
• Next, information about the regional development is included, covering online and mobile payment trends and news about major players, such as payment providers, banks and retailers are presented on a text chart.
• The rest of the report contains country-specific information. The countries in the region are presented in the 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, mobile payment usage and consumer awareness of mobile payment services. Not all the mentioned types of information are available for each of the covered countries.
• For the leading country in the region, the USA, also information related to the impact of COVID-19 on online and mobile payments was provided.

Companies Mentioned

• Adyen
• Affirm
• Afterpay
• Apple Pay
• BlockFi
• Bread
• CivisScience
• Coinbase
• Coinmama
• eToro
• FuturePay
• Google Pay
• Klarna
• PayBright
• PayPal
• Paysafe
• Quadpay
• Robinhood
• Samsung Pay
• Sezzle
• SimplyPayMe
• Splitit
• Starbucks
• Venmo
• Zelle

For more information about this report visit https://www.researchandmarkets.com/r/s0ew4x

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

[email protected]

For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900