North America Online Payment Methods 2020 & COVID-19's Impact

North America Online Payment Methods 2020 & COVID-19's Impact

COVID-19 drives a shift to contactless payments in North America

North American Consumers adopt contactless payments amid the COVID-19 pandemic

Contactless cards and mobile payments are growing in the USA and Canada as the coronavirus pandemic continues, according to findings in the April 2020 report by yStats.com. A recent survey cited by yStats.com shows that nearly one-third of consumers in the USA became first-time users of contactless payments during the pandemic, and the majority planned to continue paying contactless post-COVID-19. Contactless card payments in the U.S. are projected to increase eight-fold between 2020 and 2024, and mobile proximity payments are also rising rapidly.

Credit cards and alternative payment methods battle in North America’s online retail

In E-Commerce, plastic remains the leading payment method by market share both in Canada and the USA, according to statistics cited in the yStats.com report. The top alternative payment methods include digital wallets in the USA and bank transfers in Canada. Digital wallets are projected to see rapid growth in the U.S. and overtake credit cards by share of E-Commerce sales within the next two years. Mobile wallet solutions are gaining popularity not only for remote shopping, but also for in-store purchases and P2P transfers. The top mobile payment apps in the USA include Apple Pay, Samsung Pay and Google Pay, while in Canada mobile banking apps outrank digital wallets such as PayPal, Apple Pay and Starbucks payment app.


1. Management Summary
2. Global Developments
The Impact of COVID-19 on Payments Revenues, incl. Payments Revenues in 2019, Pre-COVID-19 Forecast, and Payments Revenues Forecast Under The Impact of COVID-19, in USD billion, 2020
Online & Mobile Payment Platform Revenues, in USD billion, 2019e & 2024f
Mobile & Online Remote Payment Value, in USD billion, by Selected Regions, 2024f
Mobile & Online Remote Payment Value, in USD billion, by Digital and Physical Goods, 2024f
Payment Methods Preferred in E-Commerce, in % of Online Shoppers, by Selected Regions, January 2019
Share of Online Shoppers Who Had Abandoned a Shopping Cart Due to Their Preferred Payment Method Not Being Offered, in %, January 2019
Share of Mobile Shoppers Who Had Abandoned a Shopping Cart Due to Their Preferred Payment Method Not Being Offered, in %, August 2019
Online Payment Fraud Losses, in USD million, by Segment, 2023f
Online Payment Fraud Prevention Software Spending, in USD billion, 2020f & 2024f
Number of Digital Wallet Users, in billions, 2019e & 2024f
Breakdown of Digital Wallets by Provider’s Main Industry, in %, 2019
Proximity Mobile Payment Users, in billions, and Penetration, in % of Smartphone Users, 2018 - 2023f
Proximity Mobile Payment User Penetration, in % of Smartphone Users, by Selected Countries, 2019e
Value of Mobile Payment Transactions Authenticated via Biometrics, in USD billion, 2019e & 2024f
3. Regional
3.1. North America
Online & Mobile Payment Trends and News About Players, March 2020
3.2. USA
The Impact of COVID-19 on Digital Payments, April 2020
Share of Consumers Shopping Online More Frequently as A Result of The Coronavirus Outbreak, in %, March 2020
Precautions Taken by Consumers Due To COVID-19 When Shopping In-Store, in % of Consumers, March 2020
Perceived Importance of the Contactless Feature in Credit Cards, in % of Consumers, by Pre COVID-19 and on March 3, 2020
Contactless Card Payment Transaction Value, in USD billion, 2020f & 2024f
Consumers Who Tried Contactless Payments for the First Time During The Pandemic, in % of All Consumers, and Consumers Who Would Keep Using Contactless Payments After The Pandemic, in % of First-Time Users, March 2020
Breakdown of Payment Methods Used, by Retailer Type, in % of Consumers, August 2019
Top 3 Payment Methods Used via Computer, by Average Purchase Value, in USD, and Frequency of Purchase, by Times Purchased in The Previous 30 Days, 2019
Top 3 Payment Methods Used via Mobile, by Average Purchase Value, in USD, and Frequency of Purchase, by Times Purchased in The Previous 30 Days, 2019
Payment Methods That Small Businesses Plan to Start Accepting In The Next 12 Months, in % of Small Businesses That Not Do Not Currently Accept That Payment Method, 2019
Awareness, Usage and Usage Intent of Interest-Free Online Payment Programs, in % of Adults, Q1 2019 – Q4 2019
Top Reasons for Shopping Cart Abandonment During Checkout, in % of Adults, September 2019
Share of Merchants Storing Customer Payment and Profile Data and Planning to Start Doing So in The Next 12 Months, in %, September 2019
Average Share of Online Sales Attributed to Fraudulent Transactions According to Merchants, in %, 2018 & 2019
Innovative Payment Security Measures Perceived by Merchants as Effective in Combating Online Fraud, in % of Merchants, September 2019
Annual Payment Transaction Value per Digital Wallet, in USD, 2019e & 2024f
Mobile Wallet User Penetration, in % of Smartphone Users, May 2019
Share of Digital Wallet Users Who Change The Card They Use In Their Digital Wallets to a Non-Default Card Every Couple of Weeks or More Often, in %, by Usage Channel, August 2019
Top 3 Digital Wallets, by Payment Channel, in % of Digital Wallet Users, August 2019
Mobile Payment Usage, in % of Smartphone Users, 2018 & 2019
Types of Payments Made via Mobile Payment Apps, in % of Mobile Payment App Users, January 2020
Reasons for Not Using Mobile Payment Apps, in % of Internet Users Who Do Not Use Mobile Payment Apps, January 2020
Breakdown of Payment Methods Used With Digital Wallets, by Credit Card, Debit Card and Bank Account, in % of Users, August 2019
Breakdown of Payment Methods Used With Apple Pay, in % of Apple Pay Users, by Generation, August 2019
Number of Proximity Mobile Payment Users of Apple Pay, Google Pay and Samsung Pay, in millions, 2019e
Number of Proximity Mobile Payment Users, in millions, and Penetration, in % of Smartphone Users, 2018- 2023f
Proximity Mobile Payment Transaction Value, in USD billion, and Year-on-Year Change, in %, 2018- 2023f
P2P Mobile Payment Transaction Value, in USD billion, and Year-on-Year Change, in %, 2018-2023f
Top 3 Digital Wallets Used for P2P Payments, in % of Users, August 2019
3.3. Canada
Breakdown of E-Commerce Sales by Payment Method, in %, 2018
Most Trusted Payment Methods, in % of Internet Users, April 2019
Breakdown of Main Reasons For Credit Card Use, in % of Credit Card Holders, May 2019
Impact of An Easy Checkout and Payment Process On Purchase Behavior, in % of Internet Users, April 2019
Selected Reasons for Shopping Cart Abandonment, in % of Online Shoppers, January 2019
Share of SMBs Who Reported Having Lost Sales Due to Lack of Preferred Payment Methods, in % of SMBs, September 2019
Payment Methods Preferred By Small Businesses, in % SMB Payment Decision Makers, By Total Preferred and Primarily Preferred to Accept, September 2019
Share of Internet Users Comfortable With Mobile Or Digital Wallet Payments, in %, 2016 & 2019
Number of Proximity Mobile Payment Users, in millions, and Penetration, in % of Smartphone Users, 2018- 2023f
Mobile Payment Apps Used, in % of Smartphone Users, 2019
Purposes of Using P2P Payment Services, in % of Users, August 2019
Average Number of E-Transfers via Interac per Month, in millions, 2019 & March 2020

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