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Market Research Report

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

Published by yStats.com GmbH & Co. KG Product code 933633
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North America Online Payment Methods 2020 & COVID-19's Impact
Published: April 17, 2020 Content info: 74 Pages/Charts
Description

"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.

Covered Regions:

North America.

Companies Mentioned:

Afterpay Ltd, Alphabet Inc, Amazon Payments Inc, American Express Co, Apple Inc, Klarna AB, PayPal Holdings Inc, Samsung Co. Ltd., Square Inc, Starbucks Corp, Venmo LLC, Visa Inc, Zelle LLP.

Table of Contents
Product Code: 1477

Table of Contents

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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