Digital payment method adoption grows during the COVID-19 outbreak
Consumers' payment behavior is changing as a result of the coronavirus outbreak, according to the report. Nearly 50% of global shoppers were using digital payments more than before the pandemic, and the majority plan continues doing so after the virus is contained. E-Wallets and contactless cards are the top payment methods benefitting from this change, as consumers use less cash and make more purchases online. In an international survey cited in the report, close to three-quarters of respondents found that contactless was a cleaner way to pay.
E-Commerce payment choices amid the pandemic differ by country
When purchasing on E-Commerce websites during the pandemic, global consumers mainly use credit cards and digital wallets, although there is also a strong variation in the way shoppers in different countries pay online. For example, more than two-thirds of digital buyers in Canada chose to pay by credit card when shopping online during the outbreak, while UK buyers preferred debit cards and those in Italy opted for digital wallets like PayPal. Payment security was the top criterion applied by online shoppers when selecting their top payment method, according to an April 2020 survey.
This report covers the global online payment market. 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 worldwide is 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.
The global chapter opens the report, featuring an overview of global online and mobile payment developments.
The rest of the report is divided by regions presented in the descending order of B2C E-Commerce sales. Within each region, the countries are grouped by advanced and emerging markets, where applicable, and ranked by online sales. Furthermore, text charts summarizing the impact of COVID-19 on digital payments in each of the regions are included.
Depending on data availability, the following types of market information are included: payment methods most used by online and mobile shoppers, breakdown of E-Commerce orders by payment methods, number and value of online/mobile payment transactions, mobile payment user penetration, and consumer and merchant attitudes to online and mobile payments. Not all the mentioned types of information are available for each of the covered countries.
Key Topics Covered
1. Management Summary
2. Global Developments
COVID-19 Impact on Online & Mobile Payment, May 2020
COVID-19 Impact on Payment Providers, June 2020
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
Post-COVID-19 Forecast for Digital Commerce & Payments Spending, in USD trillion, 2020f & 2021f Compared to 2019
Share of Consumers Who Plan to Increase Their Usage of Digital Payments Due To COVID-19, in %, by During COVID-19 and In The Next 6-9 Months, April 2020
Digital Transactions Share of Total Payment Transaction Value, 2025f, by Estimate Before COVID-19 and After
Payment Methods Most Used When Shopping Online During The Pandemic, in % of Online Shoppers, by Selected Countries, April 2020
Payment Methods Used For the First Time When Shopping Online During The Pandemic, in % of Online Shoppers, by Selected Countries, April 2020
Criteria for Choosing a Payment Method in Online Shopping Which Became More Important Since The Pandemic Outbreak, in % of Online Shoppers, by Selected Countries, April 2020
Share of Online Shoppers Who Had Abandoned a Shopping Cart Due to Their Preferred Payment Method Not Being Offered, in %, January 2019
Share of Respondents Who View Contactless as a Cleaner Way to Pay, in %, April 2020
Proximity Mobile Payment User Penetration, in % of Smartphone Users, by Selected Countries, 2019e
Overview of Mobile Money Statistics, incl. Number of Live Services, Registered Accounts, in millions, Active Accounts, in millions, Transaction Volume in millions, and Transaction Value, in USD billion, and Year-on-Year Growth, in %, by Region, 2019