Global Alternative Online Payment Methods 2024

Description

Digital wallets are set to surpass EUR 10 trillion globally by 2028: New yStats.com report

Digital wallets are among the most popular digital payment methods globally

Accelerated by the pandemic's impact on cash usage, the global transition to digital means of payment has become a post-pandemic norm. Digital wallets, a frontrunner in this shift, are projected to witness substantial growth, with a transaction value set to surpass EUR 10 trillion by 2028, nearly doubling from 2023. Notably, countries in the Asia-Pacific region lead the charge in digital payment adoption, with China boasting almost half of adults using digital wallets daily in May 2022 and India's mobile wallet payment value projected to reach more than EUR 5 billion by 2027.

Real-time payments to witness significant growth globally by 2027

Real-time payments are gaining global popularity as a digital cash replacement. Across the world, the volume of real-time payments in Latin America is expected to almost quadruple by 2027, showcasing a growing preference for this online payment type. The report also highlights the emergence of innovative payment options such as account-to-account (A2A) payments and BNPL services. A2A payments, utilizing open banking technology, remain in a nascent stage, with a little over 5% of surveyed Europeans claiming regular usage as of September 2022. Meanwhile, globally, around one quarter of respondents favor BNPL as their preferred online payment method, particularly among Gen Z and millennials in North America. Although new players like Apple have entered the BNPL market with services like Apple Pay Later, mass adoption is anticipated to take time. As online purchasing trends continue to rise globally, consumers increasingly seek frictionless and secure payment options, leading to the expansion of digital wallets, BNPL services, QR code payments, and instant payments.

Product Code: 1645

1. Key Takeaways

Key Takeaways of Global Alternative Payment Methods (1 of 3)
Key Takeaways of Global Alternative Payment Methods (2 of 3)
Key Takeaways of Global Alternative Payment Methods (3 of 3)

2. Global Developments

Preferred Online Payment Methods For E-Commerce Purchases, in % of Adults, June 2022
Preferred Payment Method When Shopping Online, in % of Respondents, October 2022
Use of Credit Card Stored in a Mobile Wallet For Online Purchases, by Product Category, in % of Online Shoppers, April 2023
Use of Digital Wallet For Online Purchases, by Product Category, in % of Online Shoppers, April 2023
Use of eCash For Online Purchases, by Product Category, in % of Online Shoppers, April 2023
Use of Cryptocurrency For Online Purchases, by Product Category, in % of Online Shoppers, April 2023
Use of Pay-By-Instalments Plan For Online Purchases, by Product Category, in % of Online Shoppers, April 2023
Breakdown of Online Shoppers' Feelings Towards Select Alternative Payment Methods At Online Checkout, in % of Online Shoppers, April 2023
Value of Contactless Card Transactions, in USD trillion, 2022e & 2027f
Virtual Card Transaction Value, in USD trillion, 2022e & 2027f
BNPL B2C E-Commerce Sales, in USD billion, 2022e & 2027f
Number of BNPL Users, in millions, 2022e & 2027f
Value of Digital Wallet Transactions, in USD trillion, 2023e & 2028f
Total Number of OEM Pay E-Commerce Transactions, in USD billion, Growth in Transactions, in %, & Average Transaction Volume Per OEM Pay User, in USD, 2026f
Share of OEM Pay E-Commerce Transactions Stemming From Purchases of Digital Goods, in %, 2026f
Most Accessible vs Most Preferred Online Payment Method, in % of Adults, June 2022
Share of Consumers Agreeing With the Following Statements Related to Security of Online Payment, in %, April 2023
Share of Consumers Agreeing With the Following Statements Related to Digital and Mobile Wallets, in %, April 2023
QR Code Payment Transaction Value, in USD billion, 2023e & 2028f
Cryptocurrency Payment Value, in USD billion, 2020-2025f

3. Asia-Pacific

3.1. Regional
BNPL Payment Value, in USD billion, 2023e & 2028f
3.2. Advanced Markets
- 3.2.1. Japan
Most Used Payment Methods, in % of Respondents, January 2023
Breakdown of Smartphone Payment Use, by Amount of QR Code Payment and Contactless Payment Services, in % of Internet Users, January 2023
Top 5 QR Code Mobile Payment Services, in % of QR Code Mobile Payment Users, January 2023
Top 5 Contactless Mobile Payment Services, in % of Contactless Mobile Payment Service Users, January 2023
Share of Shoppers Using a Mobile Wallet For Last Physical Purchase, in %, Q3 2022
Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
- 3.2.2. South Korea
Breakdown of B2C E-Commerce Payment Methods, in %, 2022
Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
- 3.2.3. Australia
BNPL Sales, in AUD billion, FY 2021 & FY 2022
- 3.2.4. New Zealand
BNPL Transaction Value, in USD billion, 2023e & 2026f
- 3.2.5. Singapore
Share of Adults That Used a BNPL Service, in %, Q3 2022
Share of Shoppers Using a Mobile Wallet For Latest Physical Purchase, in %, Q3 2022
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
3.3. Emerging Markets
- 3.3.1. China
B2C E-Commerce Payments Value, in USD trillion, 2023e & 2027f
Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
- 3.3.2. Taiwan
Breakdown of Most Preferred Online Payment Methods, in % of Internet Users, Q3 2022
- 3.3.3. Hong Kong
Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
Number of E-Wallet Users, by E-Wallet Provider, in millions, May 2023e
- 3.3.4. India
B2C E-Commerce Payment Value, in USD billion, 2023e & 2027f
Number of Digital Payment Transactions, in billions, FY 2022-23 & FY 2026-27f
Value of Digital Payment Transactions, in INR trillion, FY 2022-23 & FY 2026-27f
Number of BNPL Users, in millions, 2022e & 2027f
Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
- 3.3.5. Indonesia
Digital Payment Platform Use, by Digital Payment Platform Type, in % of Internet Users, H1 2022
Digital Wallet and Mobile Banking Use, by Generation, in % of Respondents, H1 2022
- 3.3.6. Vietnam
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
Share of Adults That Used a BNPL Service, in %, Q3 2022
- 3.3.7. Malaysia
Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022

4. North America

4.1. Regional
Share of Payment Methods Used at Least 5 Times Per Month, in % of Consumers, September 2022
4.2. USA
Breakdown of Payment Methods Which Consumers Used For Their Most Recent Online Retail Purchase, in % of Consumers, December 2022
Share of Respondents Agreeing With Following Statements Related to Security of Online Payments, in %, April 2022
Share of Consumers Who Adopted Select New Payment Methods in the Past Year, in %, May 2022
Share of Respondents Who Use Two or More Forms of Digital Payments, in %, 2021 & August 2022
Breakdown of Respondents Likely to Use Apple Pay Later Over Other BNPL Services, in %, March 2023
Breakdown of Respondents Likely to Use Apple Pay Later Over Other BNPL Services, by Age Groups, in %, March 2023
Share of Respondents Who Use at Least One E-Wallet or Mobile Payment App For Online vs In-Store Purchases, in %, July 2023
Breakdown of Mobile Payment Apps or E-Wallets Most Commonly Used For Online or In-Store Purchases, in %, July 2023
Breakdown of Main Reasons Among Respondents For Not Using Mobile Payment Solutions More Often, in % of Respondents, July 2023
Share of Respondents Identifying Top Features That Would Make Them More Comfortable When Making Online Purchases, in %, April 2023
Share of Adults Who Used a Digital Wallet at Least Once in the Past Month, in %, February 2023
BNPL Users, in millions, and Penetration Rate, in % of Internet Users, 2021-2026f
Share of Consumers Who Have Already Used BNPL Services, in %, March 2022 & March 2023
Share of Consumers That Used BNPL Services, by Age Group, in %, March 2023
Most Used BNPL Providers, in % of Consumers, March 2023
Top Payment Apps Used For Making Payments, in % of Adults, July 2022
Share of Consumers That Prefer to Shop at Merchants That Accept Cryptocurrency, by Generation in %, March 2022
Share of Consumers Who Are Very or Extremely Interested in Using Cryptocurrency When Making Purchases from Merchants Offering Discounts, in %, March 2022
Reasons For Not Using Cryptocurrency, in % of Respondents, October 2022
Top Changes in Payment Habits When Making Purchases, incl. "Cryptocurrencies", in % of Respondents, April 2022
Share of Merchants Who Are Planning to Accept New APMs in the Next One to Three Years, in %, July 2023
Share of Merchants Who Recognize That Failing to Accept APMs Could Impact Sales And Revenue, in %, July 2023
4.3. Canada
Top Alternative Payment Methods Used When Making Online Payments, in % of Respondents, April 2023

5. Europe

5.1. Regional
Payment Methods That Were Used at Least 5 Times a Month, in % of Respondents, September 2022
Breakdown of Number and Value of Online Payments, by Payment Instrument, in % of All Online Payments, June 2022
Share of Shoppers Who Use PayPal For Online Payments, by Select Countries, in %, 2022
5.2. UK
Share of In-Store Shoppers Who Used Contactless Cards For Payments vs Those Who Used Digital Wallets, in %, October 2022
Share of Respondents Who Used eCash in the Past 12 Months and Stated It as Their Preferred Online Payment Method, in %, April 2023
Types of Digital Wallets That Were the Primary Means of Payment, in % of Smartphone Users, September 2022
Share of Online Purchases Paid For Using BNPL Services, in %, January 2022 & January 2023
5.3. Germany
Frequently Used Online Payment Methods, in % of Respondents, June 2022
Share of Apple Pay And PayPal Users Who Use the Service Every Day or Several Times a Week, in %, June 2022
Share of Respondents Who Used eCash in the Past 12 Months And Stated It as Their Preferred Online Payment Method, in %, April 2023
Share of Online Shoppers Who Have Used BNPL For Online Shopping, by Age, in %, April 2022
Breakdown of Main Reasons Why Online Shoppers Used BNPL, in %, April 2022
5.4. France
Breakdown of Digital Wallet Usage, in % of Smartphone Users, September 2022
Share of Respondents Who Used BNPL to Pay For Their Internet Purchases, in %, 2022
5.5. Spain
Breakdown of Most Used Digital Wallets, in % of Smartphone Users, September 2022
Share of the Top Payment Methods Used For Online Payment, in % of Online Transactions, Q1 2023
5.6. Italy
Value of Digital Payments, in EUR billion, 2021 & 2022
Value of Contactless Payments, in EUR billion, 2021* & 2022
Value of Innovative Payment Methods and Mobile & Wearable Payments Value For In-Store Payments, in EUR billion, 2021* & 2022
5.7. Netherlands
Top 3 Payment Methods Used For Online Purchases, in % of Online Purchases April 2023
5.8. Sweden
Breakdown of the Use of Contactless Payments, in % of Respondents, October 2022
5.9. Belgium
Number of Online Payments Made via Bancontact or Payconiq, in billions, 2021 & 2022
5.10. Austria
Share of Respondents Using PayPal, in %, August 2022
Share of Respondents Who See Digital Euro as a Replacement of Other Payment Methods, in %, August 2022
Breakdown of Payment Methods Consumers Use Already vs Those They Wish to Use in the Future, in % of Respondents, December 2022
5.11. Poland
Types of Payments Used For Online Purchases, in % of Online Shoppers, June 2022
Breakdown of Payment Services Most Commonly Used When Shopping Online, in % of Online Shoppers, June 2022
Share of Respondents Who Used BNPL to Finance Their Purchases, in %, 2022e
5.12. Portugal
Use of Mobile Phone as a Payment Device, by Type of Payment Method, in % of Internet Users, August 222

6. Latin America

6.1. Regional
Share of Alternative Payment Methods Making Up Total B2C E-Commerce Volume, in %, 2022e
Real-Time Payments Volume, in billions, 2022 & 2027f
Real-Time Payments Share of Total Electronic Payments, in %, 2022 & 2027f
6.2. Brazil
Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
6.3. Mexico
Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
6.4. Argentina
Number of Real-Time Payment Transactions, in millions, 2022 & 2027f
6.5. Colombia
B2C E-Commerce Payment Volume, by Payment Method, in USD billion, and Year-on-Year B2C E-Commerce Payment Method Growth, in %, 2022e
Number of Real-Time Payment Transactions, in millions, 2022 & 2027f
6.6. Chile
Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
6.7. Dominican Republic
Number of Internet Banking Users, in millions, 2020-2022
6.8. Peru
B2C E-Commerce Payment Volume, by Payment Method, in USD billion, and Year-on-Year B2C E-Commerce Payment Method Growth, in %, 2022e
Number of Real-Time Payment Transactions, in billions, 2022 & 2027f

7. Middle East & Africa

7.1. Regional
Share of Digital Wallets Making Up Total Online Spending, in %, 2023e
Real-Time Payments Volume, in billions, 2022 & 2027f
Real-Time Payments Share of Total Electronic Payments, in %, 2022 & 2027f
Breakdown of Payment Methods Used in B2C E-Commerce, in %, 2025f
CAGR of Electronic Payment Methods, in %, 2020-2025f
7.2. UAE
Digital Payment Transaction Value, in USD billion, 2021* & 2031f
Number of Real-Time Payment Transactions, in millions, 2022 & 2027f
7.3. Saudi Arabia
Breakdown of B2C E-Commerce Payment Methods, in %, 2022
Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
7.4. Jordan
BNPL Use, in % of Respondents, July 2022
Number of Digital Payment Users, by Select Digital Payment Type, in millions, August 2023
Number of Digital Payment Transactions, by Select Digital Payment Type, in millions, August 2023
7.5. South Africa
Share of Adults That Used a BNPL Service, in %, Q3 2022
7.6. Egypt
Number of Digital Wallets, in millions, Q2 2022* & Q3 2022
Number of Online Transactions Carried Out Using Digital Wallets, in millions, Q2 2022* & Q3 2022
Number of Real-Time Payment Transactions, in millions, 2022 & 2027f
BNPL Use, in % of Respondents, July 2022
7.7. Nigeria
Number of Real-Time Payment Transactions, in billions, 2022 & 2027f