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

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

  • April 2020 •
  • 74 pages •
  • Report ID: 5888028 •
  • Format: PDF
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. A recent survey 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 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.

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