Global Online Payment Methods 2020 and COVID-19’s Impact

Global Online Payment Methods 2020 and COVID-19’s Impact

  • June 2020 •
  • 197 pages •
  • Report ID: 5915379 •
  • Format: PDF
Digital payment transactions grow during the Coronavirus pandemic

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 continue 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 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’s 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 cited by the report.

For individual Market Report purchases:
1. A “Single User License” means that only one (1) individually named user of an organization shall be entitled to access the report
2. A “Site License” means that up to ten (10) users within a given geographical location (i.e. country) of an organization shall be entitled to access the report
3. A “Global Site License” means that up to ten (10) worldwide users of an organization shall be entitled to access the report

In all cases, the term “organization” refers to the purchaser’s specific company only and excludes any third parties, including affiliates.