Global Alternative Payment Methods Report 2021: BNPL Solution Accelerated in 2020, was Predominantly Online
Dublin, Sept. 03, 2021 (GLOBE NEWSWIRE) — The “Global Alternative Payment Methods 2021 Post COVID-19” report has been added to ResearchAndMarkets.com’s offering.
‘Global Alternative Payment Methods 2021 Post COVID-19’ provides insights into the current state and future trends of the alternative payment market in the world. Among other findings, the publication reveals that the top reason for using the BNPL service in the US is to make purchases that cannot be afforded within the current budget, as of 2021.
The BNPL solution, which accelerated in 2020, was predominantly used online
Credit and debit cards are clearly the most common payment forms globally and they accelerated even more after the COVID-19 onset. However, with the consumers’ adaptation to the “new normal” in 2020, their interest in alternative payments developed as well. One of the most common ones was Buy Now Pay Later, which was used by 30% of individuals in 2020 when making online payments, as per an August 2020 survey cited in the report.
Among the top BNPL service providers worldwide are Afterpay, Zip Co, Klarna, PayPal Credit, Tabby and Tamara that experienced an acceleration and also received high investment funding amounts in 2020. Furthermore, the BNPL solution was predominantly preferred to be used online, for instance, in Germany, about 60% of the surveyed individuals claimed they used BNPL online and 56% of them intended to use it digitally further.
Among the reasons cited by BNPL service users in the USA is to be able to make purchases that would not otherwise be possible within their current budget.
Although cryptocurrency was used to make payments prior to COVID-19, in 2020 the usage accelerated in many countries globally
The payment industry altered significantly amid COVID-19 in 2020, with enterprises and consumers quickly adopting new methods of payment. About 70% of consumers over the globe were open to using cryptocurrency more than they used to a year ago, as per a March 2021 survey. Moreover, in the United States, the cryptocurrency adoption rate of 11% was substantially higher than the 3% global average, as of December 2020.
The share of those who owned cryptocurrency in Turkey reached a slightly higher share of 16% in the first quarter of 2020. Furthermore, the most common product categories purchased with cryptocurrency in the US were “groceries” and “online gaming or gambling,” according to sources cited in this report.
Report Coverage
- This report covers the online payment market in Asia-Pacific. 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.
- The major countries in the region are covered, while data availability varied across the markets.
- The report includes data mostly published within 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.
Report Structure
- The global chapter opens the report, featuring an overview of global online and mobile payment developments.
- Next, information about regional development is included.
- The rest of the report contains country-specific information. Countries are grouped by advanced and emerging markets. Within each group, the countries are presented in the descending order of B2C E-Commerce sales.
- Depending on data availability, the following types of market information are included: payment methods most used by online shoppers, breakdown of ECommerce sales by payment methods, number and value of online/mobile payment transactions, mobile payment user penetration and consumer awareness of innovative payment means. Not all the mentioned types of information are available for each of the covered countries.
Global Developments
- Online & Mobile Payment Post COVID-19, August 2021
- Value of Payments, in USD trillion, by Region, and by Pre- and Post-COVID-19 Estimates, 2010, 2014, 2018, 2019 & 2020e
- Top Online Payment Methods, in % of Respondents, August 2020
- Cash Usage in Mature Markets, by Countries, incl. Japan, Singapore, South Korea and the US, in % of Total Transactions Volume, 2010 & 2020e
- Cash Usage in Emerging Markets, by Countries, incl. Indonesia, India, Mexico and China, in % of Total Transactions Volume, 2010 & 2020e
- Number of Cashless Transactions, in billions, CAGR, in %, 2020, 2025f & 2030f
- Proximity Mobile Payment Users in Select Countries, in % of Smartphone Users, 2021e
- Mobile Wallet Adoption Rate, in % of Respondents, 2020
- Share of QR Code Payments, in % of All Digital Wallet Transactions, 2020 & 2025f
- Number of Real-Time Payment Transactions in Select Countries, incl. India, China and South Korea, in billions, 2020
- Perception of Cryptocurrency, in % of Millennial Consumers, March 2021
- Number of Users Making Online Payment With Facial Recognition, in billions, 2020 & 2025f
- Number of Users Who Will Be Confirming Transactions With Voice Recognition, in millions, 2020 & 2025f
- Top Payment Methods Consumers Consider Using In the Next Year, in % of Consumers, March 2021
- Top Payment Methods Available, by B2C and B2B, in % of Payment Decision-Makers, 2020
Companies Mentioned
- Adyen
- Affirm
- Afterpay
- Alipay
- American Express
- Blik
- Boleto Bancario
- Coinbase
- European Central Bank
- Faberge
- Foodics
- HMSHost International
- iD
- JPMorgan Chase
- Jumia
- Kakao Pay
- Klarna
- LINE Pay
- Mastercard
- MoMo
- Naver Pay
- Noon
- PayPal
- PayPay
- PayU
- Przelewy24
- Quadpay
- Rakuten Edy
- Samsung Pay
- Stripe
- Suica Mobile
- Tenpay
- ViettelPay
- VIPPS
- Visa
- Zip
For more information about this report visit https://www.researchandmarkets.com/r/k81odb
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