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Alternative Online Payment Methods Market 2024

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    Report

  • 162 Pages
  • February 2024
  • Region: Global
  • yStats GmbH & Co. KG
  • ID: 5050671
Description Jump to:

Digital wallets are set to surpass EUR 10 trillion globally by 2028

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.

Questions Covered in the Report:

  • What is the forecasted transaction value of digital wallets globally by 2028?
  • How does e-wallet use vary in different countries worldwide?
  • How is BNPL adoption projected to develop globally by 2027?
  • How is the number of real-time payment transactions projected to develop in different countries globally by 2027?

Countries covered: UK, Germany, Switzerland, USA, Canada, Australia

Table of Contents

1. Key Takeaways
  • Key Takeaways of Global Alternative Payment Methods
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

Samples

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Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Affirm
  • Afterpay
  • Apple
  • Bancontact
  • CliQ
  • Fawry
  • Google
  • iDEAL 
  • JoMoPay
  • Klarna
  • MACH
  • Mobile Suica
  • Payconiq 
  • PayPal
  • Pix
  • QIWI 
  • Samsung
  • Sofort
  • StatisPay
  • Venmo 
  • Yape 
  • Yoo Money 
  • Zelle 

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