144 billion… That number is impressive in almost any context (like the approximately 144 different types of coffee generated by four coffeemakers in our Boston office of just 65 people), but our research turned up something interesting as it relates to payments: In 2015, the number of U.S. noncash (debit card, credit card, ACH, and check payments) payments is estimated to have totaled more than 144 billion, with a transaction value of almost $178 trillion.
Moreover, in 2018 transactions conducted via eWallets alone were estimated to a total of 41.8 billion globally. eWallets are becoming more prevalent everyday. In our community of Boston we’re beginning to see more and more storefronts accepting the eWallet as a payment method. We’re guessing you’ve noticed the same thing in your community. Online they’re even more common. For us (and others like us in the payment processing industry), analyzing payment method statistics and predicting future payment trends helps us stay ahead of the curve so we can continually give you the business tools you need. The same statistics can give you a leg up in adapting to customer expectations.
So take a look at the stats below and draw your own conclusions. And if you come up with an insight you’d like to share (or just discuss!) tweet us @BlueSnapInc.
Payment Method Statistics
The statistics below refer to payment methods used around the world — how people prefer to pay for goods and services, how businesses are supporting them, and where industry experts think we’re headed.
Global Payment Method Statistics
1. The preferred payment method of global online shoppers is eWallets (36%), followed by credit cards (23%) and debit cards (12%). (Worldpay Global Payments Report)
2. Out of the 7.5 billion people on the planet in 2018 less than half use a bank account. Low—and middle—income countries are largely responsible for the lack of active bank accounts. (Quartz)
3. By the end of 2019 nearly 2.1 billion consumers will use an eWallet to either make a payment or send money. (Paypers Payment Methods Report)
According to Worldpay’s Global Payments Report, the most common eCommerce payment trends broken down by region are:
4. North America—Credit cards top the list of commonly used payment methods, at 34% in 2018, but will fall to second place in 2022 (27%), after eWallets (33%).
5. Latin America—Credit cards topped the list in 2018 (45%) and are predicted to remain there but with more diversification by 2022 (29%).
6. Asia Pacific—eWallets topped the list in 2018 (52%) and are predicted to remain there in 2022 (66%).
7. Europe, Middle East, and Africa—eWallets topped the list in 2018 (21%) and are predicted to remain there in 2022 (24%).
North America Payment Method Statistics
8. 57% of U.S. shoppers use Visa as their credit card of choice. (Worldpay Global Payments Report)
9. North Americans’ debit card usage is projected to be stagnant from 2018 (19%) to 2022 (19%). (Worldpay Global Payments Report)
10. 16% of North Americans use cash while shopping in person. POS cash transactions in North America are expected to fall to 11% by 2022. (Worldpay Global Payments Report)
11. Consensus projections see the North American eCommerce market growing at a healthy sustained rate of between 9% and 10% annually through 2022. (Worldpay Global Payments Report)
12. The share of North America’s POS transactions made through eWallet will more than double by 2022 and on the eCommerce side the eWallet’s use will grow rapidly moving toward the Global Average (47%). (Worldpay Global Payments Report)
13. The eWallet is projected to top the list of commonly used payments in North American eComm at 33% by 2022. (Worldpay Global Payments Report)
14. Apple Pay is currently supported by 65% of US retail locations and growing quickly. (Digital Trends)
Contactless Payment Statistics
15. As previously mentioned, in 2018 non-cash transactions conducted by eWallets were estimated to a total of $41.8 billion . 71% of these transactions were conducted by payment applications and eWallets offered by big tech (Google, Amazon, Facebook, Apple). (Paypers Payment Methods Report)
16. The top 3 ranking eWallets worldwide in 2018 are Paypal, Alipay, and WeChat Pay. (The Paypers)
17. One third of North American Gen Z consumers want to share their payments on social media while only 3% of Baby Boomers would. (Accenture)
18. Voice-assisted retail is growing quickly. 27% of consumers own a voice-activated device as of 2018, up 14% from the previous year. (PYMNTS)
19. By 2020, 82% of North American retailers are expected to accept Apple Pay. (Statista)
20. Forty-four percent of U.S. shoppers want to see coupons, discounts, and special offers in mobile wallets. In addition, every digital coupon installed on an eWallet was shared, on average, with more than three other mobile devices. (Access Development)
As these stats show, payment trends change quickly—in the space of just one year, three years, or five years, new methods edge out traditional ones and customer preferences change. (Are you using Apple Pay or eWallets yet?) At BlueSnap, we do everything we can to help merchants stay on top of the latest trends, while offering regular product updates to boost your business.
If you have any questions about our gateway processing tools and features, get in touch!
Editor’s Note: This post was originally published in July 2017 and has been updated for accuracy and comprehensiveness