In North American alone, non-cash transactions are expected to hit 281 billion transactions by 2026. When you consider 2026 transaction projections for Europe (467 billion) and Asia-Pacific (1,232 billion) too, this adds up to a lot of credit and debit card, digital wallet, direct debit and credit transfers that businesses need to be able to accept.1
Each geography has its own nuances and preferences related to the most popular digital payment methods. BlueSnap is continually monitoring the trends and changes in the digital payments industry so that we can provide the most relevant, timely options to our clients, helping them to increase their revenue and reduce cart abandonment by letting customers pay the way they want to.
We’ve gathered 15 essential payment statistics that, when taken together, hint at the future of global payments, preferred payment methods, and how merchants can take advantage of the growing digital payments market.
Global Payment Method Statistics
1. By 2026, the most popular eCommerce payment methods globally are expected to be digital wallets (54%), credit cards (16%) and debit cards (10%).2
2. Almost half (48%) of respondents to a BlueSnap survey estimate they’ve lost up to 10% of their international revenue because their payment processing vendors do not offer suitable payment options.3
3. Nearly 80% of business leaders reported in the same survey that they had a payment authorization rate of less than 90% or didn’t know their authorization rate.4
4. Cards and digital wallets are the most common payment methods in most regions of the world.5
5. The number of Buy Now Pay Later (BNPL) users globally is projected to more than quadruple from 2021 to 2026.6
6. The value of global mobile payments are expected to grow at a Compound Annual Growth Rate (CAGR) of 36.2% from 2023 to 2030.7
North America Payment Method Statistics
7. 42% of consumers in the US have used digital wallets.8
8. While mobile wallets have grown in popularity, consumers in the US and Canada still overwhelmingly prefer to use credit cards for online shopping.9
9. In the US, the top digital wallets are Paypal (36%), Apple Pay (20%) and Venmo (16%).10
10. 23% of consumers in the US have made purchases directly through social media.11
11. 70% of US merchants experience customers requesting contactless payment options.12
12. 19% of consumers purchased something through a video game or other virtual space.13
Contactless Payment Method Statistics
13. 41% of consumers said they would not shop at a store that didn’t offer contactless payments.14
14. In January 2022, Visa reported that nearly 1 in 5 transactions were contactless.15
15. Contactless payments have even reached the B2B space, with 53% of businesses wanting to accept more electronic payment methods; however, 42% of businesses still describe their AR process as “mostly manual.”16
These statistics show that digital payments are expected to continue changing and growing at for the foreseeable future. If you’re looking for a partner that can help you keep up with trends in digital payments and help you get the most from your cross-border, invoicing and billing, or embedded payments, get in touch with us today.
- BlueSnap’s Ultimate Guide to Cross-Border Payments
- 5 Ways to Improve Your Debit and Credit Card Authorization Rates
- 3 Reasons Why Your International Business Needs Local Acquiring
Frequently Asked Questions
What are alternative payment methods?
Alternative payment methods are payment methods that are used as an alternative to mainstream credit and debit cards. Some examples include direct debit, online banking methods such as SOFORT and GiroPay, and eWallets such as Apple Pay.
What is BlueSnap?
BlueSnap helps businesses accept global payments a better way. Our All-in-One Payment Orchestration Platform is designed to increase sales and reduce costs for all businesses accepting payments.
BlueSnap supports payments across all geographies through multiple sales channels such as online and mobile sales, marketplaces, subscriptions, invoice payments and manual orders through a virtual terminal.
And for businesses looking for embedded payments, we offer white-labeled payments for platforms with automated underwriting and onboarding that supports marketplaces and split payments.
With one integration and contract, businesses can sell in over 200 geographies with access to local acquiring in 45+ countries, 110+ currencies and 100+ global payment types, including popular eWallets, automated accounts receivable, world-class fraud protection and chargeback management, built-in solutions for regulation and tax compliance, and unified global reporting to help businesses grow.
Who can use BlueSnap?
Merchants around the world can use BlueSnap to accept payments in 200 geographies with BlueSnap local acquiring in 47.
How do I integrate with BlueSnap?
We have flexible integration options that work for web and mobile. If you are building your own custom payment pages or apps, you can use our APIs, hosted payment fields and/or hosted payment pages. And with integrations to the software platforms and shopping carts you already use, you can start processing payments immediately. Learn more here.