Global Alternative Online Payment Methods Analysis 2024: Digital Wallets, BNPL, QR Codes, and Instant Payments Drive Online Purchasing Surge Worldwide

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Feb 28, 2024, 18:45 ET

DUBLIN, Feb. 28, 2024 /PRNewswire/ -- The "Global Alternative Online Payment Methods 2024" report has been added to ResearchAndMarkets.com's offering.

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?

Company Coverage:

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

Key Topics Covered:

1. Key Takeaways

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

3.2. Advanced Markets
3.2.1. Japan
3.2.2. South Korea
3.2.3. Australia
3.2.4. New Zealand
3.2.5. Singapore

3.3. Emerging Markets
3.3.1. China
3.3.2. Taiwan
3.3.3. Hong Kong
3.3.4. India
3.3.5. Indonesia
3.3.6. Vietnam
3.3.7. Malaysia

4. North America

4.1. Regional
4.2. USA
4.3. Canada

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
5.3. Germany
5.4. France
5.5. Spain
5.6. Italy
5.7. Netherlands
5.8. Sweden
5.9. Belgium
5.10. Austria
5.11. Poland
5.12. Portugal

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
6.3. Mexico
6.4. Argentina
6.5. Colombia
6.6. Chile
6.7. Dominican Republic
6.8. Peru

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
7.3. Saudi Arabia
7.4. Jordan
7.5. South Africa
7.6. Egypt
7.7. Nigeria

For more information about this report visit https://www.researchandmarkets.com/r/72o06t

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