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Global Online Payment Methods 2022

·2-min read

The share of cash payments is projected to decline in regions worldwide by 2025, reveals a new report. Cards and digital wallets are the most common payment instruments in most regions worldwide.

New York, Aug. 12, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Global Online Payment Methods 2022" -

Digital payments in the Asia-Pacific region accelerated, with China being one of the frontrunners towards a cashless society. Consumers in the North American and Latin American regions still prefer to use credit cards for online shopping in 2022, as per data included in the report, and, in Europe, payments via debit card or credit card were the most preferred methods of payments in multiple countries; however, other European countries differed, exhibiting preferences towards payments via mobile app, Invoice, PayPal, or another form of digital wallet, and direct bank payment. In the Middle East and Africa, payment experts expect the transition to digital systems to be sustainable, with a high double-digit percentage of surveyed payment practitioners predicting that at least half of new digital payment users will continue the use of digital payments instead of using cash in the future.

BNPL adoption continues to grow in usage and penetration

The number of Buy Now Pay Later (BNPL) users globally is projected to more than quadruple from 2021 to 2026 and the share of BNPL used in B2C E-Commerce payments is forecasted to increase by 15 p.p. in the same time period, as spelled out in the report. In North America the BNPL service is gaining momentum, with the number of BNPL users projected to more than triple by 2025 in the U.S. alone. Furthermore, in the APAC region, over three quarters of Australians were aware of the BNPL service and its main market players such as Afterpay and Zip.

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