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North America Online Payment Methods 2022

·2-min read

Digital payment methods are here to stay. Cards continue to dominate the online payments landscape in North America. While mobile wallets experienced a strong increase in use and popularity during and post-pandemic, most consumers in both the U.

New York, June 30, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "North America Online Payment Methods 2022" -
S. and Canada still prefer to use credit cards for online shopping in 2022, as per data included in the report. Nevertheless, mobile wallets are gaining acceptance, already supported by around one in two E-Commerce merchants in the U.S. and one in three in Canada. Also in-store usage of mobile payment solutions is on the rise, with competition among top providers such as Apple and Google intensifying.

BNPL adoption by U.S. consumers continues to grow in usage and penetration

A payment solution gaining popularity among consumers in North America is the Buy Now Pay Later (BNPL) service. In the U.S. alone, the number of BNPL users is projected to more than triple by 2025. The younger generation had the highest BNPL user penetration rates in 2021. Furthermore, around one third of U.S. online shoppers used BNPL as a payment method, and almost half of all BNPL users preferred using BNPL over credit cards. When it comes to BNPL platforms used, Afterpay and Klarna were in the lead in the U.S., according to a recent survey cited by the report.

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