Dublin, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The "Alternative Online Payment Methods Market 2024" report has been added to ResearchAndMarkets.com's offering.
Digital wallets are among the most popular digital payment methods globally
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
- iDEAL
- JoMoPay
- Klarna
- MACH
- Mobile Suica
- Payconiq
- PayPal
- Pix
- QIWI
- Samsung
- Sofort
- StatisPay
- Venmo
- Yape
- Yoo Money
- Zelle
Key Topics Covered:
1. Key Takeaways
- Key Takeaways of Global Alternative Payment Methods
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
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
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
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/tub7st
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