Insights on the Alternative Online Payment Methods Global Market 2022 - Share of BNPL in B2C E-Commerce Payments Made is Projected to More Than Double by 2026
After the spread of the COVID-19 pandemic, alternative payment methods have come to be more frequently used, specifically digital wallets. The global value of digital wallets is now forecasted to increase from 2022 to reach a value in the trillions of Euros in 2026.
Other alternative payment methods have also gained momentum including prepaid cards, BNPL, and bank transfers. The adoption of such alternative payment methods has a high potential of being useful to online merchants. A survey cited in the report reveals that more than one-third of consumers found the acceptance of digital payments to be a factor influencing their store purchasing choice.
Moreover, nearly half of online merchants who are not already accepting payments via digital wallets, plan to do so, and almost one third of surveyed small businesses also revealed that their acceptance of new payment methods is an area for growth. The acceptance of alternative methods of payment, such as mobile and digital wallets, by online businesses in Bulgaria has proven to be beneficial with more than one-half experiencing increases in sales share.
BNPL use increases
Aside from cryptocurrency and QR code payments, BNPL is another significant method of payment that continues to increase in presence on a global scale. The number of BNPL users is forecasted to increase from 2021 to 2026 to reach a value in the billions of Euros.
The share of BNPL in B2C E-Commerce payments made is also projected to more than double by 2026, compared to what it was in 2021. Furthermore, Klarna was the BNPL provider most used by top E-Commerce websites, holding a notable market share of BNPL services as of March 2022. Klarna's presence has been growing since 2019, reaching a significant number of users in 2021.
Key Topics Covered:
1. Management Summary
2. Global Developments
Online & Mobile Payment Trends, July 2022
Most Used Payment Methods When Shopping Online During The Pandemic, in % of Online Shoppers, by Selected Countries, April 2021
Payment Methods Used More Frequently Compared To Pre-COVID-19 When Shopping Online, in % of Online Shoppers, by Selected Countries, April 2021
Payment Methods Used More Frequently Compared To Pre-COVID-19 When Shopping Online, in % of Online Shoppers, by Selected Countries, April 2021
Value of Digital Wallet Transactions, in USD trillion, 2022f & 2026f
QR Code Payment Transaction Value, in USD trillion, 2022e & 2025f
Cryptocurrency Payment Value, in USD billion, 2018-2023f
Number of B2C E-Commerce Transactions Paid by OEM Mobile Payment Apps, in billions, 2022f & 2026f
Number of BNPL Users, in millions, 2021e & 2026f
BNPL Share of B2C E-Commerce Payments, in %, 2021e & 2026f
Market Shares of BNPL Services, in % of Top E-Commerce Websites Supporting BNPL as a Payment Method, March 2022
Breakdown of E-Commerce Websites Offering BNPL as a Payment Method, by Countries, in %, October 2021
Number of Klarna's Users, in millions, 2019-2021
Factors Influencing Store Purchasing Choice, Excluding Digital Payments, in % of Consumers, December 2021
Areas for Growth According to Small Businesses, in % of Small Businesses, December 2021
Payment Methods Accepted by Online Merchants, by Already Accepted and Planned, in % of Online Merchants, February 2022
Share of Consumers and Small Businesses Planning to Use Digital Payment Methods Exclusively Within the Next Two Years, in %, December 2021
Proximity Mobile Payment Users in Select Countries, in % of Smartphone Users, 2021
Value of B2C E-Commerce Losses to Online Payment Fraud, in USD billion, 2020 & 2021e
3. Asia-Pacific 3.1. Regional
3.2. Advanced Markets 3.2.1. Japan
Payment Methods Used in B2C E-Commerce, in % of Online Shoppers, 2021
General Payment Methods Used, in % of Respondents, January 2022
Breakdown of Attitude Towards Future Use of Mobile Payments, in % of Smartphone Users, February 2022
Breakdown of Most Used QR Code Mobile Payment Services, in % of QR Code Mobile Payment Users, January 2022
3.2.2. South Korea
Breakdown of Payment Methods Used in B2C E-Commerce, in %, 2021
Mobile Wallet Ownership and Usage, in % of Adults, H1 2021
3.2.3. Australia
BNPL Sales, in AUD billion, FY 2019 & FY 2021
Awareness and Usage of Buy Now Pay Later Payment Methods, in % of Respondents, September 2018 & June 2021
Awareness of Selected Buy Now Pay Later Services, in % of Respondents, September 2018 / August 2020 & June 2021
Usage of Selected Online Payment Platforms, in % of Respondents, January 2018 & June 2021
3.2.4. New Zealand
BNPL and Credit Card Use, by Generation, in % of Respondents, January 2021
3.2.5. Singapore
Payment Methods Preferred in B2C E-Commerce, in % of Online Shoppers, 2021
Changes in Consumer Behavior Following COVID-19 According to Online Merchants, incl. Payment-Related, in % of Online SMBs, September 2021
Share of Adults Who Would Prefer to Use BNPL to Buy An Item They Could Not Afford Immediately, in %, December 2021
3.3. Emerging Markets 3.3.1. China
Payment Methods Preferred in B2C E-Commerce, in % of Online Shoppers, 2021
Most Used Payment Methods, in % of Internet Users, February 2022
Online Payment User Penetration, in % of Internet Users, June 2021
Number of Online Payment Users, in millions, and Penetration, in % of Internet Users, 2017-2021
Number of Real-Time Payment Transactions, in billions, 2020 & 2025f
Breakdown of Mobile Wallet Market, in % of Total Value, July 2021
Third-Party Payment Value, by Mobile & Online, in CNY trillion, 2018-2025f
Factors Considered Before Choosing a Mobile Payment Platform, in % of Internet Users, February 2022
3.3.2. Taiwan
Breakdown of Most Preferred Online Payment Methods, in % of Internet Users, August 2021
Mobile Payment and Card User Penetration, by Age Group, in % of Internet Users, August 2021
3.3.3. Hong Kong
Breakdown of Most Used Online Payment Methods, in %, 2023f
3.3.4. India
Breakdown of Total Transaction Volume, by Payment Method Type, in %, 2021
Breakdown of Total Transaction Volume, by Payment Method Type, in %, 2026f
Breakdown of Total Transaction Value, by Payment Method Type, in %, 2021
Breakdown of Total Transaction Value, by Payment Method Type, in %, 2026f
Payment Methods Preferred in B2C E-Commerce, in % of Online Shoppers, 2021
Overview of Selected Functions Available in Leading Mobile Wallet Apps, July 2021
3.3.5. Indonesia
Payment Methods Preferred in B2C E-Commerce, in % of Online Shoppers, 2021
Digital Wallet and Mobile Banking Use, by Generation, in % of Mobile Payment Users, H2 2021
Most Used Digital Wallet Platforms, in % of Mobile Payment Users, by Socio-Economic Status, H2 2021
3.3.6. Thailand
Payment Methods Preferred in B2C E-Commerce, in % of Online Shoppers, 2021
Payment Methods Preferred in B2C E-Commerce, in % of Online Shoppers, 2021
Breakdown of Daily Payment Transactions by Payment Method, in %, 2021
3.3.7. Vietnam
Payment Methods Preferred in B2C E-Commerce, in % of Online Shoppers, 2021
3.3.8. Malaysia
Payment Methods Preferred in B2C E-Commerce, in % of Online Shoppers, 2021
3.3.9. Philippines
Breakdown of Payment Methods in B2C E-Commerce, in %, 2021
4. Europe 4.1. Regional 4.2. Advanced Markets 4.2.1. UK 4.2.2. Germany 4.2.3. France 4.2.4. Spain 4.2.5. Italy 4.2.6. Netherlands 4.2.7. Sweden 4.2.8. Belgium 4.2.9. Norway 4.2.10. Denmark 4.2.11. Finland 4.2.12. Austria 4.3. Emerging Markets 4.3.1. Russia 4.3.2. Poland 4.3.3. Turkey 4.3.4. Czech Republic 4.3.5. Portugal 4.3.6. Romania 4.3.7. Hungary 4.3.8. Bulgaria 4.3.9. Croatia
5. North America 5.1. Regional 5.2. USA 5.3. Canada
6. Latin America 6.1. Regional 6.2. Brazil 6.3. Mexico 6.4. Argentina 6.5. Colombia 6.6. Chile 6.7. Peru
7. Middle East & Africa 7.1. Regional 7.2. UAE 7.3. Saudi Arabia 7.4. South Africa 7.5. Egypt 7.6. Nigeria
