Online Payment Statistics By Security, Regions, Revenue, Usage and Demographics

Introduction

Online Payment Statistics: As people and businesses shift from cash to online payments, the payments industry is experiencing major changes and is optimistic about the future. Right now, lockdowns, strict health protocols, and ongoing health concerns have greatly altered our daily lives, particularly how we spend money. The COVID-19 pandemic has sped up the digitization of the payments industry by two to three years. As people and businesses shift from cash to online payments, the payments industry is experiencing major changes and is optimistic about the future.

Right now, lockdowns, strict health protocols, and ongoing health concerns have greatly altered our daily lives, particularly how we spend money. The COVID-19 pandemic has sped up the digitization of the payments industry by two to three years. We shall shed more light on Online Payment Statistics through this article.

Editor’s Choice

• Online Payment Statistics stated that almost 68% of small businesses have reduced their use of cash and paper checks.
• Also, 58% of B2B companies plan to switch most of their payments from checks to electronic methods.
• In North America, ACH credits are the most common B2B payment method, with 37%, followed by checks at 25%, domestic wire transfers at 13%, and other methods at 25%.
• E-commerce attracts users of all ages and genders, and online shopping offers opportunities for nearly all providers.
• By 2026, digital wallets are expected to be the most popular payment method for online shopping, used by 54% of people. Credit cards will be used by 16%, and debit cards by 10%.
• Half (48%) of businesses think they’ve lost up to 10% of their international revenue because their payment processors need to offer the right payment options.
• Nearly 80% of business leaders reported having a payment approval rate of less than 90% or needing to know their approval rate.
• Credit cards and digital wallets are the most widely used payment methods around the world.
• B2B payments are expected to make up over 70% of all virtual card payments by 2026.
• Domestic payments will represent 59% of all B2B transactions in 2025, as per Online Payment Statistics.
• The global digital payments market revenue is projected to grow by 11.79% each year (CAGR) from 2023 to 2027.
• 81% of businesses are either investing or planning to invest in B2B payment technology for Accounts Payable (AP).
• China’s digital payments revenue is forecasted to grow by 7.80% annually (CAGR) from 2023 to 2027.
• The number of global BNPL users is expected to increase more than four times from 2021 to 2026.
• Global mobile payments are expected to grow at a rate of 36.2% each year from 2023 to 2030.
• Buy now, pay later (BNPL) had a market value of USD 25.4 billion in 2022 and is expected to grow to USD 160.7 billion by 2032. In 2023, 5% of online transactions used BNPL.
• Businesses face several issues: manual reviews (45%), high credit costs (43%), and high payment costs (41%). Additionally, 90% of businesses need help with exchange rates in B2B payments.
• B2B finance professionals look for payment technologies that offer fast processing, low or no fees, and easy payment methods.
• On average, it costs USD 13.11 to process a single invoice.
• Over 60% of businesses spend about 14 hours each week on administrative tasks related to collecting payments.
• In 2024, e-commerce’s share of retail sales is expected to increase by 0.7 percentage points, reaching 20.1%. This means that more than USD 1 out of every USD 5 spent on retail items will be online.
• Global digital commerce revenue is expected to reach USD 8.1 trillion by 2026.

You May Also Like To Read

• Digital Banking Statistics
• Digital Nomad Statistics
• Digital Marketing Statistics
• Digital Banking Statistics
• Online Interview Statistics
• Blockchain Statistics
• Cryptocurrency Statistics

What is Mobile Payment?

Mobile payments are digital transactions made using smartphones or other mobile devices. Often called “m-payments,” they usually use digital wallets like Google Pay and Apple Pay. These wallets store payment information electronically, letting users pay for goods and services with a tap without needing physical cards.

Mobile payments are considered faster, more convenient, and more secure than other payment methods, which explains their rapid growth in recent years. Businesses can easily start accepting mobile payments—all they need is a standard POS setup or a simple contactless payment reader.

Most Popular Online Payment

• As consumers’ shopping habits shift online and the global e-commerce market grows, online payment methods are evolving, too.
• In 2024, e-commerce’s share of retail sales is expected to increase by 0.7 percentage points, reaching 20.1%. This means that more than USD 1 out of every USD 5 spent on retail items will be online.
• Understanding the most popular e-commerce payment methods can help online businesses decide which forms of payment to offer.

Here’s a look at the top online payment options consumers use for e-commerce purchases.

(Reference: oberlo.com)

• Digital Wallets (50%) – A report shows that in 2023, 50% of all e-commerce spending worldwide will be done using digital wallets, making them the top online payment method. Popular digital wallets include Google Pay, Apple Pay, and Venmo. Digital wallets not only lead other online payment methods but are also expected to keep this top spot. By 2027, 61% of all e-commerce spending is expected to be done with digital and mobile wallets.
• Credit Cards (22%) – Credit cards are the second most popular online payment method, used for 22% of global e-commerce sales. This is not surprising given their benefits, like cash-back rewards and travel perks.
• Debit Cards (12%) – Debit cards come next, with a 12% share. Though debit cards remain popular, their share is expected to drop to 8% by 2027.
• Account-to-Account (A2A) (7%) – A2A transactions made up 7% of online purchases in 2023, and this is expected to rise to 8% by 2027. A2A payments are especially popular in countries like Brazil, India, and Poland.
• Buy Now, Pay Later (5%) – Buy Now, Pay Later (BNPL) had a market value of USD 25.4 billion in 2022 and is expected to grow to USD 160.7 billion by 2032. In 2023, 5% of online transactions used BNPL.
• Cash on Delivery (2%) – Cash on delivery accounted for 2% of the market in 2023 and is expected to drop to 1% by 2027, showing a shift toward digital payments.
• Prepaid Cards (1%) – Prepaid cards made up 1% of the market in 2023, and this is expected to stay the same in 2027.

Digital Payment Security Statistics

Even though digital payments are becoming more popular, many people still have security concerns. Here are some important security stats for digital payments in 2024:

• Users Are Concerned – 69% of people who use digital payments worry that these methods might not be as safe as other payment options. (Visual Objects)
• Experts Have Mixed Opinions- 47% of cybersecurity experts need clarification on the security of mobile payments. (Business2Community)
• Public Wi-Fi Seen as a Major Risk – The biggest security risk for mobile payments is using public Wi-Fi, according to 26% of experts. Lost or stolen devices are also a concern, affecting 21%. (ISACA)
• Public Remains Doubtful – 70% of Americans are hesitant to switch to mobile payments because of security worries. (Pew Charitable Trusts)
• Hacking Is a Major Concern – Among those who doubt the security of digital payments, 41% are most worried about being hacked, while 16% are concerned about fraud and 12% about theft.

Online Payment Current Statistics 2024

• In 2023, real-time payments made up 266.2 billion transactions worldwide, marking a 42.2% increase from the previous year. This growth shows that real-time payments are moving from early use to becoming more common.
• Collaboration between governments, regulators, banks, and fintech companies has helped expand real-time payments, leading to more domestic use and new applications.
• Merchants and consumers are now using real-time payments more through apps, QR codes, and mobile wallets.
• Around the world, real-time payments are becoming standard, offering fast and low-cost transactions.
• In 2023, real-time payments accounted for nearly 20% of all electronic payments, and this is expected to rise to over 25% by 2028.

General Online Payment Statistics

• According to the latest Statista digital payments growth statistics (2022), the total global digital payments transaction value is expected to hit USD 14.79 trillion by 2027.
• The global digital payments market revenue is projected to grow by 11.79% each year (CAGR) from 2023 to 2027.
• According to Online Payment Statistics, the total value of global digital payment transactions is estimated to reach USD 9.47 trillion in 2023.

• The total US digital payments transaction value is expected to reach USD 3.53 trillion by 2027.
• US digital payments revenue is projected to grow by 14.66% annually (CAGR) from 2023 to 2027. In 2023, the total value of US digital payment transactions is estimated to be USD 2.04 trillion.
• In China, the total value of digital payment transactions is expected to reach USD 5.20 trillion by 2027.
• China’s digital payments revenue is forecasted to grow by 7.80% annually (CAGR) from 2023 to 2027. In 2023, the total value of China’s digital payments transactions is projected to be USD 3.85 trillion.
• According to Online Payment Statistics, the global digital payments statistics (2021) show that 64% of adults worldwide now make or receive digital payments.
• In developed countries, 95% of adults use digital payments, compared to 57% in developing countries.

• About 84% of financial services account holders around the world are using digital transactions.
• In developed countries, 98% of account holders use digital payments, while 80% of adults in developing countries do the same.
• According to the latest McKinsey & Co. US digital payments statistics (2022), 89% of Americans are now using digital payments.

• The largest part of the global digital payments market is digital commerce.
• According to Insider Intelligence online payments statistics (2022), e-commerce is expected to account for 24% of global consumer spending by 2026.

• Global digital commerce revenue is expected to reach USD 8.1 trillion by 2026.
• Global e-commerce revenue is projected to be USD 6.3 trillion in 2023, making up 20.8% of global retail sales.
• According to FIS Global digital payments statistics (2022), digital wallets account for 49% of global e-commerce sales, credit cards for 21%, and debit cards for 13%.
• According to Civic Science digital payments business statistics (2022), the most popular digital wallets in the US are PayPal (36%), Apple Pay (20%), and Venmo (16%), as per Online Payment Statistics.

• Among all digital wallet platforms in the US, PayPal is still the most popular.
• More than one-third of digital wallet users in the US use PayPal as their main wallet.
• Additionally, about 46% of people use PayPal for online transactions.
• According to McKinsey & Co. cashless payments statistics, 15% of digital wallet users in the US often go out without a physical wallet.

• A CBDC, or Central Bank Digital Currency, is digital money issued by a central bank and is valued in the country’s currency. It’s like an electronic version of physical cash.
• According to the Bank for International Settlements’ digital payments statistics (2022), 90% of central banks are actively exploring CBDCs.

• To issue a CBDC, a central bank needs legal permission as per Online Payment Statistics.
• According to the Bank for International Settlements electronic payments data (2022), 26% of central banks already have the legal authority to issue a CBDC.

• About 10% of areas where central banks operate are changing their laws to create a legal framework for CBDCs.
• Around 25% of these areas need the legal authority to issue a CBDC.
• About 40% of central banks are still determining their legal standing regarding CBDCs.
• A CBDC is different from current cashless payment methods like credit transfers, card payments, and e-money because it represents a direct claim on the central bank, not a debt of a private financial institution.

Online Payment Regional Statistics

• The total transaction value in the Digital Payments market is expected to reach USD 11.55 trillion in 2024.
• This value is forecasted to grow at a compound annual growth rate (CAGR 2024-2028) of 9.52%, reaching USD 16.62 trillion by 2028.
• The largest segment is Digital Commerce, with a projected transaction value of USD 7.63 trillion in 2024, according to Online Payment Statistics.
• Globally, China is expected to have the highest transaction value, reaching USD 3.74 trillion in 2024.

(Source: statista.com)

Online Payment Statistics- Africa

(Reference: statista.com)

• In the above chart, we can see the most common payment methods for online shoppers in South Africa as of January 2024.
• As of January 2024, 43% of online purchases in South Africa were made using a credit card.
• Bank transfers were the second most common method, accounting for 22% of online transactions, according to Online Payment Statistics.
• The total amount of money handled in the Digital Payments market is expected to hit USD 195.50 billion in 2024.
• This number is anticipated to grow at a yearly rate of 12.65% from 2024 to 2028, reaching USD 314.80 billion by 2028.
• The biggest part of the market is Mobile POS Payments, which is expected to handle USD 97.18 billion in transactions in 2024.

Online Payment Statistics- United States

(Reference: ecommercedb.com)

• Visa is the top payment method in US eCommerce, available at 96.1% of online stores in our database.
• Mastercard is also widely
• accepted and is found in 95.9% of online stores.
• American Express is third, offered by 90.8% of online stores, and Discover is fourth, used by 81.9% of online stores.
• Lastly, PayPal, an eWallet service, is used by 77% of online stores in the US.
• The total value of transactions in the Digital Payments market is expected to reach USD 3,731 billion in 2024.
• This value is projected to grow at an annual rate of 10.59% from 2024 to 2028, reaching an estimated USD 5,581 billion by 2028.
• Online Payment Statistics state that the biggest segment of this market is Digital Commerce, which is predicted to have a transaction value of USD 2,717 billion in 2024.

Online Payment Statistics- Asia

(Source: statista.com)

• The above chart shows the number of users of digital payment in Asia from 2018 to 2027 by segment.
• The number of users is expected to increase significantly in all areas in the last two updates. This trend is likely to continue from 2018 to 2027.
• The Digital Commerce segment is predicted to have the highest number of users, reaching 3.5 billion by 2027.
• The total amount of money handled in the Digital Payments market is expected to hit USD 5.26 trillion in 2024.
• According to Online Payment Statistics, this figure is predicted to grow at an annual rate of 8.87% from 2024 to 2028, reaching about USD 7.39 trillion by 2028.
• The largest part of this market is Digital Commerce, which is expected to be worth USD 3.21 trillion in 2024.

Online Payment Statistics- Australia and Oceania

(Reference: hellozai.com)

• The total value of transactions in the Digital Payments market is expected to hit USD 176.40 billion in 2024.
• This amount is forecasted to grow at a rate of 10.63% each year from 2024 to 2028, reaching about USD 264.20 billion by 2028.
• The biggest part of this market is Digital Commerce, which is predicted to be worth USD 119.00 billion in 2024.

Online Payment Statistics- Caribbean

• The total transaction value in the Digital Payments market is expected to reach USD 22.90 billion in 2024.
• This amount is projected to grow at an annual rate of 10.92% from 2024 to 2028, reaching about USD 34.66 billion by 2028.
• The largest segment of this market is Digital Commerce, with an expected transaction value of USD 11.01 billion in 2024.

Online Payment Statistics- Europe

(Source: paymentscardsandmobile.com)

• The total value of transactions in the Digital Payments market is expected to reach USD 2.19 trillion in 2024.
• This value is projected to grow at an annual rate of 8.81% from 2024 to 2028, reaching about USD 3.08 trillion by 2028.
• The largest segment of this market is Digital Commerce, with a forecasted transaction value of USD 1.49 trillion in 2024, according to Online Payment Statistics.

UPI Top 50 Member Performance In India

• UPI Remitter Members- Top 50 Members (June 2024)

Online Payment Application Revenue And Usage Statistics

• More than 2 billion people worldwide use mobile payments, with millions more starting each year.
• In countries like India, Southeast Asia, and South America, younger people are ditching credit and debit cards and using mobile apps.
• The adoption of mobile payments could be faster in developed countries like Germany and France, where cash and cards are still preferred.
• In the US, despite having over 50 million users, Apple Pay is only sometimes used in stores.
• Mobile payment systems outside China and India often use near-field communication (NFC) to allow digital payments through card readers.
• According to Online Payment Statistics, mobile payments have quickly become part of daily life in China, with QR codes being the main method.
• Alibaba and Tencent, the two biggest companies in China, offer the main payment services: AliPay and WeChat Pay.
• AliPay is the standard for Alibaba’s Tmall and Taobao, while WeChat Pay is used with WeChat, the country’s most popular social app.

• In India, there is strong competition among Paytm, PhonePe, and Google Pay. Paytm has the most users and transactions, but PhonePe and Google Pay handle more UPI payments.
• Worldwide, Apple Pay and Google Pay are the leading payment services, with Samsung Pay further behind.
• PayPal, known from the eBay era, has created a super-app to compete with new mobile payment services like Cash App and also owns Venmo as per Online Payment Statistics.
• Several regional mobile payment services have grown quickly in recent years, such as GrabPay in Southeast Asia, SadaPay in Pakistan, and Mercado Pago and PicPay in Brazil.
• This growth suggests that global brands like Apple and Google may face challenges expanding outside their main markets, similar to how Uber struggled in Asia.
• With mobile payment use expected to reach 4.8 billion users by 2025, leaders in specific regions or countries could see significant revenue growth.
• Many of these apps are also deeply linked with other financial services offered by the same companies.
• Online Payment Statistics stated that China’s two mobile payment services, AliPay and WeChat Pay, are very popular, though mostly in China.
• Apple Pay is widely used in all the countries where iPhones are sold, but it has yet to be very successful in China.

(Reference: businessofapps.com)

• Apple Pay is the top mobile payment service in the US, with 43.9 million people having used it at least once.
• Surprisingly, Starbucks is second, with 31.2 million users in the US, more than Google Pay.

(Reference: businessofapps.com)

• Mobile payments in India are set up differently. The National Bank of India created the Unified Payments Interface (UPI), which is now a popular way to make transactions on mobile phones.
• PhonePe and Google Pay are the top services in this market, but according to Online Payment Statistics, Paytm has the most transactions overall in the country.

(Reference: businessofapps.com)

Digital Audience Demographics

• According to GWI, Baby Boomers are less likely to use the Internet for online shopping than Gen Z and Millennials.
• Among Baby Boomers, 75.6% of women and 71.9% of men shop online. In comparison, 77.7% of Gen Z women and 72.6% of Gen Z men use the Internet for shopping, while 79.9% of Millennials aged 25 to 34 and 35 to 44 shop online, with similar rates for men.
• E-commerce attracts users of all ages and genders, and online shopping offers opportunities for nearly all providers.
• However, different age groups have different online shopping habits.
• 63% of female users aged 16 to 24 use mobile e-commerce, while 55.8% of males in the same age group do.
• Among users aged 25 to 34, 58.1% of women use mobile e-commerce, compared to 58.1% of men.
• According to Online Payment Statistics, 40.5% of women and 55.4% of men aged 35 to 44 use mobile e-commerce.
• Among women aged 45 to 54, 51% use mobile e-commerce, compared to 46.9% of men.
• Finally, 38% of women aged 55 to 64 use mobile e-commerce, while 35.8% of men in that age range do.

(Source: statista.com)

• The above chart shows the Transaction value by segment for Digital Commerce, Digital Remittances, Mobile POS Payments, and Total.

(Source: statista.com)

• In the above chart, we can see the average transaction value per user from 2017 to 2028.

(Source: statista.com)

• In the above chart, we can see the online payment users by segment between 2017 to 2028.

Online Payment Methods for Hospitality Business

More restaurants, bars, and cafes are offering mobile payment options, but the rate of adoption varies. Here are some key stats about mobile payments in the hospitality industry:

#1. Mobile Payments Popular in Restaurants

In 2023, 66% of restaurants in the US and Canada accept mobile payments. This is more than the 63% that accept credit cards and the 38% that accept debit cards, as per TouchBistro.

#2. Hotels Increasingly Use Mobile Payments

In 2019, mobile wallet payments made up 30% of hotel bookings, with higher rates at branded and city hotels, according to PhocusWire.

#3. Cards and Contactless Payments Preferred

90% of consumers use cards or contactless payment methods instead of cash when they visit a bar or restaurant, as per Zonal, CGA.

#4. Mobile Payments Behind Cards

24% of consumers often use mobile wallets like Apple Pay and Google Pay in hospitality businesses, compared to 13% who regularly use smartwatches as per Zonal, CGA.

Conclusion

Mobile payments are expected to make up 79% of all digital transactions by 2025, and 66% of hospitality businesses are already using this technology. This means mobile payments will become a major part of how we pay in the future. However, there are still security concerns with mobile payments.

To protect yourself, use a POS system with good security, keep your operating system up to date, and connect only to reliable Wi-Fi networks. This article has shed more light on Online Payment Statistics.

Saisuman Revankar

Saisuman is a professional content writer specializing in health, law, and space-related articles. Her experience includes designing featured articles for websites and newsletters, as well as conducting detailed research for medical professionals and researchers. Passionate about languages since childhood, Saisuman can read, write, and speak in five different languages. Her love for languages and reading inspired her to pursue a career in writing. Saisuman holds a Master's in Business Administration with a focus on Human Resources and has worked in a Human Resources firm for a year. She was previously associated with a French international company. In addition to writing, Saisuman enjoys traveling and singing classical songs in her leisure time.

More Posts By Saisuman Revankar

Online Vs In-Store Shopping Statistics By Holiday Seasons, Products, Country, Consumer Behavior, Generation, Revenue And Market Share

Braintree Statistics By Country, Usage And Traffic Insights, Traffic And Marketing Insights And Employee Rates

Trustpilot Statistics By Booking, Market Share, Product andServices, Customers Geography, Country And Demographics

Car Rental Statistics By Revenue, Sales, Users And Region

Black Friday Vs Cyber Monday Statistics By Awareness Channels, Buying Categories, Shopping Reasons And Demographics

Offshore Wind Energy Statistics By Production, Capacity And Country

Renewable Energy Jobs Statistics By Market Value, Number Of Jobs, Region, Employees, Sector And Average Earning

A/B Testing Statistics By Usage, Areas, Customers, Optimize Tool, Benefits And Recent Developments

Ridesharing Industry Statistics By Market Size, Revenue, Region, Apps, Services, Rates Of Violence And Monthly Sales Per Customer

Data Breach Statistics By Facts, Market, Data Breach Cost, Violation Fines, Penalties, Settlements, Country, Industry And Data Points Leaked Types