Payment Gateways Statistics


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Payment Gateways Statistics 2023: Facts about Payment Gateways outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Payment Gateways, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Payment Gateways Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Payment Gateways Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 65 Payment Gateways Statistics on this page 🙂

Payment Gateways “Latest” Statistics

  • Retail e-commerce sales hit $154.7 billion in 2019, according to the U.S. Census Bureau, and the figures suggested that they would keep growing.[1]
  • Mobile payment methods are used by 81.1% of smartphone users in China, compared to 29% in the US and 19.1% in the UK.[2]
  • A survey from Pew found that respondents were more likely to think that mobile payments were poorly protected (38%) compared to debit (22%) and credit cards (9%).[2]
  • Due to the COVID-19 pandemic, 31% of US consumers have purposefully purchased restaurant delivery or takeout online.[3]
  • 61% of customers like the concept of having open access to their money so they may see their bank and credit card balances while using a mobile app to make payments.[3]
  • Gen Z-ers use mobile banking applications 69% of the time, compared to baby boomers who are only interested in utilizing them 17% of the time.[3]
  • Digital wallets are used by 75% of US customers because they are more convenient than carrying around credit cards.[3]
  • According to a research by Transaction Network Services (TNS), 26% of people who possess smart voice assistants have used them to make payments.[3]
  • A third of Gen Z-ers want to share their online payments on social media, compared to only 3% of baby boomers.[3]
  • According to Frost & Sullivan forecast, 950 million consumers in China will be using a mobile wallet by 2023.[3]
  • 36% of US customers, according to OC&C Strategy Consultants, make purchases using voice assistants.[3]
  • Mobile POS payments amount to $2 trillion which is around 30% of digital payments value.[3]
  • According to a payment gateway research by Juniper Research, AI chatbots are predicted to help the financial sector achieve $8 billion in cost savings by 2022.[3]
  • According to Accenture, by 2020, 64% of customers, up from 46% in 2017, would be utilizing mobile wallets.[3]
  • According to eMarketer, 79.3% of Chinese smartphone users will be scanning, swiping, and tapping at the point of sale (POS) by 2021.[3]
  • In the US, millennials account for 46% of all customers making payments using digital or mobile wallets.[3]
  • Machine learning may assist payment providers in up to 15% revenue growth from current customers, according to McKinsey.[3]
  • 74% of customers say they are not receptive to using voice assistants to make payments due to security concerns, which is a worrying number.[3]
  • According to online payment statistics, 31% of American consumers will have used voice assistants to make purchases in 2022.[3]
  • Online payment statistics by Accenture intimates that 68% of Gen Z-ers are delighted by instant P2P payments, more than any other demographic groups.[3]
  • Online payment statistics intimate that 82% of Generation Z consumers who own a smartphone shop online.[3]
  • 27% of US customers utilized online payment processors like PayPal and Amazon Pay.[3]
  • 63% of the total digital payment transaction value came from Digital Commerce.[3]
  • From 2020 through 2025, transaction value will likely grow 16.3% in Europe, 15.2% in the US, and $11.2 in China.[3]
  • The oldest members of this cohort are just young adults or adolescents, and by 2020, it was predicted that they would account for 40% of all US customers.[3]
  • According to Zelle, 50% of new users are adults who are 45 years of age or older, and 80% of US customers have used a P2P payment service.[3]
  • The preferred payment method of global online shoppers is eWallets (36%), followed by credit cards (23%) and debit cards (12%).[4]
  • According to consensus estimates, the North American eCommerce industry will expand at a steady, healthy pace of between 9% and 10% each year until 2022.[4]
  • One third of North American Gen Z consumers want to share their payments on social media while only 3% of Baby Boomers would.[4]
  • The eWallet is projected to top the list of commonly used payments in North American eComm at 33% by 2022.[4]
  • Ewallets are chosen by (36%) of international online consumers, followed by credit cards (23%) and debit cards (12%).[4]
  • The share of North America’s POS transactions made through eWallet will more than double by 2022 and on the eCommerce side the eWallet’s use will grow rapidly moving toward the Global Average (47%).[4]
  • Stripe Radar asserts that even if a card is used for the first time on a site, there is an 89% probability that it has already been detected on their network.[5]
  • Beyond the pandemic, 74% of people worldwide stated they will continue to use contactless payment methods.[6]
  • 74% of people worldwide stated they will continue using mobile wallets and contactless payment methods after the pandemic, according to a 2020 Mastercard research.[6]
  • As a result of the pandemic, the adoption of mobile wallets rose to a historic high of 46% in 2020, up from 40.6% in 2019, and 18.9% in 2018, according to the Global Payments Trends report by ACI Worldwide.[6]
  • The highest percentage increase for online buying in 2020 was achieved by buy now pay later services, climbing by over 78%.[6]
  • Electronic payments accounted up 34% of the monthly total in terms of value, compared to 29% for cards and 27% for paper instruments.[6]
  • Credit cards continued to have a slight advantage over digital wallets, which accounted for 30.4% of 2020 online payments.[6]
  • Payment cards, including debit, credit, and prepaid cards, were used for 57% of transactions in 2020.[6]
  • According to the estimate from ACI Worldwide, by 2024, just 16.8% of payments will be made on paper and over 80% of transactions will be electronic.[6]
  • According to the survey, credit cards continued to be the most popular online payment method among American customers, accounting for 32% of 2020 purchases, while down 7% from 2019.[6]
  • A report from Experian consumers rank security as the most crucial component of their online experience (55%) and want that firms make their online security policies more obvious (49%).[7]
  • 58% of customers who have used contactless payment methods stated they are more inclined to use them post-pandemic than they are pre pandemic, according to the survey.[8]
  • A must-have or nice to have for respondents is the ability to pay with a credit card, according to 84%, while having the option to pay with a debit card, according to 79% of respondents.[8]
  • Consumers still mostly use debit cards (28% of payments), followed by credit cards (27% of payments).[8]
  • Digital wallets would make up 51.7% of e-commerce transactions by 2024.[8]
  • In 2020, 72% of consumers reported making an in-person purchase during a three-day period, down from 91% who made an in-person payment over three days in 2019.[8]
  • 79% of customers claimed to have used their banking institution or another business to make P2P payments.[8]
  • Merchants also reported 37% of online sales transactions were abandoned in 2019, up from 31% in 2018.[8]
  • 50% of respondents said that utilizing contactless methods is safer for their health than paying with cash, a credit card, or a swipe.[8]
  • According to the 2019 American Express Digital Payments Survey, 85% of questioned customers gave up on an online transaction because it was difficult.[8]
  • Since 81% of businesses who accept contactless payments now or in the future say they will make them a permanent option for clients, this trend is expected to continue.[8]
  • Due to the government’s $606.3 million investment in the shared rural mobile phone network project in 2020, 95% of the country’s rural regions were anticipated to have 4G connectivity in the next years.[9]
  • According to Oberlo, a drop-shipping solutions company, the retail industry is expected to grow at an average annual rate of 3.58% from 2018 to 2022.[9]
  • Sales in the US retail industry will increase by 2.3% in 2021 and by 4.1% in 2022, according to Oberlo.[9]
  • Regional perspectives in 2021, North America led the market and generated more than 36% of worldwide revenue.[9]
  • Since the pandemic, there has been a 13%–20% growth in the number of consumers who prefer to make purchases online, leading to a considerable expansion of the e-commerce market.[9]
  • The share of consumers citing cash as their preferred payment method fell by nearly 10 percentage points from 2016 to 2020, while card payments became more popular.[10]
  • Digital and/or mobile wallets made up 49% of all global ecommerce spending as of late, making them the most common form of online payment for consumers globally.[11]
  • By then, digital wallets are anticipated to account for 33% of ecommerce spending in North America, while credit/debit cards will still account for 28% of purchases.[11]
  • Credit/debit cards, used for 21% and 13%, respectively, of global ecommerce sales, are the second and third most popular methods of online payment.[11]
  • In the Netherlands, MasterCard had a market share of 95% in 2018, but only accounted for 12% of the market in Germany.[12]
  • Poland had an 83% market share of contactless payments, whereas Italy had a 50% share.[12]
  • While 98% of persons in Sweden reported having a debit card in 2017, just 83% of adults in Portugal said the same.[12]

Also Read

How Useful is Payment Gateways

Payment gateways are digital platforms that facilitate the transfer of money between a customer and a business. These gateways act as a secure intermediary, ensuring that sensitive financial information is protected during the transaction process. By utilizing encryption technology and other security measures, payment gateways make online payments safe and secure.

One of the most significant advantages of payment gateways is the convenience they offer to both businesses and consumers. For businesses, integrating a payment gateway into their website or app allows them to accept various forms of payment, such as credit cards, debit cards, and digital wallets. This not only broadens the customer base but also streamlines the payment process, making it quick and efficient.

For consumers, payment gateways provide a hassle-free way to make transactions from the comfort of their home or on the go. With just a few clicks, they can securely complete a purchase without having to worry about their financial information being compromised. This convenience has led to an increase in online shopping and e-commerce transactions, as consumers feel more comfortable using payment gateways to make purchases.

Additionally, payment gateways have also made international transactions more accessible and cost-effective. With traditional banking systems, sending money overseas can be time-consuming and expensive due to currency exchange rates and transaction fees. Payment gateways eliminate these barriers by allowing businesses and consumers to make cross-border payments quickly and securely. This has opened up new opportunities for global commerce and has fueled the growth of the digital economy.

Moreover, payment gateways play a crucial role in fraud prevention and security. With the rise of cybercrime and online scams, it is essential to have a secure payment system in place to protect sensitive financial data. Payment gateways use advanced encryption technology and fraud detection tools to safeguard transactions and prevent unauthorized access to personal information. This gives both businesses and consumers peace of mind knowing that their financial data is safe and secure.

Overall, payment gateways have revolutionized the way we conduct transactions in the digital age. By offering convenience, security, and accessibility, these platforms have transformed the way businesses and consumers interact and transact online. As technology continues to advance, payment gateways will play an increasingly vital role in driving the growth of e-commerce and digital transactions. It is clear that payment gateways have become an indispensable tool in our modern society, and their importance will only continue to grow in the years to come.

Reference

  1. aisnet – https://aisel.aisnet.org/treos_amcis2020/22/
  2. ecommerceguide – https://ecommerceguide.com/guides/ecommerce-payment-stats-which-methods-do-shoppers-want/
  3. financesonline – https://financesonline.com/online-payments-statistics/
  4. bluesnap – https://home.bluesnap.com/snap-center/blog/payment-method-statistics/
  5. seon – https://seon.io/resources/payment-gateway-fraud-how-it-works-and-solutions/
  6. upgradedpoints – https://upgradedpoints.com/finance/most-popular-payment-methods-in-us/
  7. bigcommerce – https://www.bigcommerce.com/articles/ecommerce/payment-gateways/
  8. creditcards – https://www.creditcards.com/statistics/payment-method-statistics-1276/
  9. grandviewresearch – https://www.grandviewresearch.com/industry-analysis/payment-gateway-market
  10. insiderintelligence – https://www.insiderintelligence.com/content/payment-methods-funding-mechanisms
  11. oberlo – https://www.oberlo.com/statistics/most-popular-online-payment-methods
  12. statista – https://www.statista.com/topics/3946/digital-payment-methods-in-europe/

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