{"id":27666,"date":"2024-10-31T05:45:25","date_gmt":"2024-10-31T13:45:25","guid":{"rendered":"https:\/\/trc-parus.ru\/?p=27666"},"modified":"2024-10-31T05:45:26","modified_gmt":"2024-10-31T13:45:26","slug":"2024-payment-methods-report-overview-insights-and-statistics","status":"publish","type":"post","link":"https:\/\/trc-parus.ru\/blog\/2024-payment-methods-report-overview-insights-and-statistics\/","title":{"rendered":"2024 Payment Methods Report: Overview, Insights, and Statistics"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"27666\" class=\"elementor elementor-27666\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e299322 e-flex e-con-boxed e-con e-parent\" data-id=\"e299322\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5e533da elementor-widget elementor-widget-text-editor\" data-id=\"5e533da\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The economy today is tech-driven and payment methods are a key part of that paradigm. From traditional options like credit cards to emerging solutions such as cryptocurrencies and biometrics, each payment method comes with unique advantages that cater to varying consumer needs.\u00a0<\/p><p>This report covers the payment methods available, examining their usage, growth trends, and statistics to help businesses make informed decisions.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c8f8091 elementor-widget elementor-widget-table-of-contents\" data-id=\"c8f8091\" data-element_type=\"widget\" data-settings=\"{&quot;headings_by_tags&quot;:[&quot;h2&quot;],&quot;exclude_headings_by_selector&quot;:&quot;17&quot;,&quot;no_headings_message&quot;:&quot;No headings were found on this page.&quot;,&quot;marker_view&quot;:&quot;numbers&quot;,&quot;min_height&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"table-of-contents.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-toc__header\">\n\t\t\t<h2 class=\"elementor-toc__header-title\">\n\t\t\t\tTable of Contents\t\t\t<\/h2>\n\t\t\t\t\t<\/div>\n\t\t<div id=\"elementor-toc__c8f8091\" class=\"elementor-toc__body\">\n\t\t\t<div class=\"elementor-toc__spinner-container\">\n\t\t\t\t<svg class=\"elementor-toc__spinner eicon-animation-spin e-font-icon-svg e-eicon-loading\" aria-hidden=\"true\" viewBox=\"0 0 1000 1000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M500 975V858C696 858 858 696 858 500S696 142 500 142 142 304 142 500H25C25 237 238 25 500 25S975 237 975 500 763 975 500 975Z\"><\/path><\/svg>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b9e42a elementor-widget elementor-widget-heading\" data-id=\"8b9e42a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The Popularity of Different Payment Methods<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5a0ef9e elementor-widget elementor-widget-text-editor\" data-id=\"5a0ef9e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The table below shows the estimated popularity of each payment method as of 2024, including their global market share and main regions where each method is popular.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d519a6d elementor-widget elementor-widget-eael-advanced-data-table\" data-id=\"d519a6d\" data-element_type=\"widget\" data-widget_type=\"eael-advanced-data-table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"ea-advanced-data-table-wrap\" data-id=\"d519a6d\"><div class=\"ea-advanced-data-table-wrap-inner\">\n                <table class=\"ea-advanced-data-table ea-advanced-data-table-static ea-advanced-data-table-d519a6d\" data-id=\"d519a6d\"><thead><tr><th>Payment Method<\/th><th>Estimated Market Share (%)<\/th><th>Primary Regions of Popularity<\/th><\/tr><\/thead><tbody><tr><td>Credit Cards<\/td><td>20<\/td><td>North America, Europe<\/td><\/tr><tr><td>Debit Cards<\/td><td>15<\/td><td>Europe, Canada, Australia<\/td><\/tr><tr><td>Digital Wallets<\/td><td>30<\/td><td>Global, especially Asia<\/td><\/tr><tr><td>Bank Transfers<\/td><td>8<\/td><td>Europe, Latin America<\/td><\/tr><tr><td>Real-Time Payments (RTP)<\/td><td>5<\/td><td>North America, Asia<\/td><\/tr><tr><td>Buy Now, Pay Later (BNPL)<\/td><td>7<\/td><td>North America, Europe<\/td><\/tr><tr><td>Cryptocurrencies<\/td><td>3<\/td><td>Global, especially tech-savvy<\/td><\/tr><tr><td>Direct Carrier Billing<\/td><td>2<\/td><td>Emerging Markets<\/td><\/tr><tr><td>Prepaid Cards and Vouchers<\/td><td>4<\/td><td>Europe, North America<\/td><\/tr><tr><td>QR Code Payments<\/td><td>6<\/td><td>Asia, Growing in N. America<\/td><\/tr><tr><td>Biometric Payments<\/td><td>2<\/td><td>Global, especially mobile-first markets<\/td><\/tr><tr><td>Cash Payments<\/td><td>5<\/td><td>Emerging Markets, some developed regions<\/td><\/tr><tr><td>Central Bank Digital Currencies (CBDCs)<\/td><td>1<\/td><td>Asia, Caribbean<\/td><\/tr><\/tbody><\/table>\n            <\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6d61750 elementor-widget elementor-widget-heading\" data-id=\"6d61750\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Credit Cards<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d585a4b elementor-widget elementor-widget-text-editor\" data-id=\"d585a4b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>Overview<\/strong>: Credit cards allow consumers to make purchases on credit, paying later and often with interest. They remain a staple payment method globally.<\/li><li><strong>Global Usage<\/strong>: Credit cards represented <strong>20% of global e-commerce transactions<\/strong> in 2023, a number projected to decline slightly as digital wallets grow in popularity.<\/li><li><strong>Regional Penetration<\/strong>: In North America, over <strong>70% of online purchases<\/strong> are made via credit cards, while only <strong>10% of European consumers<\/strong> prefer this method.<\/li><li><strong>Growth Trends<\/strong>: Despite the rise of alternative payment methods, credit card transactions continue to grow in sectors like travel, accounting for <strong>60% of all travel bookings<\/strong> globally.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3af7742 elementor-widget elementor-widget-heading\" data-id=\"3af7742\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Debit Cards<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a3c50a9 elementor-widget elementor-widget-text-editor\" data-id=\"a3c50a9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>Overview<\/strong>: <a href=\"https:\/\/trc-parus.ru\/blog\/how-debit-cards-work\/\">Debit cards<\/a> draw directly from a user\u2019s bank account, making them a popular alternative to credit for consumers who prefer to avoid debt.<\/li><li><strong>Global Usage<\/strong>: Debit cards accounted for <strong>23% of online retail payments<\/strong> worldwide in 2023, with particularly high use in markets such as Canada, where over <strong>60% of consumers<\/strong> prefer debit cards over credit.<\/li><li><strong>Security Features<\/strong>: With advances in fraud protection, debit cards now offer a high level of security, contributing to their growing popularity.<\/li><li><strong>Regional Preferences<\/strong>: In Europe, debit cards account for <strong>45% of point-of-sale transactions<\/strong>, and the preference for debit over credit has increased by <strong>30%<\/strong> over the past five years.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-19de550 elementor-widget elementor-widget-heading\" data-id=\"19de550\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Digital Wallets<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-95d5265 elementor-widget elementor-widget-text-editor\" data-id=\"95d5265\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>Overview<\/strong>: <a href=\"https:\/\/trc-parus.ru\/blog\/how-digital-wallets-work-in-payments\/\">Digital wallets, or e-wallets,<\/a> are mobile or online applications that store payment information, allowing users to pay without physical cards.<\/li><li><strong>Market Share<\/strong>: As of 2023, digital wallets made up <strong>49% of global e-commerce transactions<\/strong>, projected to rise to <strong>54% by 2026<\/strong>.<\/li><li><strong>Popular Providers<\/strong>: PayPal, Alipay, and Apple Pay lead the market, with PayPal alone reporting over <strong>430 million active accounts worldwide<\/strong> as of 2023.<\/li><li><strong>Regional Preferences<\/strong>: In Asia, digital wallets dominate with <strong>71% of online transactions<\/strong> in countries like China, where over <strong>90% of consumers<\/strong> use Alipay or WeChat Pay for daily purchases.<\/li><li><strong>Growth Forecast<\/strong>: Mobile wallets are expected to grow by <strong>15% annually<\/strong>, with nearly <strong>5 billion users by 2025<\/strong>, driven by smartphone proliferation and security advancements.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-63eb0dd elementor-widget elementor-widget-heading\" data-id=\"63eb0dd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Bank Transfers<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af090cb elementor-widget elementor-widget-text-editor\" data-id=\"af090cb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>Overview<\/strong>: Bank transfers involve direct account-to-account payments and are commonly used in countries with high trust in banking institutions.<\/li><li><strong>Europe\u2019s Dominance<\/strong>: In Europe, <strong>36% of all online transactions<\/strong> are completed via bank transfer systems like SEPA and iDEAL.<\/li><li><strong>Trust Factor<\/strong>: Bank transfers offer high security with lower transaction fees, making them popular for large transactions in the B2B sector, accounting for <strong>40% of B2B payments<\/strong> in the EU.<\/li><li><strong>Growth<\/strong>: In regions such as Southeast Asia and Latin America, bank transfer payments have grown by <strong>20%<\/strong> annually due to increasing banking access.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5370e00 elementor-widget elementor-widget-heading\" data-id=\"5370e00\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Real-Time Payments (RTP) &amp; Instant Payments<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d81d9db elementor-widget elementor-widget-text-editor\" data-id=\"d81d9db\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>Overview<\/strong>: Real-Time Payments (RTP) systems allow funds to transfer instantly between bank accounts, offering 24\/7 availability, even outside standard banking hours.<\/li><li><strong>Popular Examples<\/strong>: <a href=\"https:\/\/trc-parus.ru\/blog\/an-introduction-to-interac-and-debit-cards-in-canada\/\">Interac e-Transfer (Canada)<\/a>, Zelle (U.S.), Faster Payments (U.K.), PayID (Australia), and UPI (India).<\/li><li><strong>Usage<\/strong>: RTP systems are growing rapidly; India\u2019s UPI processed <strong>74 billion transactions<\/strong> in 2023, while Zelle in the U.S. handled <strong>$1.6 trillion<\/strong>.<\/li><li><strong>Cost<\/strong>: RTP services are low-cost or free for consumers, typically around <strong>$0.50 to $1.50<\/strong> per transaction or free for some users.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3dccafe elementor-widget elementor-widget-heading\" data-id=\"3dccafe\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Buy Now, Pay Later (BNPL)<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b4e8644 elementor-widget elementor-widget-text-editor\" data-id=\"b4e8644\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>Overview<\/strong>: <a href=\"https:\/\/trc-parus.ru\/blog\/a-merchant-guide-for-buy-now-pay-later-bnpl-payments\/\">BNPL allows consumers to purchase goods<\/a> and pay in installments, typically interest-free, which has become popular among younger consumers.<\/li><li><strong>Market Growth<\/strong>: BNPL saw a <strong>400% increase<\/strong> in usage globally since 2018 and is expected to grow <strong>17% annually<\/strong> through 2028.<\/li><li><strong>Demographics<\/strong>: BNPL is particularly popular among Millennials and Gen Z, with <strong>60% of BNPL users<\/strong> under 40 years old.<\/li><li><strong>E-commerce Penetration<\/strong>: BNPL now accounts for <strong>5% of global e-commerce transactions<\/strong> and is projected to reach <strong>9% by 2027<\/strong>.<\/li><li><strong>Regional Insights<\/strong>: Australia leads in BNPL usage, where <strong>30% of consumers<\/strong> have used BNPL services at least once in the past year.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3849416 elementor-widget elementor-widget-heading\" data-id=\"3849416\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Cryptocurrencies<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27d7175 elementor-widget elementor-widget-text-editor\" data-id=\"27d7175\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>Overview<\/strong>: <a href=\"https:\/\/trc-parus.ru\/blog\/a-merchant-guide-for-cryptocurrency-payments\/\">Cryptocurrencies<\/a> are decentralized digital assets used as payment in some online and physical stores, though their volatility remains a barrier for some consumers.<\/li><li><strong>Adoption Rate<\/strong>: <a href=\"https:\/\/trc-parus.ru\/blog\/cryptocurrency-and-payments-a-look-at-the-future\/\">Cryptocurrency payment usage<\/a> remains niche but is growing, with <strong>over 420 million crypto wallet users<\/strong> worldwide in 2023.<\/li><li><strong>Cross-Border Appeal<\/strong>: Cryptocurrency payments are especially advantageous for cross-border transactions, with lower fees than traditional international bank transfers.<\/li><li><strong>Projected Growth<\/strong>: The cryptocurrency market for payments is expected to grow to <strong>$250 billion by 2030<\/strong> as stability increases and regulatory frameworks develop.<\/li><li><strong>Stablecoins<\/strong>: Stablecoins like USDC and USDT are increasingly popular in e-commerce due to their reduced volatility, with stablecoin transactions growing <strong>30% year-over-year<\/strong>.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-85b0f48 elementor-widget elementor-widget-heading\" data-id=\"85b0f48\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Central Bank Digital Currencies (CBDCs)<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-02b6432 elementor-widget elementor-widget-text-editor\" data-id=\"02b6432\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><p><strong>Overview<\/strong>: <a href=\"https:\/\/trc-parus.ru\/blog\/central-bank-digital-currencies-cbdcs-in-2024\/\">Central Bank Digital Currencies (CBDCs)<\/a> are digital forms of a country\u2019s national currency, issued and regulated by the central bank. Unlike cryptocurrencies, CBDCs are state-backed and pegged to the value of the national currency, aiming to provide a secure and stable digital payment option.<\/p><\/li><li><p><strong>Emerging Global Adoption<\/strong>: As of 2024, <strong>over 130 central banks<\/strong> are exploring or developing CBDCs, with countries like China, Nigeria, and the Bahamas already piloting or issuing CBDCs. China\u2019s digital yuan (e-CNY), for instance, has already processed <strong>over $250 billion in transactions<\/strong> as of 2023.<\/p><\/li><li><p><strong>Primary Use Cases<\/strong>: CBDCs are designed to enhance financial inclusion, streamline payments, and provide a government-regulated alternative to cryptocurrencies and private digital payment providers.<\/p><\/li><li><p><strong>Retail vs. Wholesale CBDCs<\/strong>: There are two types of CBDCs:<\/p><ul><li><strong>Retail CBDCs<\/strong> are designed for use by the general public, providing an alternative to cash.<\/li><li><strong>Wholesale CBDCs<\/strong> focus on interbank settlements, enhancing security and efficiency in large transactions between financial institutions.<\/li><\/ul><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e4f93df elementor-widget elementor-widget-heading\" data-id=\"e4f93df\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Direct Carrier Billing<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d14ff1 elementor-widget elementor-widget-text-editor\" data-id=\"4d14ff1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>Overview<\/strong>: Direct carrier billing (DCB) charges purchases directly to a user\u2019s mobile phone bill, ideal for digital goods and small purchases.<\/li><li><strong>Usage<\/strong>: DCB is commonly used in emerging markets, where <strong>1 in 5 mobile users<\/strong> relies on it for digital services like streaming or in-app purchases.<\/li><li><strong>Advantages<\/strong>: DCB offers high accessibility for consumers without bank accounts, accounting for <strong>20% of digital services payments<\/strong> in parts of Southeast Asia and Africa.<\/li><li><strong>Market Growth<\/strong>: The direct carrier billing market is expected to grow <strong>13% annually<\/strong>, with expanding reach due to increasing mobile penetration.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b2351a3 elementor-widget elementor-widget-heading\" data-id=\"b2351a3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Prepaid Cards and Vouchers<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f273241 elementor-widget elementor-widget-text-editor\" data-id=\"f273241\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>Overview<\/strong>: Prepaid cards and vouchers allow consumers to load funds in advance, useful for online purchases, especially in industries like gaming and digital entertainment.<\/li><li><strong>Market Share<\/strong>: Prepaid cards and vouchers make up <strong>4% of global online payments<\/strong>, with higher usage in gaming and online entertainment sectors.<\/li><li><strong>Growth<\/strong>: The prepaid market is projected to grow by <strong>10% annually<\/strong> as privacy-conscious consumers turn to prepaid options to limit personal information sharing.<\/li><li><strong>Popular Providers<\/strong>: Paysafecard and Vanilla Visa Prepaid Card dominate this space, with prepaid card usage increasing in Europe and North America.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-128bc4a elementor-widget elementor-widget-heading\" data-id=\"128bc4a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Mobile Payments &amp; QR Code Payments<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3edefdb elementor-widget elementor-widget-text-editor\" data-id=\"3edefdb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>Overview<\/strong>: <a href=\"https:\/\/trc-parus.ru\/products\/mobile-payment-processing\/\">Mobile payments<\/a> include apps that allow in-store and online purchases via smartphones, while QR code payments use scannable codes for quick transactions.<\/li><li><strong>Asia\u2019s Leading Adoption<\/strong>: In China, <strong>over 85%<\/strong> of consumers use QR codes for payments, particularly with WeChat Pay and Alipay.<\/li><li><strong>Global Penetration<\/strong>: In 2023, <strong>30% of in-store purchases<\/strong> worldwide were completed using mobile payment methods, expected to reach <strong>42% by 2025<\/strong>.<\/li><li><strong>Growth<\/strong>: QR code payments are expanding in North America and Europe, with QR-based transactions projected to grow <strong>25% annually<\/strong> as retailers adopt this contactless solution.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0141c85 elementor-widget elementor-widget-heading\" data-id=\"0141c85\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Biometric Payments<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9440d35 elementor-widget elementor-widget-text-editor\" data-id=\"9440d35\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>Overview<\/strong>: <a href=\"https:\/\/trc-parus.ru\/blog\/biometrics-and-payments\/\">Biometric payments<\/a> use physical traits, such as fingerprint or facial recognition, for authentication.<\/li><li><strong>Consumer Confidence<\/strong>: <strong>60% of consumers<\/strong> are comfortable using biometrics for payments due to increased security, with <strong>2 in 3<\/strong> smartphone users enabling biometric authentication.<\/li><li><strong>Adoption<\/strong>: Biometric payments are projected to reach <strong>$15 billion<\/strong> globally by 2025 as financial institutions incorporate them into mobile apps.<\/li><li><strong>Future Potential<\/strong>: As security becomes paramount, biometric payments are expected to grow <strong>20% annually<\/strong>, particularly in the banking and retail sectors.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7dd6ffd elementor-widget elementor-widget-heading\" data-id=\"7dd6ffd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Cash Payments<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f740043 elementor-widget elementor-widget-text-editor\" data-id=\"f740043\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><strong>Overview<\/strong>: Despite the rise of digital methods, cash remains widely used in certain regions and for specific purchase types.<\/li><li><strong>Global Usage<\/strong>: Cash remains significant, accounting for <strong>17% of all transactions<\/strong> worldwide. In regions like Latin America, cash-on-delivery is common for online purchases, making up <strong>24% of e-commerce payments<\/strong>.<\/li><li><b>Steady Decline: <\/b>There has been a steady <a href=\"https:\/\/trc-parus.ru\/blog\/statistics-for-cash-and-credit-card-use-for-payments-in-2024\/\">decline in cash usage<\/a>, with cash transactions dropping by <strong>over 30%<\/strong> in some developed markets over the past five years.<\/li><li><strong>Decline in Developed Markets<\/strong>: In markets like the U.S. and Europe, cash payments are projected to decline <strong>7% annually<\/strong> as contactless payments become more popular.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a9fa0f4 elementor-widget elementor-widget-heading\" data-id=\"a9fa0f4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Table Comparison of the Payment Methods<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-84505e7 elementor-widget elementor-widget-text-editor\" data-id=\"84505e7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Here\u2019s a quick comparison of the major payment methods available today, highlighting their key features, costs, and typical use cases.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-01b0d32 elementor-widget elementor-widget-eael-advanced-data-table\" data-id=\"01b0d32\" data-element_type=\"widget\" data-widget_type=\"eael-advanced-data-table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"ea-advanced-data-table-wrap\" data-id=\"01b0d32\"><div class=\"ea-advanced-data-table-wrap-inner\">\n                <table class=\"ea-advanced-data-table ea-advanced-data-table-static ea-advanced-data-table-01b0d32\" data-id=\"01b0d32\"><thead><tr><th>Payment Method<\/th><th>Description<\/th><th>Processing Time<\/th><th>Cost<\/th><th>Use Cases<\/th><th>Popular Examples<\/th><\/tr><\/thead><tbody><tr><td>Credit Cards<\/td><td>Bank-issued cards for borrowing funds<\/td><td>Instant<\/td><td>Varies (2-3% for merchants)<\/td><td>E-commerce, retail, travel<\/td><td>Visa, Mastercard, American Express<\/td><\/tr><tr><td>Debit Cards<\/td><td>Draws directly from user\u2019s bank account<\/td><td>Instant<\/td><td>Low to none for consumers<\/td><td>Everyday purchases, ATMs, retail<\/td><td>Visa Debit, Mastercard Debit<\/td><\/tr><tr><td>Digital Wallets<\/td><td>Mobile apps storing payment info<\/td><td>Instant<\/td><td>Low to none for consumers<\/td><td>E-commerce, in-store, mobile payments<\/td><td>PayPal, Apple Pay, Google Pay, Alipay<\/td><\/tr><tr><td>Bank Transfers<\/td><td>Transfers between bank accounts<\/td><td>1-3 days (ACH\/SEPA), instant for wires<\/td><td>Low (ACH), higher for wire transfers<\/td><td>B2B payments, large purchases<\/td><td>ACH (U.S.), SEPA (Europe), SWIFT<\/td><\/tr><tr><td>Real-Time Payments (RTP)<\/td><td>Instant, 24\/7 bank account transfers<\/td><td>Seconds<\/td><td>Low to none for consumers<\/td><td>P2P payments, small business<\/td><td>Zelle, RTP\u00ae Network, FedNow<\/td><\/tr><tr><td>Buy Now, Pay Later (BNPL)<\/td><td>Payment installments over time<\/td><td>Instant approval<\/td><td>Varies; may have interest<\/td><td>E-commerce, retail, large purchases<\/td><td>Afterpay, Klarna, Affirm<\/td><\/tr><tr><td>Cryptocurrencies<\/td><td>Digital, decentralized currency<\/td><td>Varies (typically minutes)<\/td><td>Low to moderate transaction fees<\/td><td>Cross-border payments, niche e-commerce<\/td><td>Bitcoin, Ethereum, USDC (stablecoin)<\/td><\/tr><tr><td>Direct Carrier Billing<\/td><td>Charges purchases to phone bill<\/td><td>Instant<\/td><td>Low for consumers<\/td><td>Digital content, in-app purchases<\/td><td>Fortumo, Boku<\/td><\/tr><tr><td>Prepaid Cards\/Vouchers<\/td><td>Preloaded funds for purchases<\/td><td>Instant<\/td><td>Low activation fee<\/td><td>Gaming, online entertainment<\/td><td>Paysafecard, Vanilla Visa<\/td><\/tr><tr><td>QR Code Payments<\/td><td>Mobile payment using QR codes<\/td><td>Instant<\/td><td>Low or none for consumers<\/td><td>In-store payments, mobile commerce<\/td><td>WeChat Pay, AliPay<\/td><\/tr><tr><td>Biometric Payments<\/td><td>Payment via fingerprint or face ID<\/td><td>Instant<\/td><td>None for consumers<\/td><td>Mobile payments, secure transactions<\/td><td>Apple Face ID, Samsung Iris<\/td><\/tr><tr><td>Cash Payments<\/td><td>Physical currency<\/td><td>Instant<\/td><td>None<\/td><td>In-store purchases, cash-on-delivery<\/td><td>Traditional cash<\/td><\/tr><tr><td>Central Bank Digital Currencies (CBDCs)<\/td><td>Digital currency by central banks<\/td><td>Instant or within minutes<\/td><td>Likely low-cost<\/td><td>Everyday transactions, cross-border payments<\/td><td>e-CNY (China), Sand Dollar (Bahamas)<\/td><\/tr><tr><td><\/td><\/tr><\/tbody><\/table>\n            <\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dead2aa elementor-widget elementor-widget-heading\" data-id=\"dead2aa\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Key Insights for Businesses\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a2d826 elementor-widget elementor-widget-text-editor\" data-id=\"1a2d826\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ol><li><strong>Multichannel Flexibility<\/strong>: Offering diverse payment options can reduce cart abandonment rates by up to <strong>40%<\/strong>, as customers are more likely to complete a purchase when their preferred payment method is available.<\/li><li><strong>Regional Adaptation<\/strong>: Different markets favor different methods, so understanding local preferences is crucial. For instance, integrating digital wallets is essential in Asia, while bank transfers are popular in Europe.<\/li><li><strong>Security Focus<\/strong>: Advanced payment methods like biometrics and digital wallets provide added security layers, enhancing consumer trust. Consumers increasingly prioritize secure options, with <strong>85%<\/strong> reporting they prefer businesses that offer fraud protection.<\/li><li><strong>Future Potential of Digital Payments<\/strong>: Digital payments, especially mobile wallets, are projected to make up <strong>73% of e-commerce payments<\/strong> by 2026, underscoring the need for businesses to optimize for mobile-first experiences.<\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8aec059 elementor-widget elementor-widget-heading\" data-id=\"8aec059\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Future Outlook of Payment Methods<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-84fc3ca elementor-widget elementor-widget-text-editor\" data-id=\"84fc3ca\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The payment landscape is evolving quickly as technology advances and consumer preferences shift towards digital, mobile, and real-time solutions. Here\u2019s what the future of payment methods looks like:<\/p><ul><li><p><strong>Dominance of Digital Wallets and Mobile Payments<\/strong>: Digital wallets are projected to surpass 50% of global e-commerce transactions by 2027. As smartphone use increases, especially in developing regions, mobile wallets and QR code payments will continue to expand rapidly, becoming the preferred choice for consumers due to convenience and security.<\/p><\/li><li><p><strong>Rise of Real-Time Payments (RTP)<\/strong>: Real-time payment systems are expected to grow by <strong>15% annually<\/strong>, as consumers and businesses alike demand instant fund transfers. This demand has spurred initiatives like FedNow in the U.S. and similar systems in Europe, Asia, and Latin America, making 24\/7 payments accessible worldwide.<\/p><\/li><li><p><strong>Growth of Buy Now, Pay Later (BNPL)<\/strong>: BNPL services are anticipated to grow by <strong>20% annually<\/strong>, particularly among younger generations seeking flexible payment options without credit card interest. However, this growth may face regulatory scrutiny as governments look to protect consumers from potential debt risks.<\/p><\/li><li><p><strong>Cryptocurrencies and Stablecoins<\/strong>: Cryptocurrencies and stablecoins are expected to see greater adoption as transaction fees decrease and regulatory clarity improves. While still niche, these options could play a larger role in cross-border payments, with stablecoins providing a more stable digital currency alternative.<\/p><\/li><li><p><strong>Expanding Role of Central Bank Digital Currencies (CBDCs)<\/strong>: With over 130 countries exploring or developing CBDCs, these digital currencies are expected to play a pivotal role in the next decade. CBDCs aim to offer secure, stable, and state-backed digital payment alternatives, with regions like Asia leading adoption.<\/p><\/li><li><p><strong>Decline of Cash Use<\/strong>: Cash payments are projected to decline by <strong>3% annually<\/strong> as contactless and digital alternatives become more widespread. While cash will remain relevant in some regions, digital transformation and the demand for speed and convenience will drive further reduction in cash transactions.<\/p><\/li><li><p><strong>Increased Security and Biometric Payments<\/strong>: As fraud concerns grow, biometric payment methods like fingerprint and facial recognition are gaining traction. These methods add a layer of security, and with consumer comfort rising, biometric payments are anticipated to grow by <strong>30% annually<\/strong>, becoming a standard for mobile and in-store transactions.<\/p><\/li><\/ul><p>The future of payments is headed toward a digital, real-time, and highly personalized ecosystem where consumers have access to diverse, secure, and efficient methods. For businesses, keeping pace with these changes will be essential for customer satisfaction, operational efficiency, and global competitiveness.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The economy today is tech-driven and payment methods are a key part of that paradigm. From traditional options like credit cards to emerging solutions such as cryptocurrencies and biometrics, each payment method comes with unique advantages that cater to varying consumer needs.\u00a0 This report covers the payment methods available, examining their usage, growth trends, and [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":27693,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[44],"tags":[],"class_list":["post-27666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-payments-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2024 Payment Methods Report: Overview, Insights, and Statistics<\/title>\n<meta name=\"description\" content=\"This 2024 payment methods report covers all the different payment methods with 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