Hamburg-based online business intelligence company yStats.com’s recent publication, “North America Online Payment Methods: Full Year 2017” includes, among other data, projections of increasing use of digital and mobile wallets such as PayPal and Apple Pay in the USA and Canada.
Credit card is still the leading choice of online buyers in the USA and Canada, according to the yStats.com report, but consumer interest in alternative methods is rising. For example, merchants such as Starbucks and Walmart have introduced their own mobile payment apps, though third-party mobile apps led by Apple Pay garner the highest usage ranking of mobile wallet solutions in the USA.
Consumer adoption of new payment methods is motivated by the perceived convenience of use of digital and mobile checkout, along with concern over security of credit and debit card information in online purchases. About a third of surveyed consumers in the USA responded in 2017 that they do not store credit card information on online merchant sites out of fear that their data could be compromised.
Another survey cited in the yStats.com report reflects Canadian consumer’s high preference for rewards offered through mobile phone payments.