The new digital era has witnessed a revolution in payments, transforming both how consumers make purchases as well as the opportunities available to retailers. In the same context, E-Wallets and other smartphone methods of payment are gaining market share year-over-year, but in all markets, card and bank transfers are still hugely popular.
Read the below and take a quick glance at the preferred payment methods and what payment innovations look like in select markets: the US, UK, Australia, India, Singapore, United Arab Emirates, Brazil, and Mexico.
The Most Preferred Payment Methods in 2018:
- Card payments are still prevalent in Singapore (79%), the UK (78%), the US (71.5%), India (65.4%), Brazil (59%), Australia (57%) and finally Mexico (30.5%).
- In contrast, the UAE is leading the charge in payments via PC and tablet, as opposed to mobile.
- India leads all markets in term of using E-wallet with a rate of 17.8%, followed by the US (17.6), Mexico (17.3) and the UK (16.2).
E-Commerce and Digital Payment in 2018:
- Cards are the most used payment methods for the US e-commerce consumers with a rate of 71.5%. In terms of using e-wallets (17.6%), PayPal grabbed a rate of 16.2%, and only 0.7% goes to Google Wallet.
- The same is in the UK and Mexico as cards and e-wallets are the most used payment methods for e-commerce customers there.
- 85% of US, 83% of Australian and 80% of Uk respondents interact with brands on social, while 53% of US and Indian respondents have made a purchase after watching a branded video.
- Nearly a quarter of UK mobile buyers have used a mobile wallet to pay for products or services, compared to 19% in Australia 13% in Brazil and 10% in Mexico.
A Graph Shows the Most Used Payment Methods for the US E-Commerce Consumers in 2018