DUBLIN, Sept. 3, 2021 /PRNewswire/ — The “Global Alternative Payment Methods 2021 Post COVID-19” report has been added to ResearchAndMarkets.com’s offering.
Global Alternative Payment Methods 2021 Post COVID-19′ provides insights into the current state and future trends of the alternative payment market in the world. Among other findings, the publication reveals that the top reason for using the BNPL service in the US is to make purchases that cannot be afforded within the current budget, as of 2021.
The BNPL solution, which accelerated in 2020, was predominantly used online
Credit and debit cards are clearly the most common payment forms globally and they accelerated even more after the COVID-19 onset. However, with the consumers’ adaptation to the “new normal” in 2020, their interest in alternative payments developed as well. One of the most common ones was Buy Now Pay Later, which was used by 30% of individuals in 2020 when making online payments, as per an August 2020 survey cited in the report.
Among the top BNPL service providers worldwide are Afterpay, Zip Co, Klarna, PayPal Credit, Tabby and Tamara that experienced an acceleration and also received high investment funding amounts in 2020. Furthermore, the BNPL solution was predominantly preferred to be used online, for instance, in Germany, about 60% of the surveyed individuals claimed they used BNPL online and 56% of them intended to use it digitally further.
Among the reasons cited by BNPL service users in the USA is to be able to make purchases that would not otherwise be possible within their current budget.
Although cryptocurrency was used to make payments prior to COVID-19, in 2020 the usage accelerated in many countries globally
The payment industry altered significantly amid COVID-19 in 2020, with enterprises and consumers quickly adopting new methods of payment. About 70% of consumers over the globe were open to using cryptocurrency more than they used to a year ago, as per a March 2021 survey. Moreover, in the United States, the cryptocurrency adoption rate of 11% was substantially higher than the 3% global average, as of December 2020.
The share of those who owned cryptocurrency in Turkey reached a slightly higher share of 16% in the first quarter of 2020. Furthermore, the most common product categories purchased with cryptocurrency in the US were “groceries” and “online gaming or gambling,” according to sources cited in this report.