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Rebuilding payments for a smarter world
2021
at fisglobal.com
CONTENTS
INTRODUCTION 3
GLOBAL PAYMENT TRENDS 5
KEY INSIGHTS 30
MARKET GUIDES 51
METHODOLOGY 134
PAYMENT TERMS 136
2
REBUILDING
PAYMENTS FOR A
SMARTER WORLD
2020 changed our world and how we interact within it more than any other year in
recent history. For the first time, no matter where we were, we experienced something
together. We’ve experienced emotional lows and hoped for our future. We’ve had
to alter our daily habits and adjust future engagements. We’ve learned about new
technology and services that help us deal with being at home more often.
3
We’re connected by more than just commerce. We’re connected
by a shared experience. That has inevitably altered our connections
to commerce.
As businesses began to reopen and we learned how to navigate

the world amidst the pandemic, it became clear that rebuilding
economies was essential. Doing it the right way will allow for smarter
experiences and smarter interactions.
That’s the foundation of The 2021 Global Payments Report by

Worldpay from FIS.
We’ll explore how 2020 catapulted payments years ahead of where

they were projected to be and we’ll dive into what commerce will
look like post pandemic. Beyond just payments, we’ll highlight the
newest modern currency and considerations for entering different
markets. You’ll get the smarter insights you need to build a true
omnichannel experience.
We’ve seen the rapid change that can occur in a digital world.
Payment options are frequently evolving and competition over
payment market share continues to increase. We’ll help you create
smarter customer experiences by helping you understand which
payment methods are popular and which new ones are on the rise.
Rebuilding our economies and businesses lies with all of us. It starts
with understanding where change occurred and applying those insights
to create the smarter checkout experiences consumers have come to
expect. While there wasn’t a guidebook for navigating a pandemic, we
can give you a solid, smarter payments roadmap to the future.
Let’s start by rebuilding businesses and rethinking smarter

about commerce.
4
GLOBAL
PAYMENT
TRENDS

5
GLOBAL
PAYMENT TRENDS
Consumer payment preferences vary considerably around the world, increase from 2019. This growth accelerated the rate of e-commerce
reflecting an infinite diversity of historical, technical, cultural, economic and penetration by almost three years, with total transactions jumping from
regulatory factors. Alternative payment methods like digital wallets and bank 8% in 2019 to 10% in 2020.
transfers are now in the mainstream, if not in the outright majority, and legacy
methods like credit cards and cash continue to decline. Digital wallets remain the payment method of choice among global
e-commerce consumers, accounting for 44.5% of e-commerce transaction
Widespread disruptions created a profound shift in commerce and payments, volume in 2020, up 6.5% from 2019. Chinese consumers lead the way with
accelerating the adoption of digital wallets in e-commerce while hastening the digital wallets, accounting for 72.1% of e-commerce purchases. In the U.S.
decline of cash at the point of sale. – where digital/mobile wallet adoption lagged global averages – digital
wallets grew to represent 29.8% of e-commerce transactions, up 23.7%
Digital wallets thrive as e-commerce surges over 2019 levels.
E-commerce exploded in 2020 to post the highest growth rate in five years
as home-bound consumers sought alternatives to shuttered brick-and- Digital wallet gains in e-commerce came largely at the expense of credit
mortar stores. Global e-commerce growth accelerated in 2020 despite cards, bank transfers and cash on delivery (COD). Our projections expect
recessionary headwinds, posting U.S.$4.6 trillion in transactions, a 19% digital wallets to account for 51.7% of e-commerce payment volumes by
2024 with slight declines in credit cards (to 20.8%) and debit cards 6
(to 12%). By 2024, digital wallets, credit and debit cards will account for
84.5% of e-commerce spend. Buy now, pay later (BNPL) continues to earn
market share, expecting to double from 2.1% in 2020 to 4.2% by 2024. Online checkout
with digital
One new component of our 2020 e-commerce analysis is direct debit.
Direct debit is a form of bank transfer where a retailer withdraws funds
wallets increased
6.5%
directly from a consumer’s bank account on a specified date after the
purchase. Most popular in Europe where it earned 4% of share, direct
debit was used for 1.2% of global e-commerce payments in 2020.
Cash bids a hasty retreat amid POS contraction

Point-of-sale felt the impact of COVID-19 most directly, with 2020
global transaction volume falling 4.4% from 2019. Projections see
recovery from the global recession transaction volumes taking 18-24
months, returning to 6.5% global growth rates in 2022, and then 3.3%
growth in 2023 and 3.5% in 2024.
Disruptions in payment types were as equally dramatic as the reductions

in total volume. COVID-19 is accelerating the pace of cash’s decline
faster than even the most bullish projections. The pandemic accelerated
the decline of cash by over three years, exceeding in 2020 our previous
projection for 2023. Cash was used for 20.5% of global POS volume in
2020, a 32.1% reduction from 2019.
Cash transaction values fell steeply around the world in 2020: by 21.9%
in North America, 33.6% in Europe, 34.7% in Latin America and 36.6%
in APAC. Cash has fallen to historically low usage around the world,
representing only 5.4% of POS transaction volume in Canada, 4.5% in
Norway, 11.9% in the U.S. and less than 10% in markets as diverse as
Australia, Hong Kong and Sweden.
Mobile wallets gained much of cash’s share loss at the point of sale,
rising 19.5% over 2019 to represent 25.7% of 2020 POS transactions.
The pandemic ushered in a wave of interest in contactless payment
methods, accelerating already growing interest in mobile wallets.
7
7
Credit cards (22.4%) and debit cards (22.3%) continue to earn majority
shares of POS payments in Europe, Latin America and North America,
while seeing comparatively less use in APAC and MEA.
A new category in our POS 2020 analysis is POS financing, which

represents a mix of legacy and emerging payments that extend consumer
credit at the point of sale. This includes credit offered by retailers,
financial institutions, marketplaces and BNPL services. The spectrum of
POS financing is broadening consumer payment choices while boosting
merchant conversions. POS financing represents 3.5% of global 2020 POS
share, projected to maintain fairly steady share at 3.3% in 2024.
Looking ahead to 2024, we expect the trend away from cash to continue
as consumers cement their preferences of more convenient, contactless
payment methods at the point of sale. While accelerating cash’s decline,
we do not expect a significant cash bounce-back – regardless of COVID-
19’s ultimate trajectory. We project cash will decline an additional 38%
from 2020 to represent just 12.7% of global POS volume by 2024.
The loss of cash will be absorbed by mobile wallets with expectations

they will rise an additional 30% from 2020 to account for 33.4% of global
POS spend by 2024. Mobile wallets will earn shares in the mid-teens
across all global regions by 2024, led by the outlier of APAC where mobile
wallets will achieve majority status, earning 47.9% of POS share by 2024.
Though shifting within regions, card shares will hold steady through
2024 at roughly 50% of global POS transaction values.
*Percentage changes are calculated as rates of change rather than raw changes in percentages year-over-year
At the POS,
cash dropped
32%
in the last year 8
Global e-com payment methods
2020 2024*
Digital/Mobile Wallet 44.5% 51.7%
Credit Card 22.8% 20.8%
Debit Card 12.3% 12.0%
Bank Transfer 7.7% 5.3%
Cash on Delivery 3.3% 1.7%
Charge & Deferred Debit Card 3.3% 1.6%
Buy Now Pay Later 2.1% 4.2%
Direct Debit 1.2% 1.0%
Pre-Paid Card 1.1% 0.5%
PostPay 0.9% 0.5%
PrePay 0.4% 0.2%
Other 0.4% 0.4%
Global POS payment methods

2020 2024*
Cash 20.5% 12.7%
POS Financing 3.5% 3.3%
Charge Card 2.2% 2.3%
Numbers adjusted for rounding may impact totals. *Forecasted

9
EUROPE
PAYMENT TRENDS
COVID-19 caused profound disruptions to commerce throughout Europe. commerce. Europe’s e-commerce market grew 14% annually on average
Lockdowns and operating restrictions on physical businesses helped between 2016 and 2020; we project the 15 European countries in our
e-commerce volumes surge. Face-to-face businesses bore the heaviest survey will sustain average annual growth of 10.1% through 2024.
economic burdens, striving to survive and thrive even in the face of
recessionary headwinds and evolving regulations. Though the digital gap is rapidly closing, economies within Europe reflect
great diversity. There are e-com markets with high internet penetration
Payment methods accelerated toward digital solutions in 2020. Digital wallets and high growth (Spain and Sweden), high internet penetration with
and buy now, pay later (BNPL) services continue to absorb share amid a moderate growth (U.K. and Scandinavian countries), low internet
balanced e-commerce payments landscape from bank transfers, credit penetration but high-growth (Russia and Turkey), and low internet
cards and debit cards. More significant disruption was seen at the point of penetration, lower growth countries (Poland, Belgium and Ireland).
sale, where contactless forms of commerce suddenly rose to prominence to European e-commerce projects robust overall expansion through 2024:
accelerate the decline of cash. from a low of 7.4% CAGR in Belgium to a high of 22% in Turkey.
Sustained, diverse e-commerce growth European payment methods are diverse, with five different methods ranking
European e-commerce continued to grow through the pandemic, as highest in at least one country surveyed. Digital wallets are the leading
consumers sought to bridge the gaps created by closures of in-person e-commerce payment method in Europe, accounting for 26.4% of payments. 10
Digital wallets are now the leading payment method in the five largest
European e-commerce markets: France, Germany, Russia, Spain and the U.K.
Debit and credit cards both capture nearly 19% of payments for
e-commerce in Europe, contending for a second-place ranking of
European payment preferences. Debit cards are the e-com payment
method of choice in Belgium, Denmark and Ireland, while credit cards
reign in countries as diverse as Norway and Turkey. BNPL is the leading
e-com payment method in Sweden, helping boost the 7.4% share of
regional transaction value for buy now, pay later.
Bank transfers represent a robust 13% of regional transactions,

sharing strong leadership positions in The Netherlands and Finland.
The popularity of bank transfer among European consumers goes
beyond even the strong direct share of payments, as digital wallets
linked to bank accounts continue to gain share. An emerging variant
on bank transfers, direct debit is broken out capturing 4% of European
e-commerce payments, mainly driven by Germany.
Looking ahead through 2024, we see a market that continues to reflect

Europe’s diversity, with digital wallets, credit and debit cards, bank
transfers and BNPL all earning double-digital share of e-com payments.
Digital wallets and BNPL will gain additional share, with digital wallets
rising 13.3% to maintain the category lead, approaching 30% by 2024.
The popularity of BNPL will make the largest gains, nearly doubling its
share by 2024 to account for 13.6% of e-com spend. Advances by digital
wallets and BNPL options will come at the expense of more traditional
payment methods, with charge cards, cash on delivery and pre-paid
Europeans checkout
services seeing steady declines through 2024. online using debit
and credit cards
Cash rapidly declines amid POS contraction
equally at
19%
As was the case globally, European point-of-sale merchants felt the
impact of COVID-19’s economic challenges most directly. 2020 POS
transaction volume fell 10.2% across the region to U.S.$6.76 trillion.
Modest annual growth of 4.2% is forecast for POS transaction volume
through 2024. European POS volumes are expected to expand
sufficiently to regain 2019 levels during 2022.
11
Cash use declined at the POS in Europe by more than a third (33.6%).
The decline in consumers’ use of cash represents among the most
dramatic payment method shifts in modern times. Cash volumes dropped
by more than half in France (59.6%) and the U.K. (51.1%). Although still
considered a significant drop, Germany saw the least drastic declines,
falling only 12.5% in 2020 to account for 43.5% of POS transaction volume.
Though the greatly accelerated pace of cash’s decline in 2020 was directly
attributable to the pandemic, our forecasts see additional retreats
independent of COVID-19’s path. Europe will see the use of cash declining
9.9% annually through 2024, when it will represent just 15.4% of POS
transaction volume. By 2024, we project cash will capture 15.4% of POS
spend in Europe. Denmark, Sweden and Norway are expected to be nearly
cashless within five years, while above average cash use will persist in
Germany, Italy, Spain and Poland.
Cards accounted for most European POS payments in 2020, increasingly

of the contactless variety. Cash’s loss is translating to wins for cards at
the POS: 41% share for debit, 11.5% for credit cards, 6% for charge cards
and 2.6% for prepaid cards. Our forecast projects debit cards expanding
their share lead through 2024, reaching 43.9% of POS spend.
Mobile wallets are also gaining significant POS share. Contactless

mobile wallets surged over 63% in 2020 to capture 7.2% of POS spend.
Sustained compound annual growth of 22.9% will see mobile wallets
rise to earn 13.9% of POS spend by 2024.
New to the 2021 GPR is POS financing. Created to properly capture and
categorize the full range of instant financing options at the point of sale,
POS financing encompasses BNPL, direct merchant financing and other
marketplace solutions. POS financing represented 4.3% of regional
2020 POS volume. Led by Denmark and The Netherlands, POS financing
projects to maintain that share of regional POS spend through 2024.
Denmark, Sweden and
Norway are expected to
Footnote: For 2021, we’ve added additional breadth and detail by breaking out Europe to provide separate in-depth analysis. Previous
Global Payment Reports aggregated Europe, Middle East and Africa (EMEA). be nearly cashless
within five years 12
Europe e-com payment methods
2020 2024*
Other 1.2% 1.1%
PrePay 1.1% 0.7%
PostPay 0.1% 0.1%
Europe POS payment methods

2020 2024*
Cash 27.4% 15.4%
Numbers adjusted for rounding may impact totals. *Forecasted 13

ASIA-PACIFIC
PAYMENT TRENDS
COVID-19 caused disruptions to commerce across Asia-Pacific (APAC) in Growth in China’s e-commerce market will continue through 2024 with 14.1%
2020. It imposed compound shocks to the economy: the direct costs of projected annual growth. By 2024, China’s e-commerce transaction value will
pandemic management, substantial costs resulting from lockdowns and other exceed U.S. $3.1 trillion, larger than the rest of APAC combined. APAC e-com
containment measures, and reverberations from a recession of global scope. growth rates through 2024 will range from a high of 19.1% in Indonesia to a
low of 7.5% in Japan. Indonesia, Vietnam, The Philippines and India will all
Payment method trends accelerated toward digital solutions throughout see e-com growth rates above 15% through 2024, with less than 10% growth
APAC in 2020. As commerce shifted from the point of sale to e-commerce, projected for the more mature economies of Australia, Japan, New Zealand
consumers shifted payment preferences to digital methods. Digital and and Singapore.
mobile wallets continued to gain in popularity as consumers turned away
from cash at historic rates. Digital wallets continued to dominate APAC e-commerce payments. In 2020,
digital wallets exceeded 60% of APAC e-com payment methods, increasing
APAC e-commerce: Today’s window into a global digital future slightly from 58.4% in 2019. China continues to lead globally in digital wallet
E-commerce is projected to grow 13% annually through 2024. In 2020, APAC use accounting for 72.1% of 2020 e-com payments. Driven by local brands,
e-commerce transaction value exceeded U.S.$2.4 trillion and is projected to digital wallets have ascended to be the leading e-com payment method in
exceed U.S.$3.9 trillion by 2024. Expansion will be driven largely by mobile India (39.7%) and Indonesia (29.3%), while approaching the lead in Australia
commerce, growing from 59.3% of regional e-com in 2020 to 64.1% by 2024. (24.1%), Hong Kong (28.9%) and New Zealand (20%). 14
Credit cards maintained a strong second place position with 19.1%
of e-com payments, despite falling slightly from 20.1% in 2019. They
remain the leading payment method in half of the APAC countries
included in our report, including dominant positions in Japan (58.2%),
South Korea (57.4%) and Singapore (45.3%). Debit card use in APAC
jumped 38.1% in 2020, rising from 4.2% in 2019 to 5.8% of 2020 e-com
payments, with consumers using debit more often to pay for smaller
value purchases due to the pandemic.
2024 projections include further increases for digital wallets in APAC

e-com payments. Digital wallets will increase their dominant lead in
e-commerce to 65.4% by 2024, rising to category-leading positions in
Australia, Malaysia and The Philippines. Debit cards will also rise from
5.8% of e-commerce payments in 2020 to 7.1% in 2024 on strength in
Australia (21.3%), South Korea (20%) and India (18%). Buy now, pay later
(BNPL) services will more than double from 2020 to 2024, from 0.6% to
1.3%. These share gains will come largely at the expense of credit cards,
bank transfers, cash on delivery (COD) and prepaid cards, all of which
will lose share through 2024.
Changing POS preferences

As was the case throughout the world, the economic impacts of
COVID-19 were felt most acutely at the point of sale. The pandemic
contributed to significant drops in POS transaction values in India
(-8.1%), Singapore (-10.4%), Thailand (-9.2%) and Japan (-7.4%).
While the ultimate path of the pandemic globally adds additional

uncertainties, strong growth is projected to a recovery of 2019 POS
volumes by late 2021 or 2022. China projects 6.2% growth from 2020
through 2024 – including 9.7% growth in 2021 – growing to represent Credit cards are the
over U.S.$22 trillion in 2024. The Philippines forecasts the largest
growth rate regionally through 2024 at 9.4%, followed closely by India leading online payment
(8.9%) and Vietnam (8.8%). The more mature economies of Japan
(2.8%), South Korea (4%) and Australia (4.6%) project the lowest POS method in Japan,
growth rates through 2024.
South Korea
and Singapore 15
15
Payment methods at the point of sale are undergoing a dramatic change
away from cash and toward mobile wallets, a global trend led by consumers
in APAC with the help of some government initiatives. In Japan, the
government actively offered discounts for retail purchases when consumers
paid with a non-cash payment method. While the shift away from cash was
1
in motion long before 2020, the pandemic greatly accelerated the trend.
2020 witnessed large shifts in POS transactions with cash, dropping from
30.3% in 2019 to 19.2% in 2020, a decline of 36.6%. Sparked by COVID-19,
the accelerated decline in the use of cash in 2020 alone exceeded our pre-
pandemic projections for 2023.
Much of the POS spend previously dedicated to cash shifted to mobile

wallets. Mobile wallets share increased by 12% in 2020, rising from
35.9% in 2019 to 40.2% in 2020. Mobile wallets approached a three-
year acceleration in 2020, nearly reaching the 45.1% projected for 2023.
Prepaid cards also gained significant POS share in 2020, rising from 0.8%
in 2019 to 3.5% in 2020.
Looking ahead to 2024, we see a continuation of these trends at

the point of sale, with cash continuing to decline across the region,
projected to fall an additional 43.8% from 2020 to 2024, when cash will
represent only 10.8% of transactions. Cash will persist as the leading
POS payment method in Indonesia, The Philippines, Vietnam and Japan,
yet the decline of cash will be near total in some markets, falling to 5.9%
in China, 2.1% in Australia and just 1.6% in Hong Kong.
We project mobile wallets will grow to represent 47.9% of POS spend by

2024. China will continue to lead the way with mobile wallets projected at
57.1% of POS spend, while Taiwan, Thailand and The Philippines will all see Mobile wallets used
mobile wallets experience dramatic growth rates of over 25%. Credit and
debit cards will also see steady gains to account in aggregate for one-third
at the POS increased
12%
of POS spend by 2024.
in 2020
1NFCW, October 1, 2019. “Japanese government offers discounts to consumers making cashless payments with cards and mobile
phones.” https://www.nfcw.com/2019/10/01/364568/japanese-government-offers-discounts-toconsumers-making-cashless-ay-
ments-with-cards-andmobile-phones/
16
APAC e-com payment methods
2020 2024*
PostPay 1.0% 0.5%
Other 0.3% 0.3%
PrePay 0.2% 0.1%
APAC POS payment methods

2020 2024*
Cash 19.2% 10.8%

17
MIDDLE EAST
AND AFRICA
PAYMENT TRENDS
Our analysis of payment trends from a cross-section of countries in the Middle personal care soared. Saudi Arabia and the UAE saw among the highest
East and Africa finds economies and citizens facing a critical juncture as rates of new or increased users for online ordering of restaurant and
common challenges converge. online grocery deliveries.
The economies of the Middle East and Africa navigated a tumultuous and As MEA consumers turn to e-commerce, they’re being met by a
recessionary global economy. E-commerce grew as face-to-face businesses sophisticated ecosystem of homegrown e-com services. Nigeria is
shuttered, accelerating fundamental shifts that were underway prior to the emerging as a regional center for digital modernization, host to both
pandemic. A diverse mix of traditional and contemporary payment methods Jumia, a leading pan-African e-commerce platform, and Flutterwave, a
vied for e-com supremacy, while at the point of sale, substantial cracks payment innovator expanding digital opportunities for small businesses.
appeared in the longstanding dominance of cash.
Middle East and African economies included in our analysis were
MEA e-commerce poised for explosive growth experiencing rapid e-com growth prior to COVID-19: 35% CAGR from
The Middle East and Africa (MEA) remain among the last frontiers of under- 2016 through 2020. Yet digital penetration remained low, reflecting early
tapped e-commerce potential. MEA consumers turned to e-commerce stage emerging economies. The necessities of the pandemic proved an
during the pandemic as demand for groceries, household supplies and accelerant for digital adoption, offering a tipping point among previously
reluctant consumers. 18
On the strength of accelerated momentum in 2020, MEA e-commerce is
projected to see 18.8% annual growth through 2024, nearly doubling
from U.S.$55 billion in 2020 to U.S.$109 billion in 2024. Nigeria will
see the fastest growth at 24% and Saudi Arabia the slowest at 8%
CAGR. The UAE and South Africa are expected to grow at 20% and
16%, respectively.
MEA e-com payment methods reflect the diversity of the region.

Credit cards gain the greatest regional share at 28%, with all cards
combined 49% of e-com spend. Cash on delivery (COD) remains a vital
link to e-commerce for large segments of regional consumers that are
underbanked.
COD was the second-leading payment method regionally in 2020, with

16.4% of regional share, and representing the most popular e-com
payment method in Nigeria with 23.2% share. The region’s varied e-com
payment landscape is balanced by increasing strength from bank
transfers with 15% of spend and digital wallets with 14.4%.
Looking ahead through 2024, we project digital wallets will gain the most
ground, growing 45% to account for over a fifth of e-com spend by 2024.
Those gains will come largely at the expense of COD, which is projected to
lose over 28%. Cards look to maintain their share dominance, with credit
cards making steady gains against other card types and projected to earn
more than a third of e-com payment volume by 2024.
The last stronghold of cash’s point of sale dominance

Despite more rapid retreat in other regions, cash retains its
prominence at the point of sale in MEA. Cash accounted for more than
half (52.6%) of 2020 POS transactions across the region. Cash holds
its dominant position despite the pandemic causing a dramatic 25.5% Cash on delivery is
reduction in 2020, falling from 70.6% in 2019.
still an important
In Nigeria, cash’s 2020 retreat was especially impactful, falling from payment method
91% of POS transactions in 2019 to 69% in 2020. We expect cash will
rebound at the Nigerian POS slightly in 2021 before resuming a gradual
for online checkout
decline to 62.9% by 2024. The region’s steepest declines are
19
projected for South Africa, where cash use dropped below 50% amid
the pandemic in 2020, and is projected to account for 30.3% of POS
volumes by 2024.
Replacing cash at the point of sale brought a diverse balance of legacy

and contemporary payment methods. Cards combined earned 34.3%
of POS spend in 2020, led by credit cards that surged 47% over 2019 to
account for 16.6% of 2020 transaction volume.
Mobile wallets made the biggest gains in regional POS share, more than
doubling from 3.6% in 2019 to 8.3% in 2020. Consumers in Nigeria and
Saudi Arabia led regional adoption of mobile wallets, each surpassing
10% of share in 2020.
By 2024, mobile/digital wallets are the only payment method category

to gain regional POS share. Led by high sustained growth in Nigeria and
Saudi Arabia, mobile wallets will more than double from 2020, growing
from 8.3% to account for 16.8% of POS transaction share in 2024.
Footnote: For 2021, we’ve added additional breadth and detail by breaking out the Middle East and Africa (MEA) from Europe to provide
more extensive in-depth analysis. MEA covers payment trends spanning Nigeria, Republic of South Africa (RSA), Kingdom of Saudi Arabia
(KSA) and the United Arab Emirates (UAE).
Nigeria and Saudi

Arabia lead POS
adoption of
mobile wallets 20
MEA e-com payment methods
2020 2024*
PrePay 1.8% 0.6%
Other 1.3% 1.9%
MEA POS payment methods

2020 2024*
Cash 52.6% 51.7%
21
NORTH AMERICA
PAYMENT TRENDS
The payment landscape across North America in 2020 was subject to Digital wallets ride a rising e-commerce wave
dramatic upheavals that mirrored the disruptions of global commerce. 2020 saw significant changes to online commerce. The pandemic shifted
consumer spend from the point of sale to online, projecting e-commerce
The pandemic forced significant change in what we bought and sold, how growth in the face of recessionary headwinds: 19.3% in Canada to reach
those purchases were made, and how goods and services traveled to over U.S.$77 billion and 15.4% in the U.S. to exceed U.S.$1.1 trillion in
their destinations. Pandemic-related disruption propelled e-commerce 2020 e-commerce sales. That growth is expected to continue, with North
to the forefront as remote commerce became the lifeline to an economy American aggregate e-commerce volumes rising 11% CAGR through 2024
disrupted by the need for physical distance. Point-of-sale merchants faced to exceed U.S.$1.78 trillion.
unprecedented challenges as commerce began to change overnight.
E-commerce growth shifted as travel and hospitality spending gave way
Payments provided an anchor of stability amid economic disruption. to online groceries, digital services and a growing array of delivery
The pandemic accelerated the decline in the use of cash while more spend platforms. In payment methods, the historical preference of credit cards
than ever before was driven by digital and mobile wallets. Digital payments showed signs of receding as debit cards, digital wallets and buy now, pay
helped maintain the fast, secure, convenient exchange of funds. later (BNPL) services surged in popularity.
22
Dropping 7% from 2019, credit cards remained the leading e-commerce
payment method among North American consumers, accounting for
32% of 2020 payments. Credit cards are still the choice for Canadians
shopping online, accounting for 54.9% of 2020 transaction volume,
down from 60% in 2019. Credit cards maintained a slimmer lead in the
U.S. just ahead of mobile/digital wallets, making up 30.4% of 2020 online
payments. The shift away from credit is driven by the pandemic as fears
of a recession and unemployment continue to grow.
Other payment methods gaining a share of North American e-commerce

spend in 2020 are debit cards, digital wallets and BNPL. Debit cards rose
14.2% from 2019 to account for 20.1% of 2020 e-commerce spend.
Digital wallets continued to accelerate growth through the pandemic,

rising over 23.6% from 23.7% in 2019 to 29.3% of 2020 e-com spend. Buy
now, pay later services made the biggest percentage leap in 2020, rising
nearly 78% to account for 1.6% of e-com spend. Charge cards, cash on
delivery and pre-paid services all fell in 2020 e-com payment share.
By 2024, digital wallets are projected to grow an additional 38.2%

over 2020 levels to account for 40.5% of North American e-commerce
payment volume. Falling to second position, credit cards will still
account for 26.7% of e-com payments, while debit cards will retain
nearly one fifth (19.5%) of share.
Our projections find BNPL poised for explosive growth to jump 181%
from 1.6% in 2020 to 4.5% by 2024. Providers are rapidly expanding into Buy now, pay later
the checkout carts and consumers see BNPL as a safe way to spread out
interest-free payments. Bank transfers, charge cards, cash on delivery
is poised to grow
181%
and other services are expected to decline.
The decline of cash at the POS

Point-of-sale merchants faced the 2020 economic challenges of the
pandemic most directly. Physical businesses navigated challenges through 2024
ranging from mandatory closures to a variety of ongoing operating
restrictions. The gains in e-commerce came at the direct expense of
POS merchants. POS volume dropped 8.8% in the U.S. from 2019, a
reduction of approximately U.S.$825 billion. Canadian POS volume 23
fell U.S.$77 billion from 2019, a 10.2% reduction. Modest growth will see
POS volume regain 2019 levels by 2022, with compound annual growth
rates for Canada projected to 5% and 4% for the U.S. through 2024.
When commerce occurred at the point of sale, safety concerns brought

about a desire for contactless transactions, resulting in considerably less
cash use. Cash fell by 21.9% across North America as a percentage of
POS payments, to 11.4% of transactions.
Cash’s decline was absorbed by mobile wallets, prepaid cards and a new
category to our 2020 point of sale analysis: POS financing. Mobile wallets
gained popularity at the point of sale in 2020 as a contactless payment
method, though we expect the growth of mobile wallets at the point of
sale to continue well beyond the pandemic. Mobile wallets surged 60%
in 2020, growing from 6.0% in 2019 to 9.6% of POS spend in 2020.
Prepaid cards more than doubled as a percentage of POS volume – from

1.9% in 2019 to 3.9% in 2020 – owing largely to their use as a disbursement
method for pandemic-related relief funds. The ongoing use of open-loop
prepaid cards for public entitlements and increasing use for corporate
expenses and real-time gig economy payments will result in continued
strength in prepaid card segments. Point-of-sale financing is broken out
as a distinct segment capturing 3.9% of North American POS payments,
largely based on the growing strength of BNPL services.
Looking ahead to 2024, cash will continue to recede, falling an

additional 23.7% from 2020 levels to account for 8.7% of North
American POS payments. Credit cards will hold mostly stable, retaining
its top position with 38.4% of 2024 POS spend, while debit cards will
decline to 25.8% of 2024 POS spend. Aside from a marginal uptick in
prepaid card volume, the totality of losses from all other POS payment
methods will be gained by mobile wallets. We project the acceleration Point of sale
in mobile wallet adoption will continue through 2024, rising from 9.6% checkout using
in 2020 to 15.5% of POS transaction volume in 2024.
mobile wallets grew
60% 24
North America e-com payment methods
2020 2024*
PostPay 0.9% 0.7%
PrePay 0.4% 0.1%
North America POS payment methods

2020 2024*
Cash 11.4% 8.7%

LATIN AMERICA
PAYMENT TRENDS
Latin America saw impactful changes in payments amid the pandemic in in Mexico, 41.6% in Brazil and 77.5% in Argentina. Latin American
2020. Comparably low rates of e-commerce penetration coupled with a cash- e-commerce is expected to experience 15% compound annual growth
dominated point-of-sale market produced widespread disruption across through 2024, driven by 20% growth in mobile commerce.
Latin America. COVID-19 exposed cash’s drawbacks and forced millions of
businesses and consumers to turn to available payment alternatives. Latin American e-com transactions are projected to exceed U.S.$160 billion
by 2024 with continued double-digit growth rates in the region’s largest
Robust e-commerce growth accelerates amid pandemic economies: Brazil (11.9%), Mexico (15.8%) and Argentina (22.3%). Low
Regional e-commerce transaction volumes soared in 2020 despite e-commerce penetration across the region suggests Latin America will offer
recessionary headwinds contracting the overall size of the economy. strong growth potential throughout the current decade.
Many Latin Americans turned to e-commerce for the first time during
COVID-19, with over ten million regional consumers making their first The benefit of installment payments keeps credit cards as the most popular
digital purchase due to the necessity of the pandemic.1 payment method for e-commerce in Latin America. They still led e-com
payment methods – capturing 36.5% of 2020 regional e-com spend – despite
Regional e-commerce growth accelerated in 2020, with transaction falling from 43.8% in 2019. Credit cards also lead e-com payment methods
volume growth of 22.2% in Brazil, 24.4% in Mexico and 29.8% in Chile. in each of the six Latin American countries in our report, from a regional low
Growth in mobile commerce posted even greater gains, rising by 33.9% of 29.1% in Mexico to a high of 43.2% in Brazil. 26
Debit cards grew 37% over the same period, rising from 11.9% in 2019
to 16.3% in 2020. The rise of debit cards in 2020 was attributable to
more small-value purchases, as everyday spend typically made at the
point of sale shifted online due to COVID-19. Governments and banks
also promoted their use as an alternative to cash. PostPay services
lost 31.6% of regional share in 2020, falling to 5.4% of e-com spend as
funding e-com purchases with cash became less practical in 2020 due to
the pandemic.
Digital wallets experienced the largest growth in Latin American

e-commerce payments in 2020. They grew 43.5%, from 13.8% in 2019 to
19.8% in 2020. Digital wallet growth was accelerated by three years due
to the pandemic, exceeding our pre-COVID projection for 2023. Robust
growth for digital wallets is expected to continue, surpassing credit
cards to become the leading regional e-com payment method by 2024
when they’re projected to capture 31.2% of e-com transactions.
Digital wallets and debit cards are the only e-com payment methods
projecting growth through 2024. Credit cards, charge cards, bank
transfers, cash on delivery (COD) and PostPay services will all sustain
gradual declines in share of e-com payments.
Cash faces tough test for supremacy at POS

In 2020, point of sale payments in Latin America witnessed some of
the most abrupt shifts in global commerce. COVID-19 unleashed a level
of economic disruption unprecedented in modern times. Lockdown
measures and social distancing requirements resulted in region-wide
economic contraction and a net reduction in point of sale transaction
volumes: down 13.2% in Argentina, 12.6% in Colombia, 9.8% in Mexico
and 8.8% in Brazil.
Over 10 million
The use of cash at the Latin American point of sale fell 34.7% as a
result of the pandemic, from 58.2% in 2019 to 38% in 2020. Cash was consumers made
the foundation of Latin American commerce, capturing an outright
majority of regional POS spend as recently as 2019. Cash use fell across their first digital
the region: by 31.3% in Argentina, 24.9% in Brazil and 36.8% in Mexico.
purchase in 2020
1
The pandemic accelerated cash’s decline by more than three years, far
surpassing in 2020 the 43.2% we had previously projected for 2023. 27
The dramatic decline of cash at the point of sale in Latin America was
absorbed by cards, point-of-sale financing and, most of all, mobile
wallets. Every manner of card-based payment increased regional POS
payment share in 2020: credit cards gained 17% over 2019 to account
for 26.1% of 2020 spend, while debit gained 37.3% over 2019 to account
for 23.2%.
Charge cards and prepaid cards each gained a greater foothold in the
region, in each case exceeding 1% of POS spend in 2020 for the first
time. Point of sale financing options tap into a comfort level among
Latin American consumers for installment plans, including marketplace
solutions, buy now, pay later (BNPL) services and merchant finance
offerings. A new category to our analysis this year, point of sale
financing, captured 3.7% of regional POS spend in 2020.
Looking ahead to 2024, the decline of cash will continue with no

significant rebound regardless of the pandemic’s path. Our projections
see cash dropping an additional 36.1% from 2020 levels, finally dropping
from the top spot in POS payment methods with 24.3% of 2024 POS
spend. In the place of cash, we’ll see debit cards (28.8%) edging out
credit cards (27.6%) for POS payment supremacy. Mobile wallets will
make the largest percentage gain by 2024, though they’ll still fall fourth
in POS payments, rising from 6.4% in 2020 POS spend to 12.4% in 2024.
The use of cash

at the POS fell
1Matteo Ceurvels, eMarketer, June 17, 2020. “Latin America Ecommerce 2020: How COVID-19 Will Affect Growth and Sales in Argentina,
Brazil and Mexico.” https://www.emarketer.com/content/latin-america-ecommerce-2020
35%
28
Latin America e-com payment methods
2020 2024*
PostPay 5.4% 3.6%
Other 0.8% 1.0%
PrePay 0.8% 0.6%
Latin America POS payment methods

2020 2024*
Cash 38.0% 24.3%

30
THE NEW VELOCITY
OF COMMERCE
In 2020, commerce began accelerating at a new velocity. For commerce The sun is setting faster on cash
to continue, it required even more focused direction, minimum friction The increasing velocity of commerce leaves little room for slow legacy
at checkout and new development that felt instantaneous. Yet providing systems. The need for speed is coming largely at the expense of cash.
consumers with experiences that exceed persistently elevating expectations
poses challenges as well as opportunities. Navigating these challenges Cards, mobile wallets and other digital alternatives were already catching up
requires innovation, adaptability and a sense of timing and urgency to not to or exceeding cash at the point of sale. With the pandemic, safety concerns
get left behind. around cash combined with physical distancing suddenly rendered it
impractical. Though not inherently high risk as a virus transmitter , consumer
1
Cash began heading towards obsolescence, contactless payment popularity perceptions about safety persist. More than half (53%) of global consumers
skyrocketed, while business-to-business exchange quickly shed its legacy past. surveyed by Worldpay from FIS said the coronavirus made them more
Technology companies, retailers and institutions from banking to the public hesitant to use cash. The FIS’ annual global real-time payment trends report,
2
sector are all racing to satisfy a new generation of expectations for commerce Flavors of Fast 2020, recently predicted that traditional payment mechanisms
at vast scale and great speed. like paper checks have also begun their march to a permanent end, as the
pandemic has highlighted how laborious and cumbersome checks and
physical payments, in general, can be.3
31
The potential sunset of cash will look different around the world,
reflecting unique blends of local regulations, technical infrastructure and
consumer preferences. Sometimes the sunsetting of cash is encouraged,
so ensuring accessibility to commerce for groups like the unbanked
needs to be considered in any plan. As part of the government of Ghana’s
Digital Financial Services (DFS) policy, regulatory efforts seek to reduce
the use of cash by promoting digital payments in the form of mobile
money accounts. Mixed signals are heard in the U.S., where concerns over
4
inequitable access have produced local ordinances that mandate cash

acceptance at retail outlets.
5
Consumer payments at the speed of bytes

Entering 2020, many businesses were ahead of the curve and connecting
the digital dots, while others were left scrambling to catch up. 2020 Retail success
brought digital transformation and rapid adaptability front and center. means crafting
A new level of consumer expectations is rising, accelerating the need for
speed and pulling the future faster into today. the ultimate
curation
Contactless took on a much broader meaning in 2020. As the pandemic
suddenly demanded sustained social distancing, the common use of
experience
contactless expanded to any exchange that minimized contact between
people. Almost overnight, contactless was not just a way to describe
proximity payments, but an understood approach to social distancing
best practices. At the forefront, the goal was fast digital payments in
pursuit of efficient real-time exchange.
Nowhere is that more crucial than retail. Brands have had to completely
rethink how they’re reaching the everyday consumer. The platforms and
technology were already there just waiting for the right time and the
right strategy. 2020 catapulted retailers’ collaboration with influencers in
order to encourage sales. It’s become the ultimate curation experience for
shoppers to get a first-hand look at products that are of interest with a
simple, easy path to purchase.
The last gasps of legacy B2B payments

The pandemic accelerated the need to manage cashflow even more
efficiently under unprecedented economic stress. Once a matter of
convenience, exchanging payments quickly became a matter of survival. 32
Despite successfully digitizing B2B payments prior to the pandemic,
many accounting departments were ill-prepared for the sudden shift
to remote work. Checks still accounted for 29% of B2B transactions
in 2019, with two-thirds of those checks issued by SMBs. 6
The need for speed and flexibility in everyday B2B spend is elevating
the profile of virtual cards. Juniper Research estimates global transaction
value of virtual cards increased 11% as a result of COVID-19 to $1.6 trillion
in 2020, while projecting that number will more than triple between
2020 and 2025. 7
Estimated to represent in excess of U.S.$125 trillion globally, the

B2B payment market is the subject of intense competition from real-
time payment rail providers both domestic and cross-border. The
infrastructure for faster B2B payments is increasingly in place, from Faster
Payments in the U.K., to SEPA Instant Credit Transfer for payments within
the European Union. A critical mass for faster B2B payments seems soon
at hand.
Adjusting for payments acceleration throughout

the economy
The new velocity of commerce isn’t limited by geography, commercial sector
or proximity to consumers. The value in fast, safe and efficient movement
of money is universal and COVID-19 made fast delivery of economic relief
an urgent necessity. Digital payments proved essential in distributing
relief funds quickly for maximum impact. In the Dominican Republic, the
Solidaridad program helped turn national identity cards into payment
mechanisms loaded with government aid, while in Guatemala, Bono Familia
allowed emergency funds to be deposited instantly to beneficiaries. 8
The pandemic accelerated interest in several countries adopting digital

fiat currencies. In 2020, China began a pilot of the world’s first digital
9
fiat currency. In the U.S., the Federal Reserve continued its research into
a U.S. Central Bank Digital Currency (CBDC), though plan details for the
“Digital Dollar” remain unclear. Meanwhile, NACHA’s ACH network helped
10
deliver unemployment benefits, small business assistance and U.S. CARES

Act stimulus payments, pushing same-day ACH volume up 37% in Q2 2020
over Q2 2019. 11
33
Shedding reputations of previous generations for being slow to change,
the banking sector is among those witnessing the most profound
transformations since the onset of the pandemic. The velocity of commerce
is accelerating the move from physical to virtual banking. In Australia, the
pandemic is accelerating the pace of bank branch closures as well as the
removal of thousands of ATMs. Unable to leverage the power of the branch,
12
the pandemic offers financial institutions a perfect opportunity to reassess

their state of digital transformation and how they can properly position
themselves for the demands of speed for today’s velocity of commerce.
Payments of the future at the speed of now

The pandemic brings digital transformation and rapid adaptability front
and center. It made getting paid faster, authenticating faster and adapting
technology faster an imperative.
Governments, businesses, consumers, financial institutions and the

financial technology companies that connect them are devoting
significant time and resources to adjust to the new expectations for
speed. To achieve success, it won’t just be about getting everything
done faster. It will require innovation that’s also smarter.
1 Meera Jagannathan, MarketWatch, March 9, 2020. “World Health Organization: ‘We did NOT say that cash was transmitting coronavirus’.”
https://www.marketwatch.com/story/who-we-did-not-say-that-cash-was-transmitting-coronavirus-2020-03-06
2 Worldpay from FIS, November 2020. “Generation Pay.” https://www.fisglobal.com/en-gb/generationpay
3 Worldpay from FIS, June 2020. “Flavors of Fast 2020.” https://www.fisglobal.com/flavors-of-fast
4
Buddy Buruku, CGAP (Consultative Group to Assist the Poor), May 21, 2020. “Ghana Launches World’s First Digital Finance Policy Amid
COVID-19.” https://www.cgap.org/blog/ghana-launches-worlds-first-digital-finance-policy-amid-covid-19
5 Ann Carrns, The New York Times, Sept. 11, 2020.
“Who Gets Hurt When the World Stops Using Cash.” https://www.nytimes.com/2020/09/11/your-money/cash-credit-cards-coronavirus.html
6 Erin McCune, Glenbrook Partners, July 16, 2020. “COVID-19 Will (Finally!) Force B2B Digital Adoption.”
https://pv.glenbrook.com/covid-19-will-finally-force-b2b-digital-adoption/
7 Juniper Research, June 29, 2020. “Virtual Card Adoption Accelerates to Over $5 Trillion in Transaction Value by 2025.”
https://www.businesswire.com/news/home/20200628005002/en/Juniper-Research-Virtual-Card-Adoption-Accelerates-5
Brands need
8 Visa, Nov 2, 2020. “A COVID silver lining in Latin America: digital payments surge: E-commerce, contactless and P2P take off in cash-driven
economies during the pandemic.” https://usa.visa.com/visa-everywhere/blog/bdp/2020/10/09/a-covid-silver-1602273015995.html
smart innovation
9 Andy Mukherjee, Bloomberg, May 23, 2020. “China’s Crypto Is All About Tracing — and Power.”
https://www.bloomberg.com/opinion/articles/2020-05-24/china-s-yuan-will-exit-covid-19-with-a-big-digital-currency-lead
to propel
10 U.S.
Congressman French Hill, August 13, 2020. “Federal Reserve Reveals Research Plans For Digital Dollar.”
https://hill.house.gov/news/documentsingle.aspx?DocumentID=7649
further faster
11 PaymentsJournal, September 17, 2020. “Same Day ACH in 2020: Constant Growth & Continued Improvements.”
https://www.paymentsjournal.com/same-day-ach-in-2020-constant-growth-continued-improvements-2/
12 Philip
Bruno, Olivier Denecker, and Marc Niederkorn, McKinsey, October 1, 2020. “Accelerating winds of change in global payments.”
34
https://www.mckinsey.com/industries/financial-services/our-insights/accelerating-winds-of-change-in-global-payments
ALL FOR OMNI
The digital and the physical were converging long before 2020 as businesses Unifying commerce at (small) scale
strove to create seamless customer experiences across every customer journey. Prior to the pandemic, digital engagement strategies, channel-agnostic
Inspired by the global consumer’s insatiable thirst for convenience, connected payments and flexible delivery methods all sounded great. But for many
via ubiquitous smartphones, businesses were realizing the urgency of digital businesses, development efforts could wait. The pandemic changed that
transformation. equation overnight. Nice-to-haves instantly became must-haves. Adaptability
became a core competency. Embracing digital transformation became a
COVID-19 is accelerating this momentum toward omnichannel experiences matter of survival.
with the pandemic being the ultimate stress test of business resiliency.
Omnichannel approaches were around and well underway prior to 2020
Unification is happening in the digital transformation of physical retail, the but the pandemic propelled them into the forefront of development. Buy
increasing accessibility of digital tools for even the smallest business and the online, pickup in store (BOPIS) – and its variants like order online and pickup
continued convergence of e-commerce and social media. Secure payment curbside, car delivery, or pickup in drive-throughs – were innovations
innovations that transcend channel are helping lay that foundation and bridge popularized by the necessity of the pandemic and will remain conveniences
the future of commerce. 2020 has brought commerce to the tipping point that consumers will continue to embrace. Omnichannel technology levels the
for omnichannel experiences that propel brands forward while satisfying playing field and makes change accessible for a business of any size.
consumer need. 35
Even microbusinesses are embracing digitization in the form of cashless
payments. In Singapore the government’s Hawker Go Digital campaign
incentivizes businesses with sign-on bonuses to encourage greater use
of digital payments that also help protect public health. Hawkers – small
merchants operating in food courts – can use simple Singapore Quick
Response (SGQR) codes to accept payments through the most used
payment schemes. Transformation and technological advances are no
1
longer restricted to businesses that have large investments to make.
Unity through payment experiences

Subscription-based businesses introduced a new mindset on how
to serve consumers in a new way. Some of the central tenets making
up omnichannel experiences today were built on a foundation set by
subscription services – customer-centric, personalized and designed
for resilience.
These services brought a variety of items right to our door – coffee pods,
toilet paper, cleaning products and even clothes. Now brands are taking
it one step further and bringing the physical straight to our devices using
artificial intelligence. Shopping is becoming as simple as uploading a photo
and letting AI technology find just the right item to buy.
2
The nearly universal success of subscriptions, and any payment

experience, starts with simple, secure, reliable payments. Payments
were redesigned to meet the needs of subscription businesses and
consumers. A legacy rooted in tradition evolved seemingly overnight
to meet consumer demand and 2020 introduced a new catalyst for
change requiring the same type of innovation.
Unifying commerce with its social roots

Social commerce was already influential before the pandemic, as
brands sought not just to reach their audience, but to do so in ways that
mimicked the best elements of face-to-face retail. The omnichannel
tipping point
As global consumers found themselves separated from friends, they
sought ways to fill their time and ease the burdens of isolation through
has arrived
social media. Brands had new opportunities to build more momentum
through product discovery via friends’ feeds, getting product 36
recommendations from friends and influencers, and the ability to
engage brands directly.
Social commerce efforts in China are engaging tens of millions of

consumers daily with innovations like livestreaming that features wildly
popular social influencers. Livestreaming is combining social influence
3
with media and layers on the fear of missing out with limited-time offers
resulting in big success for brands and influencers.
Tencent’s WeChat embodies the future of unified commerce now with a

tightly integrated meta-app that unifies the experience for over 1.2 billion
global consumers. Seamless payments effortlessly connect consumers to
curated brand experiences mixed with highly evolved native sharing apps
that unify the experience.4
The pandemic combined more online shopping with social media

engagement and it’s ultimately boosting social commerce efforts on
major global social platforms. Facebook and Instagram offer fully
contained, data-rich, highly personalized unified experiences that
seamlessly recreate much of what made in-store shopping so popular. 5
Unifying the circle: Transforming physical stores

The immediate impacts of COVID-19 were felt most directly by physical
retailers. The first wave of innovations solved problems of physical store
closures, but the physical and virtual are converging from every direction.
As customers continue to return to stores in person, they’re seeing digital

assuming a more prominent position in the overall shopping experience.
But retailers have an important role. The focus is ultimately on the
consumer experience and creating a destination they want to revisit time
after time. The digital tools, designed for convenience and efficiency,
should free staff up to focus on service. The next wave of innovation will
be focused on creating an essentially invisible payment checkout giving
the consumer a unique experience from start to finish.
37
• U.S.-based Walmart is experimenting with replacing checkout
lanes with checkout areas, making every POS terminal flexible for
self-checkout or assisted checkout. 6
• SoftPOS technology, turning smartphones into point of sale

devices with no additional equipment, is being piloted around
the world as a new innovation for changing the payments
acceptance landscape.
• The U.K.’s largest grocery chain, Tesco, has partnered with Israeli
startup, Trigo, to implement cashier-less checkout technology that
competes with similar offerings from Amazon. 7
Amazon is expanding its cashier-less, just-walk-out checkout technology,

and will reportedly introduce the innovative digital technology to Whole
Foods outlets beginning in Q2 2021. 8
The necessity of digital transformation

Digital transformation isn’t an end in and of itself for businesses. Digital
transformation coupled with sophisticated omnichannel strategies
can’t attract or retain customers without products and services those
customers want. As the pandemic made clear, not being able to engage
customers digitally meant not being in business at all. Yet in a world of
increasingly unified commerce, digital transformation is an essential
starting point to rebuilding payments for a smarter future.
1 Singapore Infocom Media Development Authority, “Hawkers Go Digital.” https://www.imda.gov.sg/hawkersgodigital
2 https://www.cnet.com/news/amazon-stylesnap-uses-ai-to-help-you-shop-for-clothes/
3 Vogue Business, March 5, 2020. “China’s live streaming boom.”

https://www.voguebusiness.com/consumers/live-streaming-china-shopping-kim-kardashian
4 Dan Berthiaume, Chain Store Age, April 29, 2020. “WeChat assists retailers in face of COVID-19.”
https://chainstoreage.com/wechat-assists-retailers-face-covid-19
Invisible payments
5 Anthony Svirskis, Forbes, May 26, 2020. “Instagram Shopping - A New Dawn for Social Commerce.”
https://www.forbes.com/sites/anthonysvirskis/2020/05/26/instagram-shoppinga-new-dawn-for-social-commerce/#327153e83637
are the next
6 TMatt Smith, Walmart, June 30, 2020. “New Checkout Experience Seeks to Eliminate the Wait and Add Options at the Register.” wave of
innovation
https://corporate.walmart.com/newsroom/2020/06/30/new-checkout-experience-seeks-to-eliminate-the-wait-and-add-options-at-the-register
7 Bryan Wassel, Retail TouchPoints, October 3, 2019,”Tesco Signs Agreement to Add Cashierless Checkout.”
https://retailtouchpoints.com/topics/customer-experience/tesco-pilots-cashierless-checkout-technology-at-innovation-center
8 Nicolas Vega, New York Post, August 21, 2020. “Top Amazon exec takes aim at Whole Foods cashiers ahead of retirement.”
38
https://nypost.com/2020/08/21/jeff-bezos-no-2-executive-at-amazon-will-retire-next-year/
THE NEW MODERN
CURRENCY: LOYALTY
Customer loyalty has long been the goal of brands worldwide, but the key Revamping how loyalty pays out is especially important with the dominant
to achieving that goal has remained elusive. Recent events are hastening Millennial generation and Gen Z that follows. The World Data Lab projected
the evolution of the loyalty ecosystem as interest in traditional programs global Millennial spending power would overtake Gen X spending in 2020. 1
declines. Consumers are looking to embrace reward programs more in sync To meet Millennial and Gen Z expectations, brands will need to incorporate
with their current shopping patterns and expectations. the benefits of convenience, immediacy and digital access into their loyalty
programs. Recent research by Worldpay from FIS reveals 42% of Millennials
With the digital technology available in today’s age, can brands migrate to want brands to actively track their spend for them and 47% are encouraged
accepting loyalty points as actual currency? With the transition to digital to join a loyalty program if they can use technology like an app to collect
payments hastened by COVID-19, merchants and consumers alike have the points and rewards. 2
opportunity to come together to embrace modern loyalty in new ways to

ultimately create smarter experiences at checkout. The shift from pure rewards
Loyalty as currency is surfacing as a powerful vehicle to revitalize existing
Traditional loyalty programs often award points based on each individual programs. Points are used as currency to offset purchases at point-of-sale
purchase with a merchant. But new programs are emerging that allow or, in some cases, can be redeemed as vouchers, thereby reducing the
consumers to convert points into a cash balance. hurdles associated with rewards redemption.
39
• Designer Shoe Warehouse (DSW) automatically rewards
consumers with points for each purchase, creating a tier system
customers can unlock as they spend more
• Sephora Beauty Insiders earn points for each purchase which can
then be redeemed as cash discounts on future purchases
• Shell Fuel Rewards® program members can swipe their payment

card or enter their phone number or a code number from their
Shell mobile app at the pump to redeem fuel reward points in
real time
Loyalty programs have appeared in traditional retail for decades

but are also taking off in non-traditional lines of trade. For example,
e-sports merchant Razer’s Insider Rewards awards perks such as game
credits to members to splurge on their favorite console games. Online
3
retailer Inkbox offers temporary tattoos, and its loyalty program boasts
over two million members who earn inkbucks for future purchases
and exclusive deals. Even the familiar punch cards offered by small
4
merchants ranging from barbershops to veterinarians clipping pooches’

nails are migrating to digital apps.
Transforming loyalty into currency isn’t the only path available. Brands
like Singapore’s CapitaStar and FavePay are providing a single platform
with thousands of deals consumers can choose from. Merchants are
gaining the ability to capture potential new consumers with greater
visibility while giving consumers the digital experience they desire.
In a recent Worldpay from FIS survey, 81% of consumers around the world
42%
stated it would be helpful to have the ability to earn points and redeem
those points at multiple types of retailers. Consumers want the ability to
5
expand where they use rewards beyond the original retailer where they
were earned. While merchants must decide if this is a good course of
of Millennials want action for their business, it falls to these platforms to bring together the
right mix of brands and the consumers to adopt the program.
brands to actively
track their spend
40
When evaluating programs, merchants must marry generational
and geographical digital usage trends with appropriate loyalty-as-
currency applications.
Transitioning to a new world of loyalty

Other platforms are embracing the loyalty experience beginning with the
form of payment. Singapore’s Grabpay allows consumers to pay via QR
code, earning points for the purchase using this particular payment method.
Consumers can then use those points to checkout at any other participating
Grabpay merchant. Brands have multiple options when deciding which
is the right path to loyalty. From development to integrating with existing
platforms, there are a variety of factors to consider.
• Building an in-house platform provides maximum control

over the brand and data, but the merchant bears all of the costs
of development and implementation. Data analytics are
limited to what the merchant collects from customers’ buying
habits, redemption behaviors and signup information
• Partnering with one’s payment provider offers some cost savings,

greater depth of data and some administrative outsourcing
• Integrating with a commercial provider’s platform allows for

cost-sharing across participating merchants, fully outsourcing
the administrative burden, marketing and advertising support,
and richer data analytics, but the provider owns the data
Central to effective loyalty rewards platforms is product design informed

by the customer UX at all stages of their customer journey – awareness Embracing a
ignition, evaluation of alternatives, motivation to sign up, user experience
– at point of sale (POS) and redemption – and repeat-purchase behavior.
digital-first
Brands that understand their customer and embrace a digital-first mindset is
mindset have the capability to tap into the right experience to benefit the first step
their business, while not requiring actionable steps from their customers.
towards
rebuilding
41
Merchants considering existing loyalty apps have an increasing set of
choices. Apps range from ones that generate loyalty through dynamic
mobile games to others that directly connect to customers’ payment cards,
track spending in real time and push offers to offset payments to consumers
at point-of-sale when customers have accumulated enough points.
• NBCUniversal encourages viewers to watch featured episodes that

earn them points which can be redeemed at a variety of retailers
• Victoria’s Secret uses their loyalty app to facilitate trivia games

and social media sharing among participants. Participation points
allow for the opportunity to win a trip to the company’s fashion show 6
Factors attributing to successful implementation encompass:

• Intuitive apps that provide easy enrollment, usage and redemption
• A supplier track record that proves its program motivates desired

behaviors – increased patronage, higher ticket sizes, improved
customer satisfaction
• High quality, actionable and user friendly data that delivers

business intelligence about what their customers want and how
they respond to various tactics for improving the merchant’s
marketing and performance
• A clear plan for evolving their loyalty program to meet customers’

changing shopping and payment behaviors
Consumers have long been motivated by rewards. As our world continues

to change from the physical to the digital, merchants who can embrace a
new form of currency are well positioned to rebuild the future of loyalty.
1 “The millennial moment”. Financial Times, June 6, 2018, https://www.ft.com/content/f81ac17a-68ae-11e8-b6eb-4acfcfb08c11

2 “Generation Pay”, Worldpay from FIS, November 2020. https://www.fisglobal.com/en-gb/generationpay
3 https://gold.razer.com/silver/earn
4 https://inkbox.com/inkfam
5 “Generation Pay”, Worldpay from FIS, November 2020. https://www.fisglobal.com/en-gb/generationpay
6 “Is it time to add gamification to your loyalty strategy?”. Forbes, January 22, 2019.
42
https://www.forbes.com/sites/forbesagencycouncil/2019/01/22/is-it-time-to-add-gamification-to-your-loyalty-strategy/?sh=4aaa8cb152b3
REBUILDING A FUTURE
OF OPPORTUNITY
IN LATIN AMERICA
As the economies across Latin America emerge from the fog of uncertainty Yet Latin America is also a complex, demanding market for international
imposed by COVID-19, rebuilding businesses is full of promise, hope and companies, making the development of coherent regional strategies
opportunity. Payment innovations are playing a key role in the region, challenging. The evolution of financial infrastructure across the region has
helping to accelerate the ongoing transformation and modernization of resulted in a fragmented payment landscape that varies significantly from
commerce. The unpredictability of 2020 demonstrated that commerce can country to country. Card processing, acquiring licenses and digital payment
shift overnight, and to keep up, brands must build smart experiences and landscape see vast differences across borders, while meeting the needs of a
smart interactions with consumers. large underbanked population remains difficult.
As was the case worldwide, the coronavirus pandemic resulted in profound The complexities of Latin American e-commerce
changes to the economy throughout Latin America. International Monetary Latin America is home to a large population of young consumers, a
Fund estimates regional GDP contracted 9.1% in 2020. Though downside
1
growing middle class and high internet penetration via mobile devices.
risks related to the pandemic remain, a mild recovery of 3.7% growth is Conversely, a diverse and fluid regulatory environment, complex tax
projected for 2021, while the region continues to witness double-digit implications and a unique mix of consumer payment preferences make
annual e-commerce growth. 2
Latin America a challenging market that requires intelligent planning
and experienced partners.
43
Reaching Latin American consumers requires offering payment
methods they use and trust. That means expanding beyond just popular
global payment methods. Brands will need to really understand local
differences even within different countries. Domestic cards are often
restricted for cross-border purchases that are viewed as involving
greater risk. Cross-border purchases are especially problematic in Brazil
and Argentina where consumers are often heavily surcharged when
using international credit cards.
Payment processing in Latin American markets poses a web of

complex challenges, each with their own operational profile, customer
experience implications and tax ramifications. Through offering a better
customer experience, local processing options can be significantly more
complex. Cross-border processing is more familiar to global brands
and thus relatively simple operationally, yet customer experience can
suffer and dampen sales. Domestic hosted processing combines high
authorization rates with a better customer experience, while helping
merchants avoid the complexity of managing multiple legal entities
across Latin America. Partnering with a payment service provider that
offers local payment methods increases conversion rates, reduces fraud
risks and decreases the likelihood of chargebacks.
Optimizing the right mix of payment offerings and processing options

is a major determining factor of success for global brands seeking a
foothold in Latin America. There’s no single off-the-shelf processing
solution that’s optimized for every brand in every country. Establishing
a strong partnership with a payment service provider experienced in
major Latin American markets is essential.
The shifting role of cash

Brands seeking a Cash continues to be a dominant payment method at the point of sale
across Latin America, with the region’s consumers use of cash trailing
foothold need the only the Middle East and Africa. Yet the undeniable prominence of cash is
right mix of payments shifting dramatically. In response to COVID-19, the use of cash dropped by
more than a third, from 58.2% in 2019 to 38% in 2020. Consumers opted to
and processing options increase their use of debit cards and digital/mobile wallets.
44
Consumer preferences for cash in the region arise from a complex web
of factors, starting with a large unbanked and underbanked population.
A lack of access to credit, insufficient banking infrastructure, high rates
of inflation, concerns about fraud and reluctance to pay high fees for
electronic transactions all contribute to the persistence of cash.
What payment methods have the most opportunity

for growth?
Despite the historical persistence of cash, we expect to see a growing share
of the Latin American payment market shifting to digital payment methods.
COVID-19 disrupted virtually every aspect of global commerce in 2020.
Mandatory closures of brick-and-mortar businesses disrupted routines and
forced buyers and sellers to adjust to new realities where e-commerce was
the only commerce.
The increasing shift to e-commerce and digital payment methods is likely

to persist long after the pandemic subsides. A survey by Mercado Libre,
the leading regional online marketplace, found that 70% of consumers will
continue to use online payment methods instead of returning to cash in a
post-pandemic world. 3
Specifically, we project an accelerated increase in the use of digital wallets.

The use of digital wallets in e-commerce spiked dramatically in response
to the pandemic, rising 44% from 13.8% in 2019 to 19.8% in 2020. Our
report projects rapid expansion of digital wallets to continue through 2024,
growing to 31.2% of e-commerce and 12.4% of share in-store.
The ubiquity of mobile phones makes them the ideal digital passport to
access Latin American consumers. Brazil’s Central Bank is preparing to
further revolutionize payments through PIX, an instant payments platform.
PIX, launched in November 2020, is set to complete transfers and online Digital wallets rose
43.5%
payments within seconds instead of minutes or hours and will only require
a smartphone. Digital wallets are making online commerce simpler for
many consumers. OXXO Pay and PicPay are just two digital wallets vendors
that encourage consumers to deposit cash to use for online shopping later,
making a formal bank account unnecessary.
in response to
the pandemic 45
Installment payments have a strong history in Latin America. They began
as agreements between consumers and individual retailers to make larger
purchases possible for low-income consumers and those without formal
credit or bank accounts. Whether at the point of sale or online, offering
installment options is essentially mandatory for global companies doing
business in Latin America and will help improve conversion rates and foster
greater loyalty among these consumers.
Overcoming expansion difficulties within Latin America will begin with

smart insights. It also means tapping into the knowledge of where 2020
advanced necessary changes to help businesses as they rebuild and
expand. Moving towards a new future will be built on a shared experienced,
incorporating new consumer expectations, and brands will be challenged to
create smarter checkout experiences.
1 “TheImpact of COVID-19 on Latin America and the Caribbean.” United Nations, July 2020.
https://www.un.org/sites/un2.un.org/files/sg_policy_brief_covid_lac.pdf
2 “Outlook for Latin America and the Caribbean: An Intensifying Pandemic.” IMF, June 26, 2020.
https://blogs.imf.org/2020/06/26/outlook-for-latin-america-and-the-caribbean-an-intensifying-pandemic/
3 Mercado Libre, May 3, 2020. “E-commerce consumer habits evolution in time of COVID-19.”
http://investor.mercadolibre.com/static-files/7f982eeb-adce-40b4-8b98-808773c3f46c
46
THE FUTURE FASTER -
COMMERCE AFTER
COVID-19
The pandemic introduced new challenges for commerce around the world. That future of commerce exists all around us – a flexible, resilient,
The ability of societies to optimize health and safety while navigating collaborative, secure digital framework coupled with best practices that
economic upheaval is the central challenge that will define our era. quickly incorporate new ideas and new technologies. The pandemic
beckoned our future faster, summoning tomorrow’s commerce to meet
However, the recovery of commerce after COVID-19 remains promising today’s needs.
through several key advancements:
E-commerce is the essence of commerce
• Commerce that unites digital and physical The story of e-commerce growth during the pandemic goes far beyond
numbers. COVID-19 shifted traditional face-to-face commerce and altered
• Secure digital payments that bridge geography the world of commerce forever.
• Collaborations that are actively crafting tomorrow’s infrastructure Salesforce estimates that global online sales spiked 71% YoY in Q2 2020.
1
in the present In Brazil, the size of e-commerce nearly doubled during the pandemic, rising
over 98% in April 2020 versus April 2019. In the U.S., a dramatic second
2
quarter surge saw consumers spend 30.1% more on e-commerce in the first
six months of 2020 over the same period in 2019.3
47
In India, online penetration is projected to double by 2024 to account
for 11% of all retail. Goldman Sachs estimates compound annual
4
growth of 81% for online grocery in India through 2024 as the pandemic
accelerated three years of growth in only three months. 5
In Europe, a McKinsey study found that average digital adoption rates

across the continent rose from 81% to 94% during the pandemic,
accounting for up to three years of growth. Grocery, social media,
banking and OTT entertainment saw the strongest growth as Europeans
began isolation. Upwards of 25% of consumers used these services for
the first time during the pandemic. Global consumers consistently signal
that the surge in digital adoption is here to stay. McKinsey also found
more than 70% of European consumers plan to use digital services as
much or more after the pandemic subsides. 6
As lockdown orders and operating restrictions spread, e-commerce

was commerce. Traditional modes of commerce began to rapidly adapt.
Commerce after the pandemic will prioritize flexibility and ingenuity
over the physical, and consumer experience over legacy channels.
Digital payments unify tomorrow’s commerce

Safety considerations amid COVID-19 proved the tipping point for
acceleration of contactless, digital-first payment methods at the point
of sale. A 2020 Mastercard study found 79% of people worldwide and
91% in APAC used contactless tap-and-go payments at the point of sale;
74% of global consumers said they would keep using contactless beyond
the pandemic. 7
74%
Consumers are making their voices heard and merchants are meeting
their needs with digital payment options that emphasize safety. Visa’s
2020 Back to Business study found that 78% of consumers worldwide
changed payment methods to reduce contact, while 67% of small
businesses have adopted new payment technologies to keep their
of consumers business on track.8
will continue to use 7

contactless payments
48
Cash, paper, manual processes and other legacies persisted because
of habit and because, at the most basic level, they worked. Until the
pandemic hit, when suddenly, everything became much more complex.
Digital payments enable the future of commerce faster: the simplicity of
QR codes, the security of biometrics, the efficiency of the digital device as
the center of consumer gravity, the seamless magic of invisible payments.
Yesterday’s science fiction is becoming the future of commerce.
Building the future’s infrastructure faster

Creating infinitely flexible, fault-tolerant digital and physical infrastructure
is hard work. The complexity of digital transformation makes going it alone
impractical if not impossible. Partnerships with technology and logistics
providers make digital transformation possible and those partnerships
are essential to achieving scale, speed and tackling complexity.
Consider the role of e-commerce platforms during the pandemic.

Platforms helped businesses enable and extend their digital infrastructure
to maintain engagement with customers when no other commerce was
possible.
Governments play a central collaborative role in developing the future’s

infrastructure. South Korea is pursuing a Digital New Deal collaboration
that integrates public and private sector information to share across
5G networks. The infrastructure initiative was specifically designed in
response to the acceleration of digitization and to mitigate future risks
highlighted by the pandemic. 9
The World Bank is assisting countries throughout the world with its
GovTech Global Initiative. GovTech promotes simple, accessible and
efficient government though digital transformation. From Albania to
Djibouti, GovTech initiatives promote broadband connectivity, digital ID,
Partnerships are
electronic payments and national data registries to help governments essential to rebuilding
meet the essential needs of citizens. and achieving
10
COVID-19 changed virtually everything about commerce. Marketers need scale and speed
the ability to pivot quickly and adapt appropriate tone considerations
for the context of their audience. Logistics managers must plan for
unprecedented risks, developing contingencies to withstand disruptions 49
of ever greater depth and scope. New technologies and governmental
regulations change the investments businesses must make to keep
commerce moving forward.
Digital transformation as the essential service

Commerce after the pandemic may still sound futuristic. But as societies
emerge from the fog of disruption brought by COVID-19, we’re living the
future each day.
Our future requires flexible infrastructure built in the cloud, digital

payments that allow the instant, safe, convenient settlement of
payments, and alliances between technology, supply and logistics
partners. The future of commerce demands businesses develop
infrastructure that elevates health and safety to the highest priority
for all face-to-face contact. And ultimately for commerce, our future
means engaging consumers at scale with smart technology and
smarter consumer experiences.
1
Lucy Handley, CNBC, August 25, 2020, “E-commerce experts on how the industry can capitalize from a coronavirus-led boom in online
sales.”https://www.cnbc.com/2020/08/25/how-ecommerce-can-capitalize-from-a-coronavirus-led-boom-in-online-sales.html
2 Angelica Mari, ZDNet, June 1, 2020. “E-commerce sales reach all-time high in Brazil.”
https://www.zdnet.com/article/e-commerce-sales-reach-all-time-high-in-brazil/
3 U.S. Census Bureau, Department of Commerce, August 18, 2020. “Quarterly Retail E-Commerce Sales, 2nd Quarter 2020.”
https://www.census.gov/retail/mrts/www/data/pdf/ec_current.pdf
4 yStats.com, “COVID-19 Impact on E-Commerce, July 23 -August 5, 2020.” http://ystats.com/
5 Outlook India, July 21, 2020. “India e-commerce to grow 27%; Reliance to capture half of online grocery sales: Goldman.”
https://www.outlookindia.com/newsscroll/india-e-commerce-to-grow-27-reliance-to-capture-half-of-online-grocery-sales-goldman/1899640
6 Santiago Fernandez, Paul Jenkins, and Benjamim Vieira, McKinsey, July 24, 2020. “Europe’s digital migration during COVID-19: Getting
past the broad trends and averages.”
https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/europes-digital-migration-during-covid-19-getting-past-the-broad-trends-and-averages
7 Mastercard, April 20, 2020. “Mastercard study shows consumers moving to contactless payments for everyday purchases as they seek
cleaner, touch-free options.”
https://newsroom.mastercard.com/asia-pacific/press-releases/mastercard-study-shows-consumers-moving-to-contactless-payments-for-everyday-purchases-as-they-seek-cleaner-touch-free-options/
8
Visa, August 4, 2020. “Global Visa Study Finds 67% of Small Businesses and 78% of Consumers Have Adopted New Behaviors to Adjust to
COVID-19.” https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.17246.html
9 Jung Min-kyung, The Korea Herald, Sept 11, 2020. “S. Korea to focus on digital infrastructure investment, ‘Data Dam’ project: minister.”
http://www.koreaherald.com/view.php?ud=20200911000726 50
10 The World Bank. “GovTech: Putting people first.” https://www.worldbank.org/en/topic/governance/brief/govtech-putting-people-first
MARKET
GUIDES

51
On the 29th of each month, Argentinians
eat gnocchi. They often put money FAST STATS
under their plates in hopes of attracting 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
good fortune and luck for the next from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
month. Even restaurants participate in
the tradition and serve gnocchi on the 10% 50% 25% 11%
menu. After consumers place money
under the plate, they most often pull out 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
cash as their primary method for paying e-com CAGR POS CAGR penetration penetration
in person. Cash preferences declined
dramatically in 2020 as more consumers 22% 5% 93% 75%
opted to use debit cards and digital/
mobile wallets, but online, they still
prefer credit cards. It’s unlikely those
plastic forms of payment will help attract
FORECAST
fortune, but it couldn’t hurt to try. 2024 %** 2024 %**
sales from e-com sales from m-com
17% 61% 52
TOP TIP 2019 card brand breakdowns (e-com and POS)
Competition for payment market share is heating up.

The Argentinean Central Bank launched a new instant
payment solution, Pagos Electrónicos Inmediatos (PEI),
61% 27% 4%
allowing for smoother transaction flows. The Central
Visa Mastercard American Express
Bank also passed new regulations creating a friendlier
regulatory framework for fintechs and payment service
providers helping to spur additional innovation.
3% 3% 1%
2020 e-com mix by payment method
Cabal Tarjeta Naranja Others
Credit Card 39%

Digital/ Mobile Wallet 25%
Debit Card 17%
Bank Transfer 6%
Cash on Delivery 5% POS and e-com projected growth
PostPay 3%
Pre-paid Card 2%
US$108bn
Direct Debit 1%
PrePay 1% US$90bn
US$21bn
Other 1%
US$13bn
US$10bn
US$8bn
2020 point of sale mix by payment method US$5bn
US$5bn
Cash 37% 2020* 2024**
Debit Card 23% e-com turnover POS
Credit Card 21%
Digital/ Mobile Wallet 11% Desktop
Mobile
POS Financing 2%
Charge Card 2%
Pre-paid Card 2%
Popular alternative
* Estimated **Forecasted payment methods 53
Numbers adjusted for rounding may impact totals. Bank Transfer
When visiting the land Down Under,
purchasing Tim Tams is a must for any FAST STATS
visitor. Tourists are likely paying with 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
their local payment preferences, but from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
locals have opted to use less cash in
2020 when making purchases in person. 6% 56% 24% 8%
Australians typically prefer to do their
online shopping in the evenings.1 When 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
checking out, credit cards and mobile/ e-com CAGR POS CAGR penetration penetration
digital wallets continue to be the most
popular and most convenient. 10% 5% 87% 84%
1https://www.businessnewsaus.com.au/articles/new-data-
FORECAST
reveals-surprising-facts-about-aussie-online-shoppers.html
2024 %** 2024 %**

7% 65% 54
The pandemic has driven a range of behavior changes, from

what consumers buy to how they prefer to pay. A preference
for debit payments has increased as consumers begin to
44% 25%
think about the best ways to manage funds. The different
Visa EFTPOS
buy now, pay later (BNPL) offerings have also expanded to
meet this need, with new offers seeking to align to specific
purchase types, consumers and budgeting preferences.
24% 6%
Mastercard American Express
Credit Card 32%

Debit Card 17%
Buy Now Pay Later 10%
Bank Transfer 8% POS and e-com projected growth
Charge & Deferred 3%
Debit Card
US$699bn
Cash on Delivery 2%
US$583bn
PostPay 2% US$54bn
Direct Debit 1%
PrePay 1% US$37bn
Other 1% US$35bn
Pre-paid Card 1%
US$21bn
US$19bn
US$16bn
2020 point of sale mix by payment method 2020* 2024**

Credit Card 34%
Desktop
Cash 8%
Mobile
Charge Card 5%
POS Financing 4%
Pre-paid Card 1% Popular alternative
Belgium has influenced the world
through a variety of inventions - inline FAST STATS
skates, the saxophone, asphalt and 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
even plastic. The first plastic isn’t the from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
same version we currently use today but
without it, we may never have developed 8% 25% 14% 7%
credit and debit cards. These were an
important discovery considering cards 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
account for 49% of online purchases and e-com CAGR POS CAGR penetration penetration
67% at the point of sale. Belgians aren’t
moving away from plastic yet, but digital 7% 4% 94% 82%
forms of payment are continuing to gain
in popularity.
FORECAST
2024 %** 2024 %**
9% 36% 56
Point of sale payments experienced a slight shift in 2020. Debit

cards remain the leading way to checkout, but cash declined
as consumers shifted to using mobile/digital wallets. Online,
79% 12%
consumers are using a debit card, but alternative payments
Bancontact Visa
like buy now, pay later (BNPL) and mobile/digital wallets
continue to gain market share. Merchants looking to accept
digital payment options will want to consider alternatives such
as PayPal, KBC and Afterpay. 4% 4% 1%
Others Mastercard American Express
Debit Card 30%

Credit Card 19%
Bank Transfer 19%
Digital/Mobile Wallet 14% POS and e-com projected growth
Cash on Delivery 4% US$186bn
Debit Card US$158bn
Direct Debit 2%
Other 1% US$19bn
1% US$14bn
PrePay
US$12bn
US$10bn
US$7bn

2020* 2024**
Cash 23%
Credit Card 15% Desktop
Mobile
POS Financing 2%
Pre-paid Card 2%
Popular alternative
As the fifth largest country in the world,
Brazil’s borders touch all but two countries FAST STATS
in South America. Similarly, their online 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
payment preferences touch on all options from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
available at checkout. Credit cards remain
the top checkout method but digital/ 5% 51% 17% 8%
mobile wallets, debit cards and PostPay
together make up the majority of other 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
preferences. 2020 saw a sharp rise in the e-com CAGR POS CAGR penetration penetration
use of digital and mobile wallets at the
point of sale with a decrease in cash as a 12% 4% 71% 66%
way to limit contact at checkout.
FORECAST
2024 %** 2024 %**
6% 61% 58
A new instant payment infrastructure, PIX, from Brazil’s

Central Bank, went live in 2020, bringing more competition
to the payments landscape. Enabling the acceptance of PIX
47% 33%
will help merchants offer convenient and seamless checkout
Mastercard Visa
for consumers while speeding up cash flow for the merchant.
The arrival of 3DS2 is also adding change to the payment
ecosystem. Not only will it foster online debit payments, it
will also enable a more frictionless e-commerce experience 18% 1% 1%
while creating a safe checkout environment, protecting the
merchant and the consumer. Elo Others Hipercard
Credit Card 43%

Digital/ Mobile Wallet 17% POS and e-com projected growth
Debit Card 13%
PostPay 12%
US$809bn
Bank Transfer 8%
Direct Debit 2%
US$682bn US$56bn
Cash on Delivery 1%
Debit Card US$36bn US$34bn
Pre-paid Card 1%
PrePay 1% US$22bn
US$18bn
US$17bn
2020* 2024**
2020 point of sale mix by payment method e-com turnover POS
Cash 35% Desktop

Credit Card 34% Mobile
Debit Card 20%
POS Financing 4%
Popular alternative
Canadians buy their milk by the bag
instead of a carton. And when it comes FAST STATS
to paying for milk or any other item, 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
whether checking out online or from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
purchasing in-store, they’re most often
paying with a credit card. Their online 10% 26% 23% 7%
habits continue to be rooted in tradition
with card payments. But in-store, digital 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
and mobile wallets are continuing to e-com CAGR POS CAGR penetration penetration
gain in popularity, especially after the
COVID-19 pandemic. 13% 5% 90% 83%
FORECAST
2024 %** 2024 %**
14% 29% 60
2020 was no exception to Canadians’ preferences for credit

cards and as online commerce continues its growth trajectory,
merchants need a renewed focus on security. Multi-factor
40% 32%
authentication and biometrics continue to gain traction
Visa Interac
as an added layer of security to the checkout process. As
Canada prepares to launch real-time payments in 2022, in-
store merchants will need to consider modernizing payment
terminals. Integrated payments will help merchants with 25% 3%
security as well as assist with reconciliation and settlement.
Credit Card 55%

Debit Card 11% POS and e-com projected growth
Bank Transfer 7% US$817bn
Pre-paid Card 1%
PrePay 1% US$677bn US$128bn
Direct Debit 1%
Charge & Deferred 1% US$91bn
Debit Card US$78bn
Cash on Delivery 1%
US$57bn
US$37bn
US$20bn
2020 point of sale mix by payment method
2020* 2024**
Credit Card 49%
e-com turnover POS
Debit Card 28%
Digital/Mobile Wallet 7% Desktop
Charge Card 6% Mobile
Cash 5%
POS Financing 4%
Pre-paid Card 1%
Popular alternative
Home to the largest swimming pool in
the world (holding over 66 million gallons FAST STATS
of water) Chile is also one of the best 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
places in the world for astronomical from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
research due to its arid climate. When
consumers are drifting through the 6% 28% 10% 5%
world of online commerce, cards remain
the dominant choice. At the point of 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
sale, cash is no longer king due to the e-com CAGR POS CAGR penetration penetration
pandemic. The debit card has inched
ahead as the checkout preference. 17% 5% 78% 75%
FORECAST
2024 %** 2024 %**
9% 41% 62
Chilean payment rails are beginning to move towards the

international model of merchant, acquirer, network and
issuer. As competition increases, local acquirers are looking
66% 20%
to improve the online checkout experience. Hosted checkout
Redcompra Mastercard
solutions are being implemented to reduce friction and
improve conversion. Cyber events, such as Cyber Monday
and Cyber Day, have rapidly increased the performance of
e-commerce. Driven by sales and promotions, these types 13% 1% 1%
of events have become extremely popular as consumers
postpone purchases to take advantage of better deals. Visa American Express Ripley
Credit Card 38%

Bank Transfer 12%

Debit Card US$117bn
Direct Debit 4% US$14bn
Other 3%
Pre-paid Card 2% US$8bn US$8bn
US$5bn US$6bn
US$2bn
Cash 31% Desktop

Pre-paid Card 5%
POS Financing 4%
Popular alternative
Numbers adjusted for rounding may impact totals. Bank Transfer Direct Debit
Home to the second-largest number of
billionaires, China has the largest market FAST STATS
size in the world and Chinese consumers 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
spend $73 billion on luxury goods alone from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
every year.1 Billionaire or not, these
consumers pay for most goods and 9% 63% 72% 50%
services with digital and mobile wallets,
leading the world in adoption. Due to the 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
pandemic, their use of cash at the point e-com CAGR POS CAGR penetration penetration
of sale dropped dramatically in 2020.
14% 6% 59% 74%
1https://markets.businessinsider.com/news/stocks/china-
economy-facts-2019-5-1028172022#
FORECAST
2024 %** 2024 %**
12% 67% 64
Payment services are diversifying with the approval for

American Express and Mastercard to now process cards in
China. Businesses may need to work with their payment
providers to ensure they can accept payments under these
new card brands. In order to advance towards a cashless
100%
society, the Chinese government has also launched a national
digital currency (DCEP). This digital currency is projected China UnionPay
to boost e-commerce development in the coming years, so
partnering with a knowledgeable payment processor will help
brands build a smooth checkout process for the consumer.

Credit Card 12% POS and e-com projected growth
Bank Transfer 5%
Debit Card 5% US$21,223bn
Cash on Delivery 3%
US$16,674bn
Pre-paid Card 1% US$3,171bn
Debit Card US$2,119bn
US$1,869bn
US$1,052bn
US$1,175bn
2020* 2024**
e-com turnover POS
Debit Card 16%
Cash 13% Mobile
Pre-paid Card 4%
POS Financing 3%
Popular alternative
As one of the most biodiverse countries
in the world, Colombia is home to Cano FAST STATS
Cristales – the “Liquid Rainbow,” named 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
for the changing of the riverbed colors from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
during parts of the year. Consumer
payment choices are also diverse. 5% 53% 13% 5%
The top 5 online payment preferences
all capture double-digit market share. 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
Point of sale checkout now splits cash e-com CAGR POS CAGR penetration penetration
and debit cards almost evenly while
credit cards are a close third option. 10% 7% 63% 72%
FORECAST
2024 %** 2024 %**
5% 63% 66
E-commerce continues to grow, with consumers increasingly

using their mobile phones to shop. However, in a move towards
omnichannel retailing once the pandemic passes, outlets
55% 41%
in urban centers have become places where consumers can
Mastercard Visa
try products, such as apparel and footwear, that they will
ultimately purchase online. Rappi is on its way to becoming the
super app of Latin America, giving consumers a one-stop shop.
Marketplaces such as Linio and MercadoLibre are showing 2% 1% 1%
important growth by strengthening their products and services.
Others American Express Diners Club
Credit Card 32%

Debit Card 20%
PostPay 4%
Pre-paid Card 2% US$135bn
Other 1%
US$9bn
Debit Card
US$6bn US$6bn
US$4bn
US$3bn
2020* 2024**
Cash 34%
e-com turnover POS
Debit Card 32%
Digital/ Mobile Wallet 5% Mobile
POS Financing 2%
Pre-paid Card 2%
Charge Card 1%
Popular alternative
Made up of 444 islands, only 76 are actually
inhabited. Those who inhabit Copenhagen FAST STATS
typically cycle to and from work each 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
day. As they’re traveling around the city, from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
they’re often carrying around cards and a
mobile device for when they need to make 19% 49% 22% 7%
a purchase. Debit cards are the preferred
online checkout method with credit cards 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
topping the list at the point of sale. This e-com CAGR POS CAGR penetration penetration
represents a big change at the point of sale
compared to the previous year where debit 10% 4% 98% 87%
cards were the preference for both.
FORECAST
2024 %** 2024 %**
23% 57% 68
As the national debit card, Dankort is the most widely accepted

card brand in Denmark. Many merchants only accept Dankort
since other card brands may be recognized as foreign cards
72% 15%
and potentially affect merchant fees. As consumers continue
Dankort Mastercard
to migrate to digital payments and use their Dankort card
digitally, it’s important for merchants to enable acceptance of
mobile and digital wallets like MobilePay and PayPal.
11% 1%
Visa Others
Debit Card 31%

Credit Card 20%
Bank Transfer 8%
POS and e-com projected growth
Debit Card US$120bn
Direct Debit 2%
PrePay 1% US$103bn US$36bn
Cash on Delivery 1%
Other 1% US$24bn
US$20bn
Pre-paid Card 1%
US$15bn
US$13bn
US$12bn
Cash 12% Desktop

POS Financing 3%
Popular alternative
Known for the Northern Lights and the
ability to visit Santa Clause’s village, FAST STATS
Finland is also known to provide free 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
education all the way through university. from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
For goods and services that aren’t free,
consumers prefer debit cards at the 17% 38% 19% 6%
point of sale and bank transfer for online
commerce. Finnish consumers are also 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
on top as frequent users of buy now, pay e-com CAGR POS CAGR penetration penetration
later (BNPL).
11% 3% 94% 86%
FORECAST
2024 %** 2024 %**
21% 45% 70
Like most countries in 2020, spending changes occurred

more with what consumers paid for than how they paid. Taxi
services, restaurants and clothing purchases all experienced
a decline once stay-in-place measures were ordered. When 55% 45%
consumers turned to online shopping, bank transfers
remained the top preference, but buy now, pay later (BNPL) Visa Mastercard
services experienced a 50% increase from 2019. At the point
of sale, consumers shifted away from cash and toward digital
and mobile wallets. Merchants looking to offer options should
consider alternatives like Klarna, PayPal and Apple Pay.
Bank Transfer 31%

Debit Card 14%
Credit Card 13%
Buy Now Pay Later 12% US$92bn
US$24bn
Debit Card
US$13bn
Other 1%
US$10bn US$11bn
US$6bn
2020* 2024**
e-com turnover POS
Debit Card 60% Desktop

Cash 15%
POS Financing 3%
Popular alternative
The Guinness World Record for shortest
reign was held by King Louis XIX at just FAST STATS
20 minutes when he abdicated the 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
throne.1 Digital/mobile wallets have also from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
reigned for a short time as the top online
payment method but are forecasted 13% 30% 25% 7%
to ultimately reign long-term as digital
forms of payment are becoming more 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
mainstream. At the point of sale, debit e-com CAGR POS CAGR penetration penetration
cards continue their reign while cash
continues its pattern of decline. 9% 4% 92% 80%
1https://www.guinnessworldrecords.com/world-records/
shortest-reign-of-a-monarch/
FORECAST
2024 %** 2024 %**
15% 42% 72
As cash drops dramatically at the point of sale, adaptability

is key. Retailers that embrace omnichannel are more
prepared for unexpected turns in the economy as payments
and commerce continue to migrate to digital. New tools 82% 18%
such as email invoicing, call and collect, or click and
collect are helping merchants of all sizes and are fairly Cartes Bancaires Others
simple to implement into current platforms.

Credit Card 21%
Debit Card 18%
Debit Card POS and e-com projected growth
Bank Transfer 9%
Direct Debit 4% US$1,048bn
Cash on Delivery 3% US$880bn US$184bn
PrePay 2%
Other 1% US$106bn
US$132bn
US$92bn US$78bn
Debit Card 48% 2020* 2024**
Credit Card 15% e-com turnover POS

Charge Card 15%
Desktop
Cash 12%
Mobile
POS Financing 4%
Popular alternative
Dating back to 1956, German shop hours
were regulated by law. While the law FAST STATS
has since been updated, Germany still 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
has limited shopping hours compared from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
to the rest of Europe. When consumers
do head out to shop, they’re bringing 11% 37% 26% 7%
cash, although the preference for cash
continues to decline and credit card use 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
is on the rise. When shopping online, e-com CAGR POS CAGR penetration penetration
Germans are now using their mobile/
digital wallets most often but they’re 10% 4% 96% 83%
also fond of direct debit. They have the
highest use of direct debit in the world.
FORECAST
2024 %** 2024 %**
14% 45% 74
Similar to many countries, COVID-19 has spurred additional

online growth. Buy now, pay later (BNPL) options continue
to grow online and at the POS. They are now the second most
74% 14%
popular way to checkout online. Retailers looking to provide
Girocard Visa
checkout options will want to enable acceptance of options
like Klarna and Afterpay. The increase in mobile e-commerce
continues to push growth with mobile and digital wallets,
which are the number one method for online checkout. 11% 1%
2020 e-com mix by payment method Mastercard American Express

Direct Debit 18%
Credit Card 10%
Charge & Deferred 4% US$1,092bn
Debit Card
Cash on Delivery 4% US$945bn US$179bn
Debit Card 2%
Other 2% US$122bn US$98bn
PrePay 1%
1% US$81bn
Pre-paid Card US$77bn
US$45bn
Cash 44% e-com turnover POS

Debit Card 36%
Desktop
Digital/Mobile Wallet 7%
Mobile
POS Financing 6%
Charge Card 4%
Pre-paid Card 2%
Credit Card 2% Popular alternative
Numbers adjusted for rounding may impact totals. Direct Debit Invoice Payments
Hong Kong is a food lover’s paradise with
more restaurants per capita than any FAST STATS
other market in the world.1 2020 marked 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
the year for Hong Kong consumers to from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
transfer their debit card into a mobile/
digital wallet to take advantage of a 10% 57% 29% 22%
contactless experience when dining
out or shopping in person. Consumers 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
lean heavily toward card usage when e-com CAGR POS CAGR penetration penetration
checking out online, but in order to get
high conversion rates, businesses need 9% 6% 89% 86%
to localize the online experience by
language and currency.
1https://expatliving.hk/25-fun-facts-about-hong-kong/
FORECAST
2024 %** 2024 %**
11% 66% 76
Already a society that relies very little on cash, digital/mobile

wallets are in the top checkout preferences for consumers,
lagging only behind credit cards. Hong Kong is aiming to
36% 33% 12%
make payments simpler and faster through the Hong Kong
China UnionPay EPS Visa
Monetary Authority Faster Payment System by connecting
those in the payments ecosystem. Merchants looking to take
advantage of digital acceleration will want to focus efforts on
accepting the largest digital wallets, Alipay and WeChat Pay. 7% 6% 4% 1%
Others Mastercard American Express Diners Club
Credit Card 45%

Bank Transfer 11%
Pre-paid Card 4% POS and e-com projected growth
Cash on Delivery 4%
Debit Card 2%
US$236bn
Direct Debit 2%
US$186bn
US$29bn
Debit Card
Other 1%
US$21bn
PrePay 1% US$19bn
US$12bn
US$10bn
US$9bn
2020* 2024**
Cash 9% Desktop
Pre-paid Card 3%
Debit Card 3%
POS Financing 2%
Popular alternative
Physical retail is alive and well in India,
where consumers prefer to touch and FAST STATS
feel products before they buy. Until 2020, 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
cash was used to pay more than 70% from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
of the time. The pandemic has started
to change those habits and while cash 8% 53% 40% 22%
still tops the preference list at 34%,
many consumers are shifting to mobile/ 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
digital wallets and debit cards. It’s e-com CAGR POS CAGR penetration penetration
more gratifying for Indian consumers
to shop physically, but online retail also 16% 9% 41% 64%
continues to increase as infrastructure
and technology advancements are made.
FORECAST
2024 %** 2024 %**
10% 62% 78
The pandemic has accelerated the drive towards a cashless

society with cash declining 36% at the point of sale in 2020.
As a result, digital wallet companies like Paytm are experiencing
42% 31%
strong growth. For businesses that haven’t yet incorporated
Visa Mastercard
digital/mobile wallet acceptance at checkout, the time is
now. WhatsApp Pay was also recently launched in India, giving
consumers an additional option to pay seamlessly.
25% 2%
RuPay American Express

Credit Card 15%
Debit Card 15%
Bank Transfer 13%
Cash on Delivery 8%
Buy Now Pay Later 3% US$1,035bn
PrePay 2%
Debit Card US$111bn
Other 1%
US$69bn
US$42bn
US$32bn
Cash 34% 2020* 2024**
Digital/Mobile Wallet 22% e-com turnover POS

Debit Card 20%
Desktop
Credit Card 12%
Mobile
POS Financing 6%
Charge Card 5%
Popular alternative
Jakarta, the Big Apple of Southeast Asia,
is a shopper’s paradise containing one FAST STATS
of the world’s largest shopping malls. 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
Due to the global pandemic, consumers from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
in Indonesia greatly reduced their use
of cash in 2020 and migrated to digital/ 8% 61% 29% 17%
mobile wallets when heading out to
shop. Digital/mobile wallets also rose to 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
the top preference for online checkout, e-com CAGR POS CAGR penetration penetration
which comes in handy when consumers
participate in major shopping days, often 19% 7% 63% 75%
coinciding with holidays popular in China.
FORECAST
2024 %** 2024 %**
12% 68% 80
Indonesian e-commerce is considered to have one of the

highest growth rates in Asia-Pacific. Due to restricted travel
throughout the pandemic, many consumers increased their
purchasing of items like clothes or gadgets. These shifts have 50% 37% 13%
shined new light on logistics and delivery challenges, especially
in more rural areas. Merchants who can make the delivery Visa Mastercard Others
experience more seamless will be prepared for future growth.

Bank Transfer 23%
Cash on Delivery 15%
Credit Card 14%
US$381bn
Debit Card
Direct Debit 2% US$292bn US$51bn
Pre-paid Card 1%
US$35bn
PrePay 1% US$25bn
US$15bn US$16bn
US$10bn
Cash 53% 2020* 2024**
Digital/Mobile Wallet 17% e-com turnover POS
Debit Card 11%
Mobile
Charge Card 4%
POS Financing 3%
Pre-paid Card 3%
Popular alternative
St. Patrick’s Day is celebrated as a
national holiday. In fact, it’s the only FAST STATS
national holiday that people wear green 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
for patriotic reasons. Green is also not from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
the most popular choice at checkout.
Debit cards are the most preferred 10% 40% 22% 2%
method for paying online and at the
point of sale, in whatever color the card 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
happens to be. e-com CAGR POS CAGR penetration penetration
8% 4% 92% 79%
FORECAST
2024 %** 2024 %**
11% 47% 82
Ireland experienced a 26.6% increase in the volume of

contactless transactions since the limit increase from €30
to €50 was implemented in March 2020 to encourage more
contactless payments and help curb the spread of COVID-19.
1 89% 11%
The National Transport Authority (NTA) has stated that it
Visa Mastercard
wants to introduce a tap on, tap off single transaction solution
across, rail, bus, tram and taxi modes of transport by Q2 2022.
Debit Card 36%

Credit Card 22%
Bank Transfer 7%
Cash on Delivery 6%
Debit Card
Other 1%
US$108bn
Direct Debit 1%
US$93bn
PrePay 1%
US$10bn
US$7bn
US$6bn US$6bn
2020* 2024**
Debit Card 52%
Credit Card 13%
Desktop
POS Financing 3%
Mobile
Pre-paid Card 2%
Charge Card 2%
Popular alternative
Numbers adjusted for rounding may impact totals. 1 Worldpay from FIS data Bank Transfer
Known for food, fashion and fine art,
Italy also provided the foundation for all FAST STATS
legal systems established throughout 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
Europe. Payment foundations were from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
originally built on cash at the point of
sale and are still the preferred method 6% 49% 36% 8%
today, although cash preferences are
declining in favor of cards. As online 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
commerce continues to grow at 10% e-com CAGR POS CAGR penetration penetration
CAGR, digital/mobile wallets have risen
to the top of the preference list, taking a 10% 4% 93% 83%
solid lead ahead of credit cards.
FORECAST
2024 %** 2024 %**
8% 61% 84
The move to more digital payments is being fast tracked in

part due to COVID-19 and the economic upheaval Italians have
experienced. At the POS, cash declined 48% as consumers were
55% 25%
forced to shift to other payment methods. The use of prepaid
Bancomat Visa
cards and digital/mobile wallets experienced the largest growth,
doubling at the POS. The government is expected to implement
a series of measures to become a cashless society starting with
refunding customers a percentage of card payment transactions. 19% 1%

Credit Card 19%
Pre-paid Card 12%
Bank Transfer 9%
Debit Card 7%
Cash on Delivery 5%
Debit Card
3% US$613bn
PrePay
US$61bn
Buy Now Pay later 2%
Other 2% US$41bn
US$24bn
US$21bn
US$20bn
2020* 2024**
Debit Card 34%
e-com turnover POS
Cash 30%
Pre-paid Card 13% Desktop
Digital/Mobile Wallet 8% Mobile
POS Financing 6%
Credit Card 5%
Charge Card 4%
Popular alternative
Japan is a leader in integrating artificial
intelligence into their daily lives and FAST STATS
Tokyo ranks as the third most expensive 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
city to live in the world.1 Despite their from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
technological advances, Japanese
consumers still prefer to pay with cash 10% 27% 11% 4%
when checking out at the point of sale.
When shopping online, credit cards top 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
the list at nearly 60%. Their preferences e-com CAGR POS CAGR penetration penetration
for cash and credit cards likely make it
easier to manage a budget when living in 8% 3% 94% 84%
expensive markets.
1https://www.mercer.com/newsroom/2020-cost-of-living.html
FORECAST
2024 %** 2024 %**
11% 29% 86
QR-code payments continue to be popular among the

Japanese, in part supported by a government initiative
to go cashless. The program covers a rebate scheme
32% 32%
where shoppers earn points that can be redeemed
Visa JCB
at participating stores. Many e-commerce merchants
are also beginning to incorporate QR codes into their
checkout process to engage participating consumers.
22% 11% 2%
2020 e-com mix by payment method Mastercard J-Debit American Express
Credit Card 58%

PostPay 11%
Bank Transfer 6%
Cash on Delivery 4%
Debit Card 4%
Buy Now Pay Later 3% US$2,038bn
Other 2% US$1,826bn
Debit Card
US$197bn
US$144bn
US$76bn
2020* 2024**
Cash 59%
Charge Card 4%
Desktop
Debit Card 3%
Mobile
Pre-paid Card 3%
Popular alternative
Malaysia’s thriving retail scene includes
a growing number of shopping malls and FAST STATS
specialty centers. While shopping, it’s 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
digital forms of payment that lead for from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
consumers. Cash is still the preference
for point of sale checkout but they’re 5% 59% 14% 13%
adopting more contactless experiences
using credit cards and digital/mobile 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
wallets. These options are also gaining in e-com CAGR POS CAGR penetration penetration
popularity online and beginning to catch
up to bank transfers. 14% 6% 81% 78%
FORECAST
2024 %** 2024 %**
7% 65% 88
Traditionally a cash-dominant society, the pandemic has

accelerated Malaysia’s push towards electronic payments.
Consumers are increasingly using digital channels to make
55% 36%
payments and migrating away from cash. Even when shopping
Visa Mastercard
in-store, more consumers began to check out with a mobile
or digital wallet to take advantage of the contactless nature.
To support this rapid adoption, the government has offered
a preloaded amount of RMB50 when customers sign up to a 6% 2%
specific mobile/digital wallet.
MyDebit American Express
Bank Transfer 28%

Credit Card 17%
Direct Debit 12%
Debit Card 12% US$179bn
Other 2%
US$13bn
Debit Card
Pre-paid Card 1%
US$8bn
US$7bn
US$4bn US$4bn
2020* 2024**
Cash 43%
e-com turnover POS
Credit Card 24%
Debit Card 12% Mobile
POS Financing 4%
Charge Card 3%
Pre-paid Card 2%
Popular alternative
Mexico is one of the top 10 countries
by number of UNESCO World Heritage FAST STATS
Sites with more than 30 sites on the list. 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
While there aren’t as many payment from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
methods, Mexican consumers do utilize
a variety whether they’re shopping in- 6% 53% 27% 4%
store or online. Cards and cash continue
to be the most popular but digital/ 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
mobile wallet adoption is on the rise. e-com CAGR POS CAGR penetration penetration
That growth is expected to continue as
mobile commerce is projected to grow 16% 4% 65% 68%
more than 20% over the next 5 years.
FORECAST
2024 %** 2024 %**
9% 64% 90
Cobro Digital (CoDi) may be set to help consumers transition to

digital payments for in-person transactions as cash experienced
a sharp decline in 2020. Retailers, payment providers and fintechs
are currently exploring the system’s potential for digital commerce. 60% 38% 1%
Thirty-two of the largest financial institutions in Mexico already
participate with more adapting their technology to also process Visa Mastercard Others
payments through CoDi. The system also has more than 150
non-financial participants, from retailers to fintechs.
Credit Card 29%

Debit Card 18%
Cash on Delivery 8%
Debit Card
Pre-paid Card 2% US$441bn US$53bn
Other 1%
PrePay 1% US$33bn
US$29bn
US$19bn
US$15bn
US$14bn
2020* 2024**
Cash 45%
e-com turnover POS
Debit Card 23%
POS Financing 4%
Pre-paid Card 2%
Popular alternative
The Netherlands, the lowest-lying
country in Europe, is the leading exporter FAST STATS
of flowers with almost 80% of the world’s 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
bulbs.1 While there’s no one payment from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
method that captures 80% of the market
share, there is one that comes close. 14% 32% 8% 11%
The Dutch don’t take on much debt
and instead prefer to pay for online 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
purchases through bank transfer (60%). e-com CAGR POS CAGR penetration penetration
There’s no other payment preference
that comes close to a double-digit share 9% 4% 96% 85%
of Dutch e-commerce. Their aversion to
debt carries through to the point of sale,
with most purchases being made with
cash or a debit card.
FORECAST
2024 %** 2024 %**
1https://www.expatica.com/nl/moving/about/netherlands-facts-108857/ sales from e-com sales from m-com
17% 39% 92
COVID-19 is bringing new strategies for brands to reach

consumers. Mobile and digital wallets like Apple Pay and
Google Pay are gaining more traction in-store. Buy now, pay
later (BNPL) continues to increase as a way for consumers to 95% 5%
continue to support large and small businesses, and consumers
have shown increased interest in supporting local businesses. Mastercard Visa
Online brands are experiencing a boost in online sales and
last-mile delivery companies are continuing to see increased
volumes providing an opportunity for brands to continue to
expand their online presence.
Bank Transfer 60%

Credit Card 8%


PrePay 1%
US$22bn
Other 1% US$17bn
US$10bn
2020* 2024**
e-com turnover POS
Debit Card 62%
Cash 12% Desktop
Mobile
Credit Card 7%
POS Financing 4%
Charge Card 4% Popular alternative
Numbers adjusted for rounding may impact totals.
New Zealand has a very small human
population percentage at only 5%.1 FAST STATS
That makes it the country with the 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
highest animal to human ratio in the from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
world even though the country is actually
larger than the UK. These consumers 8% 47% 20% 5%
prefer paying with cards over cash when
out shopping or checking out online. 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
Credit and debit cards are often the most e-com CAGR POS CAGR penetration penetration
reached for, likely due to benefits like
loyalty and reward programs. 8% 5% 91% 83%
1https://www.globotreks.com/destinations/new-zealand/33-
quirky-facts-new-zealand/
FORECAST
2024 %** 2024 %**
9% 61% 94
In 2020, many consumers began to look for options that

would help them manage installment payments, such as
buy now, pay later (BNPL), which reduces purchasing risk for
44% 36%
consumers since they can spread out interest-free payments.
EFTPOS Visa
The pandemic also facilitated wider public acceptance of
QR-based interfaces and even alternative debit types such
as Electronic Funds Transfer at Point of Sale (EFTPOS) are
beginning to pilot mobile-based payments. 15% 3% 2%
Mastercard American Express Others
Credit Card 32%

Bank Transfer 15%
Debit Card
Cash on Delivery 2%
US$69bn
Direct Debit 2%
US$58bn
Other 1%
Pre-paid Card 1%
US$7bn
US$5bn
US$4bn
US$3bn US$3bn
2020* 2024**
Debit Card 36%
Cash 12% Desktop
Charge Card 4%
POS Financing 4%
Pre-paid Card 3%
Popular alternative
Numbers adjusted for rounding may impact totals. Buy Now Pay Later Bank Transfer
At the POS consumers are most
often paying with cash but Nigeria is FAST STATS
one of the fastest growing markets 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
and digital forms of payments are from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
booming. Online commerce through
mobile devices is projected to grow 7% 65% 7% 10%
26% over the next five years.
2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
e-com CAGR POS CAGR penetration penetration
24% 4% 61% 51%
FORECAST
2024 %** 2024 %**
13% 70% 96
Nigeria is one of the most developed e-commerce markets in

Africa and has the second largest online gambling industry
on the continent. Like many other African countries, Nigeria
is poised to leapfrog the cash-to-card revolution and is 65% 19% 17%
beginning to migrate directly to mobile-enabled payment
methods. The youth demographic has been driving demand Verve Visa Mastercard
for cashless and frictionless payments over the last couple of
years, with bank transfers being a key payment method for
merchants to access Nigerian shoppers.

Bank Transfer 21%
Credit Card 17%
US$311bn
Pre-paid Card 4%
US$45bn
Debit Card US$268bn

PrePay 2%
US$19bn
Other 2% US$14bn
US$12bn
US$7bn
e-com turnover POS

Cash 69%
Pre-paid Card 6%
POS Financing 6%
Credit Card 3%
Popular alternative
Ranked as the third most expensive country
to live in, Norway’s cost of living is 95% FAST STATS
higher than other countries around the 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
world.1 Going out for a beer is one of the from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
most expensive things you can do. When
it comes to paying in person, Norwegians 18% 43% 19% 8%
prefer a card 88% of the time. When
shopping online, they split preferences 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
between a variety of methods, from cards e-com CAGR POS CAGR penetration penetration
(physical or digital) to bank transfer to
BNPL. Options likely come in handy when 11% 4% 98% 86%
living in a more expensive country.
1https://www.businessinsider.com/most-expensive-countries-to-
live-in-ranked#3-norway-23
FORECAST
2024 %** 2024 %**
22% 51% 98
In an effort to continue to boost mobile payments, Visa is

teaming up with the Norwegian digital wallet company Vipps.
Due to COVID-19, mobile wallet payments increased 60% at
60% 21%
the point of sale as consumers shifted away from using cash.
BankAxept Others
Consumers also opted to change up how they checkout online
with buy now, pay later (BNPL) experiencing a 15% increase
and debit card use jumping 42% from 2019.
11% 6% 1%
Mastercard Visa American Express
Credit Card 26%

Bank Transfer 18%
Debit Card 10%
Debit Card
Direct Debit 3%
US$108bn
PrePay 1% US$24bn
Other 1%
US$18bn
US$17bn
US$14bn
US$10bn
Debit Card 66% 2020* 2024**

Cash 5% Desktop
Mobile
POS Financing 4%
Charge Card 2%
Pre-paid Card 2%
Popular alternative
Numbers adjusted for rounding may impact totals. Bank Transfer Invoice Payments
Home to Machu Picchu, the Rainbow
Mountains and Humboldt penguins, FAST STATS
Peru is one of the most biologically 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
diverse countries on the planet. For from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
those who love adventure, kayaking
at high speed down the Amazon River 16% 39% 8% 7%
during the rainy season will give
adrenaline junkies the ride of a lifetime. 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
As consumers have been riding the waves e-com CAGR POS CAGR penetration penetration
of commerce in 2020, they’re using cash
less and beginning to rely on digital/ 12% 7% 68% 69%
mobile wallets with credit and debit
cards still gaining a large portion of
market share. FORECAST
2024 %** 2024 %**
18% 51% 100

New acquirers are entering the Peruvian market, receiving full

interoperability licenses from card brands Visa and Mastercard.
With new acquirers and payment facilitators coming into play,
65% 33%
new products for accepting card payments are expected,
Visa Mastercard
increasing competition in the marketplace. However, barriers to
e-commerce remain with a large unbanked population. Thirty
percent of consumers don’t have a mobile device and don’t
have access to electronic payments. In addition, many people 1% 1%
are suspicious of entering their personal data on a web page,
which they consider unsafe, regardless of the provider. American Express Diners Club
Credit Card 30%

Bank Transfer 11%
PostPay 7% US$34bn
Debit Card
US$25bn

Other 1% US$4bn
US$3bn
US$2bn
2020* 2024**
2020 point of sale mix by payment method e-com turnover POS
Cash 44% Desktop

Debit Card 17%
POS Financing 5%
Popular alternative
The Philippines contain three of the
world’s top ten largest shopping malls, FAST STATS
making it possible to serve millions of 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
consumers at the same time.1 When they from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
head out to shop, they’re most often
bringing cash with them. But digital/ 3% 61% 20% 13%
mobile wallet use has more than doubled
over the last year as shoppers looked for 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
a more contactless experience. Online e-com CAGR POS CAGR penetration penetration
checkout transactions are also changing
as consumers shift from cash on delivery 17% 9% 72% 69%
to credit card and digital/mobile wallets.
1https://www.factretriever.com/philippines-facts
FORECAST
2024 %** 2024 %**
4% 66% 102
To compete with neighboring countries, the Philippines

is looking to advance digital payments at a faster rate.
Digital payments through mobile/digital wallets are gaining
57% 22% 17%
tremendous traction, more than doubling at the point of sale
BancNet Mastercard Visa
and increasing 25% online. Merchants looking to implement
acceptance and get ahead of the digital curve will want to
enable local options such as GCash, PayMaya and PayPal.
2% 1% 1%
American Express JCB Others

Credit Card 20%
Debit Card 13%
Bank Transfer 8%
Pre-paid Card 5%
Other 2% US$222bn

PostPay 1%
PrePay 1% US$6bn
US$5bn
US$3bn US$3bn
US$2bn

Debit Card 14%
Desktop
Credit Card 13%
Mobile
Pre-paid Card 2%
POS Financing 2%
Popular alternative
A cornerstone of Poland’s economy dates
all the way back to the 13th century. FAST STATS
The Wieliczka salt mine serves as an 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
attraction for travelers as well as royals from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
and heads of state. Inside, you’ll find
huge chambers with chandeliers and 6% 26% 16% 7%
furniture made of salt as well as a lake
and other architectural marvels.1 Today, 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
the economy relies primarily on bank e-com CAGR POS CAGR penetration penetration
transfer for online purchases and cash
when checking out at the point of sale. 9% 5% 78% 79%
Of course, those wishing to visit the mine
can purchase tickets with a variety of
online payment methods. FORECAST
1https://www.wieliczka-saltmine.com/ 2024 %** 2024 %**
7% 36% 104
The largest payment shift occurred at the POS with cash

dropping 10 percentage points from the previous year.
Instead, consumers were using mobile/digital wallets which
more than doubled in the last year to now capture 7% of 51% 49% 1%
payments at the POS. While cash remains the top payment
preference at the point of sale and bank transfers top the list Visa Mastercard Others
for online checkout, merchants that implement digital and
alternative payment methods will be ahead of the curve as
technology continues to shift towards a digital experience.
Bank Transfer 53%

Credit Card 9%
Cash on Delivery 5%
US$271bn
Direct Debit 2%
Buy Now Pay Later 2% US$224bn
US$20bn
Pre-paid Card 1%
US$14bn
Debit Card US$13bn
US$11bn
US$7bn
US$4bn
2020* 2024**

Debit Card 33%
Mobile
Credit Card 7%
Pre-paid Card 4%
POS Financing 1%
Popular alternative
From sub-zero to sub-tropical, Russians
can experience a range of regions and FAST STATS
temperatures throughout the country. 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
Siberia is considered to be one of the from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
coldest inhabited regions while Sochi is
known as the Russian Riviera.1 Payment 3% 35% 29% 6%
methods in Russia tend to not be as
widespread as the temperatures. Cards 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
and cash top the preference list for point e-com CAGR POS CAGR penetration penetration
of sale checkout while online, cards have
migrated into digital/mobile wallets. 2020 11% 4% 81% 73%
marks the first year where digital/mobile
wallets are the most preferred online
checkout method, replacing the debit card. FORECAST
1https://www.calvertjournal.com/features/show/9981/beyond- 2024 %** 2024 %**
the-game-sochi-seaside-walking-guide-soviet-sanatoriums-gardens sales from e-com sales from m-com
4% 40% 106
Similar to many countries around the world, cash became

much less prevalent in 2020, decreasing 44% online through
cash on delivery (COD) and 25% at the point of sale. Consumers
39% 33%
largely began to turn to mobile/digital wallets online which
Mastercard Visa
increased 15% but stayed flat at the point of sale indicating the
technology may not be widely available yet. Merchants looking
to implement digital options can consider alternatives such as
WebMoney, PayPal, Apple Pay, Qiwi and Yandex.Money. Credit 24% 3% 1%
cards also more than tripled at the point of sale so accepting all
card brands will serve merchants well. MIR Golden Crown Others

Credit Card 16%
Bank Transfer 11%
US$1,619bn
Debit Card US$1,364bn US$69bn
Cash on Delivery 5%
Direct Debit 2%
US$46bn US$41bn
Other 1%
US$30bn
US$28bn
US$16bn
2020* 2024**
Cash 36%
e-com turnover POS
Debit Card 34%
POS Financing 4%
Pre-paid Card 3%
Popular alternative
Home to untouched archeological sites,
Saudi Arabia contains the impressive FAST STATS
2,000-year-old ancient city of Hegra and 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
Jebel Fihrayn, also known as the Edge from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
of the World. When it comes to paying,
their preferences are a bit more modern. 2% 59% 16% 10%
Credit cards are the most use payment
method online and at point of sale, but 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
consumers also vary their choices among e-com CAGR POS CAGR penetration penetration
digital/mobile wallets, cash/cash on
delivery, bank transfer and debit cards. 8% 4% 92% 80%
FORECAST
2024 %** 2024 %**
3% 66% 108
COVID-19 has accelerated the rate for consumers to consider

digital payments. With a high mobile penetration rate and
nearly 60% of e-commerce coming from mobile devices, the
47% 29% 24%
market is well poised for digital payment penetration. As part
MADA Visa Mastercard
of the 2030 vision and goal to enhance electronic payments,
Saudi Arabia has announced the launch of a unified QR-
based national payment system that will allow consumers,
merchants and payment service providers to engage in an
open loop payment environment.
Credit Card 33%

Bank Transfer 11%
Debit Card 8%
US$591bn
Pre-paid Card 7%
US$16bn
Debit Card
US$12bn
PrePay 2% US$11bn
Other 1%
US$7bn
US$5bn US$5bn
e-com turnover POS

Cash 61%
Pre-paid Card 8%
Debit Card 3%
POS Financing 2%
Popular alternative
One of the world’s greenest cities
offers something to celebrate nearly FAST STATS
year-round. Its rich diversity of races 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
and cultures with individual traditions from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
and customs make it a great place
to explore. Whether consumers are 6% 55% 20% 11%
celebrating Chinese New Year, Diwali
or Hari Raya, they have preferences 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
for how they pay in-person and online. e-com CAGR POS CAGR penetration penetration
They’re most often paying with a credit
card anytime they checkout. Digital 8% 5% 88% 85%
wallets and buy now, pay later (BNPL)
are gaining in popularity as consumers
explore different checkout choices. FORECAST
2024 %** 2024 %**
6% 60% 110
Singapore has an ambitious goal to become a cashless society by

the year 2025 and there are government initiatives taking shape
to support traditional retailers with implementing acceptance of
50% 28%
digital payments. Many businesses continue to shift their focus to
NETS Visa
e-commerce and speeding up the checkout process. Some retailers
have adopted online to offline, where orders and payments are
completed online with the option of selecting collection at their
preferred time. The hawker centers that once only accepted cash 17% 3% 1%
are pivoting towards accepting digital payments.
Mastercard American Express Diners Club
Credit Card 45%

Debit Card 11%
US$139bn
Debit Card
US$113bn
Direct Debit 1%

US$6bn
US$4bn US$4bn
US$3bn
2020* 2024**
Credit Card 38%
e-com turnover POS
Cash 26%
Charge Card 3%
Pre-paid Card 3%
POS Financing 3%
Popular alternative
South Africa holds one of the most
developed economies on the continent, FAST STATS
second only to Nigeria. At the point of 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
sale, consumers prefer to pay with cash, from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
however, when online shopping, they
have a host of payment preferences such 3% 63% 20% 3%
as debit and credit cards, digital/mobile
wallets and bank transfer. 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
16% 3% 55% 76%
FORECAST
2024 %** 2024 %**
4% 69% 112
While South Africa is still heavily reliant on cash, cards are

becoming commonplace and are key to enabling consumers to
access e-commerce. South Africa has a booming challenger bank
51% 48% 1%
industry driving digitalization, focused on expanding financial
inclusion to the unbanked population. Ensure that the payment
methods offered in this market are diverse and flexible to capture
the biggest possible share of shoppers, as well as providing a
secure checkout experience.
Debit Card 24%

Credit Card 19%
Cash on Delivery 9%
Pre-paid Card 3%
Direct Debit 2%
US$206bn
PrePay 2%
US$9bn
Debit Card
Other 1% US$6bn
US$5bn
US$3bn US$3bn
US$2bn

POS Financing 8%
Charge Card 1%
Popular alternative
Online shopping can be cumbersome
since the government passed a law FAST STATS
requiring all shoppers to install 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
ActiveX plug-ins as proof of ID. While from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
they government has acknowledged
the challenges and is working on a new 8% 65% 17% 8%
solution, consumers aren’t deterred.
E-commerce has grown just over 30% 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
in the last two years with credit cards e-com CAGR POS CAGR penetration penetration
continuing to be the payment method
of choice online and at the point of sale. 12% 4% 96% 92%
FORECAST
2024 %** 2024 %**
10% 70% 114

A strong banked population, high financial awareness and

a desire for digital acceleration have driven payment card
adoption in South Korea. Spurred on by the pandemic,
40% 28% 11%
consumers are shifting to contactless payment cards or
Visa Mastercard China UnionPay
mobile wallets with NFC features. There is also strong support
from the South Korean government to boost consumer
spending digitally through the recent payout in the form of
points to households’ credit card accounts. Those points can 10% 6% 4%
then be used for payments at selected merchants.
Others JCB American Express
Credit Card 57%

Bank Transfer 5%
US$1,210bn
Pre-paid Card 2%
US$1,033bn
Debit Card
Other 1%
US90bn US$100bn
PrePay 1%
Cash on Delivery 1%
US$58bn
Direct Debit 1%
US$42bn
US$32bn
e-com turnover POS

Credit Card 59%
Cash 12% Mobile
POS Financing 4%
Pre-paid Card 2%
Popular alternative
Leading the world with olive oil production,
tourism is also a big contributor to FAST STATS
Spain’s economy, capturing the second 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
spot just behind France.1 When it comes from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
to commerce, Spaniards are checking
out online with digital/mobile wallets. 13% 48% 30% 7%
At the point of sale, cash still leads as the
preference but is down 18% from 2019. 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
Credit cards and digital/mobile wallets e-com CAGR POS CAGR penetration penetration
are capturing market share that cash
previously held. 15% 5% 93% 84%
1https://www.worldatlas.com/articles/10-most-visited-countries
-in-the-world.html
FORECAST
2024 %** 2024 %**
17% 57% 116

The pandemic has created opportunities for change and

consumers want simplicity and near-instantaneous results.
They’re continuing to adopt instant payments within
73% 26%
e-commerce transactions and look for merchants to provide
Visa Mastercard
free, fast and smooth shipping. Retailers of all sizes are
boosting their presence in less traditional sales channels such
as social media, marketplaces, subscriptions, voice commerce
and daily deals sites. International expansion is also a focus to
offset the demand decline in the domestic market.

Credit Card 24%
Bank Transfer 14%
Debit Card US$627bn
US518bn
PrePay 1%
US$76bn
PostPay 1% US$39bn
US$36bn
2020* 2024**
e-com turnover POS
Cash 40%
Credit Card 8%
POS Financing 4%
Popular alternative
With a chance to see the Northern Lights,
ice hotels are just one of the notable FAST STATS
attractions in Sweden. Whether booking 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
or just shopping online, Swedes typically from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
vary their checkout method between
BNPL or bank transfer. Debit cards are 20% 43% 16% 11%
also a popular online checkout method
but really rule at the point of sale at 55%. 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
12% 4% 96% 84%
FORECAST
2024 %** 2024 %**
26% 50% 118

Still focused on becoming a cashless society, COVID-19 highlighted

potential areas of concern for removing cash entirely. While cash
is still on the decline, the elderly and consumers in more rural
59% 39% 1%
areas have found it more difficult to transition to digital forms of
Mastercard Visa American Express
payment although mobile wallets continue to experience growth
among the general population. Sweden is also investigating how
to implement instant payments with other European countries.

Bank Transfer 22%
Debit Card 19%
Digital/Mobile Wallet 16% POS and e-com projected growth
Credit Card 11%
Debit Card
US$153bn
Cash on Delivery 1%
US$39bn
Other 1%
US$30bn
US$22bn
2020* 2024**
Debit Card 55%

Cash 9% Mobile
POS Financing 5%
Charge Card 3%
Popular alternative
Numbers adjusted for rounding may impact totals. Bank Transfer Invoice After Delivery
Taiwan is on a mission to become an
eco-friendlier place and plans to become FAST STATS
a single-use plastic free market by 2030. 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
That means no more straws, plastic from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
shopping bags or disposable utensils.
However, it doesn’t apply to payment 10% 51% 16% 14%
plastic. Credit cards have long reigned for
online checkout but 2020 saw them move 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
to the top of the list at the point of sale. e-com CAGR POS CAGR penetration penetration
Digital/mobile wallets are also on the rise
as consumers look for less contact at the 9% 6% 93% 86%
checkout counter.
FORECAST
2024 %** 2024 %**
11% 58% 120

Taiwan has traditionally been a closed-loop market when

it comes to payments. A large portion of card payments are
processed through the local card brand Smartpay and even
63% 25% 8%
the most popular mobile/digital wallets are local to Taiwan.
Smartpay Visa Mastercard
Mobile and digital wallets more than doubled at the physical
point of sale in 2020 so merchants will want to enable
acceptance of popular brands such as Line Pay and 7-11 Ibon
to take advantage of the digital shift early. 3% 1% 1%
Others JCB American Express
Credit Card 41%

Bank Transfer 15%
PostPay 6% US$387bn
Debit Card 5%
Other 1% US$304bn US$50bn
Debit Card
US$29bn
US$21bn
US$18bn
US$17bn
2020* 2024**

Cash 39%
Mobile
Debit Card 2%
POS Financing 1%
Pre-paid Card 1%
Popular alternative
Crowded markets, shopping malls,
floating markets, fresh markets and street FAST STATS
fairs… There’s something for everyone 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
when shopping in Thailand. Consumers from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
can find anything from souvenirs to
designer must-haves. Fruit soaps and 13% 60% 19% 20%
elephant themes are popular trends.
When it comes to payment trends, bank 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
transfer continues to top the e-commerce e-com CAGR POS CAGR penetration penetration
market at 31% while cash (62%) is still
the choice for point-of-sale purchases. 10% 5% 82% 76%
Keep an eye out for digital payments as
consumers are migrating their credit
cards into digital/mobile wallets. FORECAST
2024 %** 2024 %**
15% 65% 122

Digital payments are beginning to enter the forefront at the

point of sale due to the pandemic. Consumers rapidly began
to adopt mobile/digital wallets, nearly tripling adoption from
68% 20%
2019. Online, consumers most frequently checkout with
Visa Mastercard
bank transfer so merchants will need a variety of options to
capture the preferences of all generations, online and at the
POS. With a low credit card penetration rate, local mobile/
digital wallets linked to respective bank accounts are a more 10% 1% 1%
favorable alternative for contactless payments.
Thai Payment Network American Express JCB
Bank Transfer 31%

Credit Card 13%
Debit Card 4%
Charge & Deferred 1% US$249bn US$55bn
Debit Card
Other 1% US$37bn
PrePay 1% US$22bn
US$19bn
US$15bn
e-com turnover POS

Cash 62%
Debit Card 5%
POS Financing 3%
Pre-paid Card 2%
Popular alternative
Home to the only city in the world that
sits across two continents, Turkish FAST STATS
consumers have clear preferences for 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
paying online and at the point of sale. from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
Whether they are crossing continents
through Istanbul or visiting the 11% 34% 9% 7%
landscapes of Cappadocia, consumers
still prefer cash at the point of sale 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
and credit cards for online checkout. e-com CAGR POS CAGR penetration penetration
Although credit cards have seen a 17%
increase at the point of sale as cash in 22% 7% 83% 76%
2020 declined 24%.
FORECAST
2024 %** 2024 %**
17% 43% 124

Debit cards are on the rise at the point of sale and online,
most likely attributed to purchasing more smaller ticket items
to navigate the pandemic. With cash dropping 36% at the
50% 48%
point of sale, consumers were shifting to credit cards with
Visa Mastercard
a high interest on using contactless cards. New regulations
allow credit card purchases to be spread out over 18 monthly
installments. At the point of sale, credit cards increased
81% so merchants should focus on having the right POS 2% 1%
technology to account for contactless preferences.
Others American Express
Credit Card 52%

Bank Transfer 13%
Debit Card 9%
US$159bn
Debit Card
PrePay 2% US$25bn

US$19bn
Other 1%
US$13bn
US$7bn
2020* 2024**
e-com turnover POS
Cash 42%
POS Financing 5%
Popular alternative
United Arab Emirates is the home to a
vibrant array of cultures and hosts a FAST STATS
large population of expats. Almost 90% 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
of the population is made up of expats from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
and the majority live in Dubai where
1
convenience is a way of life. Just about 7% 57% 18% 7%
anything can be delivered with a quick
click or phone call. Given the diversity of 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
the population, payment preferences are e-com CAGR POS CAGR penetration penetration
not quite as diverse as one might expect.
Credit cards are the most common 20% 5% 96% 83%
checkout method online and at the point
of sale. The change at the point of sale
is largely due to changes in 2020 as cash
had a dramatic 41% drop from 2019.
FORECAST
2024 %** 2024 %**
1https://www.edarabia.com/population-uae/ sales from e-com sales from m-com
12% 65% 126

Retail is booming in UAE, with demand for improved access

to online merchants and international brands growing. A
previously cash-dominant market, shoppers are increasingly
60% 37%
favoring cards and digital payment methods to spend and
Visa Mastercard
prefer to buy online rather than in-store. Secure and smooth
checkout experiences should be top priority in this market, so
consider the use of mobile/digital wallets and tokenization to
make sure the checkout journey is frictionless. 2% 1%
American Express Diners Club
Credit Card 38%

Bank Transfer 11%
2%
Pre-paid Card
2%
PrePay US$26bn
Other 1%
US$20bn
US$14bn
US$11bn

2020* 2024**
Credit Card 33%
e-com turnover POS
Cash 27%
Pre-paid Card 8% Mobile
POS Financing 7%
Charge Card 4%
Popular alternative
* Estimated **Forecasted payment methods
Numbers adjusted for rounding may impact totals. Bank Transfer 127
Best known for iconic landmarks such as
Buckingham Palace, Big Ben, Stonehenge FAST STATS
and the Tower of London, the UK also 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
boasts more unusual traditions such from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
as bog snorkeling and cheese rolling.
Whether consumers are taking part in 19% 33% 32% 8%
tradition or meeting up with friends at
the pub, they are nearly always using a 2020* - 2024** 2020* - 2024** 2019* Internet 2020* Mobile
card or digital/mobile wallet for payment. e-com CAGR POS CAGR penetration penetration
Debit and credit dominate at the point of
sale with cash declining 14% from 2019 8% 4% 95% 83%
and digital/mobile wallets are now the
top online checkout method.
FORECAST
2024 %** 2024 %**
21% 37% 128

A number of underlying trends have been accelerated by COVID-19.

In-store, there’s a continued surge of contactless acceptance
driven by the UK limit increase to £45, passed to help combat
82% 17% 1%
COVID-19, and an acceleration of integrated payments which
enable new functionality such as Click & Collect at restaurants.
Retailers and hospitality merchants are adopting e-com solutions
at a faster rate, with a focus on ease of integration and more
flexible acceptance methods, such as POS financing.

Debit Card 29%
Credit Card 21%
Bank Transfer 6%
Cash on Delivery 2%
Charge & Deferred 2% US$1,351bn
Debit Card
US$1,170bn
Other 1% US$368bn
PrePay 1%
US$231bn
Pre-paid Card 1%
US$180bn
US$136bn
US$88bn
2020* 2024**
Credit Card 21%
Cash 13% Desktop
Mobile
POS Financing 4%
Charge Card 3%
Pre-paid Card 2%
Popular alternative
The most expensive coin ever auctioned
sold in New York city for $7,590,020.1 Face FAST STATS
value of the coin? $20. But it’s the only 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
1933 double eagle coin ever to be legally from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
issued by the U.S. government. These
days Americans primarily use their money 11% 29% 30% 10%
in the form of cards. 2020 marked the
turning point for digital and mobile use 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
to be the most popular way to check out e-com CAGR POS CAGR penetration penetration
online. At the point of sale, Americans are
turning to cards and mobile wallets in lieu 11% 4% 96% 83%
of cash as more businesses implement
contactless payments.
1https://www.guinnessworldrecords.com/world-records/most-
FORECAST
expensive-coin-sold-at-auction 2024 %** 2024 %**
14% 38% 130

Digital innovation is now the primary focus as brands race

to create an ideal consumer experience amid new customer
expectations. Omnichannel experiences are critical to the
57% 24% 11%
buying journey but equally important is payment optimization.
Businesses have had to expand and alter purchasing methods
for consumers. Buy online, pick up curbside and a variety of
other variations have made evaluating their payments strategy
critical for ongoing continuity. 3% 2% 2% 1%
2020 e-com mix by payment method Star Pulse Discover Others
Credit Card 30%

Debit Card 21%
Charge & Deferred 8% POS and e-com projected growth
Debit Card
Bank Transfer 6% US$10,006bn
Buy Now Pay Later 2% US$8,576bn US$1,651bn

PostPay 1%
Direct Debit 1%
US$1,104bn
Pre-paid Card 1% US$1,017bn
Cash on Delivery 1%
US$783bn
US$634bn
US$321bn
2020* 2024**
Debit Card 29%
Cash 12% Desktop
Pre-paid Card 4%
Charge Card 4%
POS Financing 4%
Popular alternative
Numbers adjusted for rounding may impact totals.
The second largest coffee exporter in
the world, Vietnam is also home to one FAST STATS
of the top 10 most expensive coffees in 2020 sales % 2020 sales % 2020 % e-com spend using 2020 % POS spend using
1
the world: weasel coffee or Kopi Luwak. from e-com from m-com Digital/Mobile Wallet Digital/Mobile Wallet
While you may not be able to try this
expensive coffee on a floating market, 29% 60% 21% 12%
you can get a cup of coffee or tea on
one. And if you ever see a bamboo stick 2020* - 2024** 2020* - 2024** 2020* Internet 2020* Mobile
with the coconut leaf attached, it means e-com CAGR POS CAGR penetration penetration
the boat is for sale. Whether consumers
are buying coffee or a boat, cash is the 19% 9% 70% 72%
preferred payment method, in-store or
online. However, credit cards and digital/
mobile wallets are continuing to rise in
popularity at the point of sale.
FORECAST
2024 %** 2024 %**
1https://12go.asia/en/vietnam/interesting-facts sales from e-com sales from m-com
37% 68% 132

Amid the pandemic, digital payments have soared in

Vietnam primarily at the point of sale. The use of cash
declined by 32% and mobile/digital wallets tripled from
89% 6% 4%
2019. Online, consumers looked to bank transfer and
NAPAS Visa Mastercard
mobile/digital wallets at checkout. Retailers looking to
provide options to consumers and accept digital wallets
will want to accept methods such as MoMo and PayPal.

Bank Transfer 26%
Credit Card 14%
Pre-paid Card 4% POS and e-com projected growth
PrePay 3%
Debit Card US$31bn
Other 1%
US$18bn
US$13bn
US$8bn US$8bn
US$5bn
Cash 58% 2020* 2024**
Mobile
POS Financing 4%
Popular alternative
Numbers adjusted for rounding may impact totals. Bank Transfer Prepaid Voucher
METHODOLOGY

134
The Global Payments Report offers a snapshot of the current payment E-commerce market size and forecast data were sourced from GlobalData’s
landscape: globally, by region, and in 41 select countries. The report projects E-Commerce Analytics database based on data updated in Q3 2020.
scenarios and trends through 2024 for payment methods as well as market Therefore, 2020 data cited in the report are estimates. GlobalData collected
size. In addition, we include a series of five articles with our perspective on this information using consumer surveys, B2B surveys and desk research
current themes in the world of payments. and have also developed a proprietary forecast model for e-commerce
market size growth.
The online and offline payment worlds continue to converge. Serving the
channel-agnostic needs of merchants and consumers starts with a holistic The 2020 POS market size was estimated by Worldpay from FIS, based on
understanding of payments. Accordingly, this report expanded in 2018 to 2019 data provided by GlobalData and recent McKinsey Global Institute/
include analysis of payment methods used at the physical point of sale (POS). Oxford Economics macroeconomic assumptions, taking COVID-19 into
Previous Global Payments Reports focused exclusively on e-commerce account. Total POS market size until 2024 was forecasted based on
payment methods. This expanded report offers a broader and more macroeconomic expectations. Any indicative predictions based on the
complete view of today’s global payment landscape. data we have used should be treated as such. All projections are subject to
changes in world events, market dynamics and other forces over the period
We continually seek to improve The Global Payments Report based on feedback concerned (to 2024).
received from our merchants and other readers. In this year’s edition, we
introduce two new payment methods: Direct Debit and POS Financing. Direct Actual shares of individual payment methods by country and region are
Debit is an e-commerce payment method where customers give a retailer calculated using the afore-mentioned data model. Our model contains a
permission to withdraw funds directly from their bank account on a specified detailed breakdown of payment methods used when shopping online and at
date after the purchase. In previous reports, Direct Debit share was lumped point of sale, which were sourced from GlobalData’s 2020 Consumer Payments
together with Bank Transfer. POS Financing represents a mix of legacy and Insights survey, FIS internal data and other public sources.
emerging payments that extend consumer credit at the point of sale. This
includes credit offered by retailers, financial institutions, marketplaces, as well Forecast breakdown by payment method for each region is calculated using
as buy now, pay later services, that are growing in popularity. historical percentage share growth trend (in CAGR) for e-commerce and the
McKinsey Global Payments Map’s indicative trends for POS methods. This was
Another change for 2021 is that we’ve split EMEA into two separate regions: supplemented by payments expertise from both FIS and external experts.
Europe, and MEA (Middle East and Africa). This change allows our readers to McKinsey continuously maintains its payments database from over 200 global
gain better understanding of the trends shaping these two regions. sources, including public data, consumer surveys and local research team
inputs. All market size data relate to the industry, not from our direct business.
This report asserts our view of the market, based on internal expertise, our
own research and third-party vendor data. Our Market Intelligence team Additional secondary sources for this report include Statista, eMarketer
compiles The Global Payments Report using data from a mixture of third- and yStats; data from local card, banking and payments associations; card
party vendors as well as public data sources. This data is analysed using our scheme and payment providers; e-commerce industry reports and studies;
proprietary data model and categorisation scheme developed in cooperation news articles; and international organisations including the World Bank
with a leading management consultancy. The resulting data is rigorously and International Monetary Fund. Card scheme figures were sourced from
tested and validated by external experts as well as our product and regional Euromonitor and GlobalData with further analysis from our joint research
commercial teams. team with one of the leading consultancies; these are representative of all
payments including e-commerce and point of sale.
135
E-com CAGR / POS CAGR
Compound annual growth rates for e-commerce and point-of-sale transaction values
projected through 2024.
E-com turnover
Sum of all sales transactions made online, including those made via desktop, tablet
and smartphone.
Internet penetration
The percentage of a population that uses the internet in any form on at least an
occasional basis.
PAYMENT
M-com as % of e-com
Transaction value of purchases made via a mobile internet device as a percentage of
all e-commerce transactions.
TERMS
Mobile penetration
The percentage of a population that owns at least one mobile phone and use the
phone(s) at least once per month.
Point of sale (POS)

All transactions that occur at the physical point of sale. Includes traditional in-store
transactions as well as all face-to-face transactions regardless of where they take place.
PAYMENT TERMS
Alternative payment methods

“Alternative” refers to payment methods other than cash or physical cards linked to the global
PAYMENT METHODS
card brand networks. Alternative payment methods include bank transfers, digital wallets,
direct debit, mobile wallets, PrePay, PostPay and buy now, pay later (BNPL). Bank Transfer
Bank transfers allow consumers to make e-commerce purchases by paying merchants
directly from their bank account. Bank transfers take place within retail banking
E-commerce
applications, in dedicated bank transfer apps and directly via e-commerce websites and
e-commerce includes all consumer-to-business and consumer-to-consumer transactions
apps. In 2020, bank transfers represented 7.7% of all e-commerce transactions globally.
that occur over the internet, including via websites, apps, the Internet of Things (IoT)
and an evolving array of new platforms, devices and experiences. Bill payments are
not included, but purchases made online that are settled via invoicing or with cash on Buy now, pay later (BNPL)
delivery areincluded. BNPL services are post-purchase payments allowing consumers to make payments in
interest-free installments or pay off the invoice after a determined period. A growing
e-commerce payment method, popular BNPL services include Affirm, Afterpay and Klarna.
E-com as % of sales
BNPL accounted for 2.1% of global e-commerce transactions in 2020.
Percentage of purchases made online as a percentage of all sales transactions.
136
Cash Digital wallets and mobile wallets
Once the undisputed leader in POS commerce, cash accounted for 18.2% of POS spend Digital wallets and mobile wallets are modern payment methods that allow consumers
in 2020. Cash is projected to continue to decline in use and will account for only 10.6% of to securely store payment credentials to pay for purchases. Mobile wallets such as Apple
POS spend by 2024. Pay, Google Pay and Samsung Pay work only within the specific mobile operating system
(OS), whereas digital wallets such as Alipay, WeChat Pay, Paytm and Amazon Pay are OS-
Cash on Delivery agnostic. Many popular wallets are both digital and mobile, and are accepted virtually
Cash-on-delivery (COD) transactions feature payment for goods in cash at the time of everywhere commerce takes place: online, in-app or in-store. In 2020, digital and mobile
delivery. COD remains an important payment method by offering an essential link to wallets accounted for 44.5% of e-commerce and 33.1% of POS transactions.
e-commerce for unbanked consumers. COD accounted for 3.3% of global e-commerce
transactions in 2020. POS financing
POS financing represents a mix of legacy and emerging payments that extend consumer
Charge & Deferred Debit Card credit at the point of sale. This includes credit offered by retailers, financial institutions and
Charge cards and deferred debit cards typically charge no interest but require cardholders marketplaces, as well as BNPL services. New to our analysis as a distinct category in 2021,
to pay the outstanding balance in full at fixed intervals, typically monthly. In 2020, charge POS financing represented 3.3% of global 2020 point of sale transactions.
and deferred debit cards represented 3.3% of e-commerce transactions globally.
PostPay
Credit cards PostPay allows consumers to order products and pay for them in full later at an affiliated
An anchor of consumer payments for over half a century, credit cards are issued by physical store or ATM. Although PostPay services represent only 0.9% of e-commerce
financial institutions affiliated with a global card brand network such as Mastercard, transactions globally, PostPay accounts for 5.4% of e-commerce spend in Latin America,
Visa, UnionPay, etc. In 2020, credit cards accounted for 22.8% of e-commerce and 20.0% led by Boleto Bancário in Brazil. PostPay thrives in Japan where payments made at
of POS globally. Credit cards allow consumers to make purchases via an extension of Konbini stores represent 10.7% of e-commerce spend.
credit from a financial institution.
Pre-Paid Card
Debit cards Prepaid cards are issued by financial institutions that run scheme networks such as Visa
Debit cards allow consumers to purchase with funds directly debited from accounts held and Mastercard. Prepaid cards can be funded one time or be reloaded, and they can be
at their financial institution. Debit cards are issued by financial institutions affiliated with used to make purchases as easily as debit or credit cards. Prepaid cards saw increased
a global card brand network. In 2020, debit cards accounted for 12.3% of e-commerce use as a distribution method for COVID-19 relief aid in 2020, primarily in the U.S.,
and 20.2% of POS transactions globally. representing 1.1% of e-commerce and 3.6% of POS transactions.
Direct debit PrePay

Direct debit is an e-commerce payment method where customers give a retailer PrePay services help consumers make e-commerce purchases without a card account
permission to withdraw funds directly from their bank account on a specified date after and without providing any personal information. Services such as eNETS, paysafecard
the purchase. New to our analysis as a distinct category, previous editions of The Global and Neosurf offer flexible and secure payments via vouchers redeemable at participating
Payments Report included these purchases within bank transfers. In 2020, direct debit merchants. PrePay methods accounted for 0.4% of global e-commerce transactions in 2020.
accounted for 1.2% of global e-commerce transactions.
Others
We continue to track other emerging payment methods—like mobile carrier billing and
cryptocurrencies—that in 2020 combined to account for 0.4% of global e-commerce spend.
137
About FIS
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms
globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks
and invests by applying our scale, deep expertise and data-driven insights. We help our clients
use technology in innovative ways to solve business-critical challenges and deliver superior
experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500®
company and is a member of Standard & Poor’s 500® Index.
About Worldpay from FIS

Worldpay are the leading payments technology solutions from FIS (NYSE:FIS) that power smarter
payments, for today’s smarter world. Processing 75 billion transactions topping $9T for 20,000+
clients annually, Worldpay lifts economies and communities by advancing the way the world pays,
banks and invests.
For further inquiries, please contact

[email protected]
at fisglobal.com
©2021 FIS
FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries.
Other parties’ marks are the property of their respective owners. 1149143
This content is for information purposes only. We have taken care in the preparation of this information but will not be responsible for
any loss or damage including loss of profits, indirect, special or consequential loss arising as a result of any information in this document
or reliance on it. The content of this material may not be reproduced without prior consent of Worldpay.
This material may include information on third parties and their services. The reference to these third parties is for information purposes
only and does not constitute an endorsement or recommendation of the third party or their service.

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Rebuilding payments for a smarter world

As businesses began to reopen and we learned how to navigate

That’s the foundation of The 2021 Global Payments Report by

We’ll explore how 2020 catapulted payments years ahead of where

Let’s start by rebuilding businesses and rethinking smarter

Rebuilding payments for a smarter world

Cash bids a hasty retreat amid POS contraction

Disruptions in payment types were as equally dramatic as the reductions

A new category in our POS 2020 analysis is POS financing, which

The loss of cash will be absorbed by mobile wallets with expectations

Global POS payment methods

Numbers adjusted for rounding may impact totals. *Forecasted

Bank transfers represent a robust 13% of regional transactions,

Looking ahead through 2024, we see a market that continues to reflect

Cards accounted for most European POS payments in 2020, increasingly

Mobile wallets are also gaining significant POS share. Contactless

Europe POS payment methods

Numbers adjusted for rounding may impact totals. *Forecasted 13

2024 projections include further increases for digital wallets in APAC

Changing POS preferences

While the ultimate path of the pandemic globally adds additional

Much of the POS spend previously dedicated to cash shifted to mobile

Looking ahead to 2024, we see a continuation of these trends at

We project mobile wallets will grow to represent 47.9% of POS spend by

APAC POS payment methods

Numbers adjusted for rounding may impact totals. *Forecasted

MEA e-com payment methods reflect the diversity of the region.

COD was the second-leading payment method regionally in 2020, with

The last stronghold of cash’s point of sale dominance

Replacing cash at the point of sale brought a diverse balance of legacy

By 2024, mobile/digital wallets are the only payment method category

Nigeria and Saudi

MEA POS payment methods

Other payment methods gaining a share of North American e-commerce

Digital wallets continued to accelerate growth through the pandemic,

By 2024, digital wallets are projected to grow an additional 38.2%

The decline of cash at the POS

When commerce occurred at the point of sale, safety concerns brought

Prepaid cards more than doubled as a percentage of POS volume – from

Looking ahead to 2024, cash will continue to recede, falling an

North America POS payment methods

Numbers adjusted for rounding may impact totals. *Forecasted 25

Digital wallets experienced the largest growth in Latin American

Cash faces tough test for supremacy at POS

Looking ahead to 2024, the decline of cash will continue with no

The use of cash

Latin America POS payment methods

Numbers adjusted for rounding may impact totals. *Forecasted 29

inequitable access have produced local ordinances that mandate cash

Consumer payments at the speed of bytes

The last gasps of legacy B2B payments

Estimated to represent in excess of U.S.$125 trillion globally, the

Adjusting for payments acceleration throughout

The pandemic accelerated interest in several countries adopting digital

deliver unemployment benefits, small business assistance and U.S. CARES

the pandemic offers financial institutions a perfect opportunity to reassess

Payments of the future at the speed of now

Governments, businesses, consumers, financial institutions and the

3 Worldpay from FIS, June 2020. “Flavors of Fast 2020.” https://www.fisglobal.com/flavors-of-fast

2024 % 2024 %