Are you looking to add Payment Processing to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Payment Processing statistics of 2024.
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How much of an impact will Payment Processing have on your day-to-day? or the day-to-day of your business? Should you invest in Payment Processing? We will answer all your Payment Processing related questions here.
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On this page, you’ll learn about the following:
Best Payment Processing Statistics
☰ Use “CTRL+F” to quickly find statistics. There are total 122 Payment Processing Statistics on this page 🙂Payment Processing Usage Statistics
- Visa found that contactless usage in the U.S. grew 150% from March 2019 to March 2020. [0]
Payment Processing Market Statistics
- 24% ordered food and drink delivery from the supermarket online because of the pandemic. [1]
- According to online payment market share data by eMarketer, the number of mobile payment users will reach 150 million by 2020, and the total in store mobile payment volume will reach $503 billion in the same year. [1]
- Being an early adopter of P2P payment services, China’s total volume of mobile P2P transactions is predicted to reach a monstrous $6.3 trillion by 2020, dominating a lion share of the global payment gateway market share. [1]
- Putting some specific payment gateway market statistics to the omnichannel trends, 91% of consumers have plans to shop in store, while 84% plan to shop online. [1]
Payment Processing Latest Statistics
- 31% of US customers have deliberately ordered restaurant delivery/takeout online because of the COVID. [1]
- 27% of US customers deliberately ordered hygiene products online because of the pandemic. [1]
- 26% deliberately ordered clothing online because of the pandemic. [1]
- 21% ordered health products online because of the pandemic.US Online Payments by Type 2020. [1]
- 55% of US consumers used a credit card for online payments in the past year. [1]
- 52% of US consumers used a debit card in the last 12 months. [1]
- 27% of US consumers used online gateways like Amazon Pay and PayPal. [1]
- Only 25% of US consumers used direct debit for their online transactions. [1]
- 63% of the total digital payment transaction value came from Digital Commerce. [1]
- Mobile POS payments amount to $2 trillion which is around 30% of digital payments value. [1]
- Online Payment Transaction Value 2020 to 2025 From 2020 through 2025, transaction value will likely grow 16.3% in Europe, 15.2% in the US, and $11.2 in China. [1]
- By 2025, it is predicted that the average value per user in the US will be $11,755 for Digital Commerce. [1]
- The oldest members of this cohort are just young adults or teens, and the group was projected to represent 40% of total US consumers by 2020. [1]
- A third of Gen Z ers want to share their online payments on social media, compared to only 3% of baby boomers. [1]
- 69% of Gen Z ers use mobile banking apps daily or weekly, while only 17% of baby boomers are interested in using mobile banking apps. [1]
- Online payment statistics intimate that 82% of Generation Z consumers who own a smartphone shop online. [1]
- Also, studies have shown that while 33% of millennials use cash, but only 18% of Gen Z. [1]
- Moreover, 58% of Generation Z have made an impulsive mobile purchase. [1]
- Studies have also found that when it comes to online shopping, 80% of Generation Z are influenced by social media. [1]
- Only 3.6% of US consumers engaged in voice commerce for retail and grocery products in 2018. [1]
- Voice commerce became more popular in 2019 with a share of 6.2%. [1]
- In 2020, the figure rose to 6.7%. [1]
- Smart speakers owners use them for different purposes including play music (97%), weather and news (94%), general questions (90%), reminder (87%), creating shopping lists (71%), make a purchase (62%), enabling smart home devices (57%), and email/calls (55%). [1]
- A study by Transaction Network Services found that 26% of consumers that own smart voice assistant devices have used them to make a payment. [1]
- Also, it’s noted that 34% of consumers in the United States have already purchased food using a voice assistant, while 35% say that given an opportunity, they would use voice assistants to buy food online. [1]
- According to OC&C Strategy Consultants, 36% of US consumers make a purchase via voice assistants. [1]
- Also, OC&CS Strategy Consultants reckons that Amazon dominates the voice shopping space accounting for approximately 90% of total spend. [1]
- Online payment data has shown that in 2024, 31% of consumers in the United States will have used a voice assistant to make payments. [1]
- One alarming statistic is that 74% of consumers state that they are not open to making payments through voice assistants because of security concerns. [1]
- Online payment statistics by Accenture intimates that 68% of Gen Z ers are delighted by instant P2P payments, more than any other demographic groups. [1]
- Zelle report that 80% of US consumers have used a P2P payment service, with 50% of new users being people aged 45 years or older. [1]
- By the end of 2020, 52.5% of US smartphone owners will have made more than one P2P transactions. [1]
- 85% – the global share of customers who shopped online in 2020. [1]
- Asia (86%) and South America (86%). [1]
- Europe has 83% while Australia (79%) and North America (78%). [1]
- Besides, 75% of consumers plan to shop both in stores and online. [1]
- According to WorldPay, omnichannel shoppers spend up to 300% more than those shopping on a single channel. [1]
- 61 % of consumers are for the idea of openly accessing their finances so they can view credit card and bank account balances when making payments via a mobile app. [1]
- Most consumers, including 70% of Gen Z ers and Millennials, have shown interest in digital payments consultancy and expense management services that enable them to better understand and control their spending. [1]
- 50% of Gen Zers and Millennials are willing to share their online bank account details with third. [1]
- In the US, Millennials (46%). [1]
- Gen Z and Gen X follow closely in a tie at second with 46% each. [1]
- Only 22% of Boomers and 8% of those beyond Boomers use digital or mobile wallets. [1]
- 23% of consumers in the US are willing to give up their digital banking app for a mobile wallet to consolidate all payment information in a single location. [1]
- 75% of consumers in the US use digital wallets because they’re more comfortable than carrying around credit cards. [1]
- As Accenture predicts, in 2020, 64% of consumers will be using a mobile wallet, up from 46% in 2017. [1]
- It’s estimated that over 110 million adults in the US say they’ve swapped credit and cash for a mobile wallet at least once. [1]
- At 28%, bank mobile wallets have a lower penetration rate, compared to the merchant’s wallets (39%). [1]
- The top reason for using a mobile wallet include convenience (74%), easy to track expenditure (25%), easy to carry (25%), and greater security (23%). [1]
- More men (48%). [1]
- According to Frost & Sullivan forecast, 950 million consumers in China will be using a mobile wallet by 2024. [1]
- Besides, eMarketer predicts that 79.3% of Chinese smartphone users will be scanning, swiping, and tapping at the point of sale by 2021. [1]
- Machine learning can help payment providers increase revenue from their existing customer by up to 15%. [1]
- In addition, machine learning can help businesses reduce bad debt provision by up to 40%. [1]
- According to a payment gateway research by Juniper Research, AI chatbots are predicted to help the financial sector achieve $8 billion in cost savings by 2024. [1]
- For example, businesses should focus on emerging trends such as social payments, tabletop payment systems, and wearable payment devices, like Apple Watch and others, which have recorded a staggering 177% growth rate in recent years. [1]
- Study 80% of Gen Z purchases influenced by social media. [1]
- The modern ACH Network experienced significant growth in 2021, with 29.1 billion payments valued at $72.6 trillion, and Same Day ACH payment volume grew nearly 74%. [2]
- , ACH Network payment volume grew 6.1% during the fourth quarter of 2021. [2]
- Q4 ACH Volume & Value Graphic Payment volume on the modern ACH Network increased 7.7% in the third quarter of 2021, with 7.3 billion payments. [2]
- The value of those payments was $18.1 trillion, up 13.8%. [2]
- Volume on the ACH Network increased 9.9% in the second quarter of 2021, with 7.3 billion payments. [2]
- Volume reached 7.1 billion payments, which was an increase of 11.2% from the same period in 2020. [2]
- Employment of computer and information systems managers is projected to grow 11 percent from 2020 to 2030, faster than the average for all occupations. [3]
- The projected percent change in employment from 2020 to 2030. [4]
- The average growth rate for all occupations is 8 percent. [4]
- The percent change of employment for each occupation from 2020 to 2030. [4]
- Debit cards remained the most widely used – barely – with consumers making 28% of their payments with debit cards followed by 27% with credit cards. [0]
- This was followed by 19% of payments made using cash. [0]
- The year 2020 saw consumers making fewer payments overall – a decline that the pandemic likely contributed to. [0]
- In 2020, 72% of consumers reported making an inperson purchase during a threeday period, down from 91% who made an in person payment over three days in 2019.1. [0]
- In the U.S., digital wallets accounted for 29.8% of e commerce transactions, according to a report by technology solutions provider FIS. [0]
- Globally, the report projected that digital wallets would make up 51.7% of e commerce transactions by 2024.3. [0]
- According to the report, 58% of consumers who have used contactless payment options said they are more likely to use them postpandemic than pre. [0]
- On top of that, 50% said using contactless methods is safer for their health than paying with cash, or swiping or inserting a credit. [0]
- Also, 80% of merchants said they have encouraged their customers to pay with contactless methods. [0]
- This trend is likely to stay, as 81% of merchants who currently support contactless payments or plan to support them in the future say they will make contactless payments a permanent option for customers.5. [0]
- The 2019 American Express Digital Payments Survey shows that 85% of consumers surveyed have abandoned an online purchase because the shopping experience was not easy. [0]
- Merchants also reported 37% of online sales transactions were abandoned in 2019, up from 31% in 2018.6 Online bill payment provider Fiserve found in its 2021 Expectations & Experiences. [0]
- In fact, 79% of consumers said they’ve made P2P payments either through their financial organization or another company. [0]
- However, there is room for growth, as 47% of consumers said they don’t know if their financial institution offers the ability to make P2P payments. [0]
- One third of consumers – 33% — said definitively that their financial institution offered a P2P service. [0]
- However, younger consumers were more knowledgeable about P2P options, as 50% of Gen Z respondents and 45% of millennials said their financial institution offered such a service.7. [0]
- According to the Federal Reserve’s Diary of Consumer Payment Choice Study, the percentage of cash payments in 2020 dropped 7 percentage points from 2019.1. [0]
- However, those 65 and older used it the most with 26% using cash, followed by 23% of those 5564, 20% of those 1824, 17% of those 4554, 16% of those 35 44 and 11% of those. [0]
- 25 34.1 Interestingly, consumers made fewer cash transactions, but they were more likely to have more cash on hand in 2020 than in previous years – possibly as a way to guard against the uncertainty of the pandemic. [0]
- This is according to a study published in the Journal of Consumer Research9. [0]
- Among respondents, 84% say having the option to pay by credit card is a musthave or nice to have, followed by 79% who said paying by debit card was a must have or nice to have.8. [0]
- Online payments are growingOnline payments in the US havegrown 4 timesas much as retail paymentsIt has grown by ~64% in the last four years. [5]
- It has grown by ~64% in the last four years. [5]
- What are merchants saying?Compared to previous years, 71% merchants. [5]
- Compared to previous years, 71% merchants say A look at spending habitsU.S. Consumers spend12–18% MOREwhen using credit cardsinstead of cash for purchasesDun and Bradstreet survey. [5]
- cardfraudhaveincreasedby26%Federal Trade commission’s’ Consumer Sentinel Network Data Book, 2017. [5]
- accounted for 58% in 2016Federal Reserve Payments Study — 2017. [5]
- Not all online fraud is created equalRoutinely reportedfriendly fraudrates60%–90%Friendly fraud is the case of a customer receiving a service only to provide invalid card details or false information. [5]
- 2017 consumers make payment decisions based on which Security concerns can impact sales37%say. [5]
- Effective fraud tools are underusedonly53%of merchantsrequirecustomers to enter theCVVonly39%decline transactionswhen a verifiedbilling addresshasnot been provided. [5]
- 2018.(22% are expecting new regulation). [5]
- (22% are expecting new regulation) Keeping up with regulations is difficultOnly 31% ofbusinessesoutsourcetheir compliance to a third party. [5]
- Only 31% of Does it make sense to outsource compliance?Of. [5]
- the businesses who outsourced compliance in 2017, the38% saidit was because of therising cost of compliance.(This number was 24% in 2016). [5]
- Of the businesses who outsourced compliance in 2017, the (This number was 24% in 2016). [5]
- Cash on the decline2/3of merchants say that they arevery likelyto gocompletely cashlessin the near future. [5]
- American Express Digital Payments Survey of merchants say that they are Check payments are on the declineBy 2018,check payment volumebywill reduce46%Nilson Report, Growth in Purchase Transactions 2009 – 2019. [5]
- Payment methods are important to customers73% reveal that thetype of paymenta business acceptsimpactswhether they willbuy from that business. [5]
- The Intersection of Payment and Commerce in a Digital World 73% reveal that the How are alternative payment methods. [5]
- Only 16% ofconsumershaveeverused e. [5]
- service77%of the cardholders in the USare familiarwith the service.62%of the cardholders in the US are familiar with and are currentlyusing the service.69%of consumersbelieve. [5]
- Credit cards are more popular than everCredit card paymentsregistered the highest growth rate10.2%among the core payment types. [5]
- Direct Debit is Europe’s preferred payment method90%of consumers with bank accounts in the UK haveat least one direct debit mandate. [5]
- Together, thesenon negotiable fees work out to between 2% and 4% per transaction.2. [5]
- Additional cost BookkeepingAnnual costs can be anywhere from$1,000–$20,00040% of online small business owners say bookkeeping and taxes are the worst part of running a business. [5]
- 47% said that the financial cost was the biggest burden bookkeeping posed to their business. [5]
- NSBA Small Businesses Taxation Survey Annual costs can be anywhere from 40% of online small business owners say bookkeeping and taxes are the worst part of running a business. [5]
- 1%then you might be avictim of chargeback fraudIf. [5]
- Of the taxpayers who participated in the 2020 Comprehensive Taxpayer Attitude Survey , 87 percent said it is not at all acceptable to cheat on their income taxes, and nearly all. [6]
- Additionally, most taxpayers are satisfied with their personal interactions with IRS. [6]
I know you want to use Payment Processing Software, thus we made this list of best Payment Processing Software. We also wrote about how to learn Payment Processing Software and how to install Payment Processing Software. Recently we wrote how to uninstall Payment Processing Software for newbie users. Don’t forgot to check latest Payment Processing statistics of 2024.
Reference
- creditcards – https://www.creditcards.com/statistics/payment-method-statistics-1276/.
- financesonline – https://financesonline.com/online-payments-statistics/.
- nacha – https://www.nacha.org/content/ach-network-volume-and-value-statistics.
- bls – https://www.bls.gov/ooh/management/computer-and-information-systems-managers.htm.
- bls – https://www.bls.gov/ooh/computer-and-information-technology/computer-systems-analysts.htm.
- chargebee – https://www.chargebee.com/resources/guides/credit-card-processing-statistics/.
- irs – https://www.irs.gov/statistics/soi-tax-stats-irs-data-book.
How Useful is Payment Processing
One of the key reasons why payment processing is so useful is its convenience. Gone are the days when people had to carry around wads of cash or write checks for every purchase. With just a few taps on a smartphone or a quick swipe of a card, payments can be made in a matter of seconds. This level of efficiency not only saves time but also provides a more streamlined and hassle-free approach to conducting financial transactions.
Furthermore, payment processing has made it easier for businesses to accept various forms of payment. In the past, businesses were limited to accepting only cash or check payments, which could be cumbersome and restrictive. However, with the advent of payment processing systems, businesses can now accept credit and debit cards, mobile payments, and even alternative payment methods like PayPal or cryptocurrencies. This flexibility not only caters to a wider range of customers but also opens up new revenue streams for businesses of all sizes.
Another significant benefit of payment processing is enhanced security. With the rise of cybercrime and identity theft, consumers are increasingly wary of sharing their financial information online. Payment processing systems employ advanced encryption technologies to ensure that sensitive information is protected during transactions. This added layer of security gives consumers peace of mind when making purchases online or at brick-and-mortar stores, fostering trust and fostering customer loyalty.
In addition to convenience, flexibility, and security, payment processing also offers businesses valuable insights into their customers’ purchasing habits. By analyzing transaction data, businesses can gain valuable insights into customer preferences, buying patterns, and trends. This data can be leveraged to create targeted marketing campaigns, optimize inventory management, and improve overall customer experience. In this way, payment processing not only facilitates transactions but also serves as a tool for businesses to enhance their operations and drive growth.
Lastly, the shift towards cashless payments has been accelerated by the COVID-19 pandemic, with many consumers opting for contactless payment methods to minimize physical contact and reduce the risk of transmission. Payment processing has played a crucial role in enabling businesses to adapt to these changing consumer preferences quickly. Whether it’s implementing touchless payment terminals or enhancing online payment gateways, payment processing has allowed businesses to remain operational and continue serving their customers during these challenging times.
Overall, payment processing has transformed the way we conduct financial transactions, offering unparalleled convenience, security, and flexibility. As technology continues to evolve, payment processing will undoubtedly play an even more crucial role in shaping the future of commerce.
In Conclusion
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