GPR
2024

9th Edition

The Global Payments Report

How consumer choice is changing commerce

People + Payments

Consumers have more payment options than ever before and it is the choices they make that drive the payment landscape.

Explore this new choice era in the 9th edition of Worldpay's Global Payments Report, your expert guide to payments across 40 markets.

Understand how consumer choices become trends and understand what these trends mean for the future of your business.

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Global trends to watch

Regional trends

Asia-Pacific (APAC) - The global leader in digital payments

Asia-Pacific (APAC)

The global leader in digital payments

In 2023 APAC’s consumers continued to lead the world in digital wallet use online. Wallets were used for 70% of e-com transaction value in 2023 with a transaction value of over $2 trillion (> 64% of global online spend.)

For the first time, digital wallets surpassed 50% of POS spend in APAC in 2023 (> $7.8 trillion and nearly 72% of the global POS digital wallet Market).

Credit cards were the preferred method of online payment in seven of fourteen APAC markets. Direct credit card spend outside of digital wallets accounted for 12% of APAC’s e-commerce transaction value in 2023.

Consumer demand for Buy Now Pay Later (BNPL) remained strong in 2023, with BNPL accounting for 4% of regional online spend, over $120 billion in transaction value.

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EUROPE - Unified, yet infinitely diverse

EUROPE

Unified, yet infinitely diverse

Despite the many of its countries sharing the EU’s common regulatory umbrella, Europe’s e-commerce payment landscape is remarkably diverse. Credit cards, debit cards, account-to-account and digital wallets all led in at least two European markets covered in this report.

Digital wallets are Europe’s leading e-commerce payment method and accounted for 30% of e-com transaction value in 2023. Wallets are projected to grow at 17% CAGR to 2027, when they will account for around 40% of e-com value.

The transaction value of cash halved to around 20% between 2019 and 2023 in the 14 European markets covered by the report. With -5% CAGR projected to 2027 when we estimate cash will account for 15% of POS transaction value.

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Latin America (LATAM) - Account-to-account (A2A) is rising

Latin America (LATAM)

Account-to-account (A2A) is rising

LATAM had the highest percentage of A2A payment penetration of any global region in 2023 with 20% of regional e-com transaction value. Inspired by the tremendous success of Brazil's Pix instant payment system, regional leaders are increasingly turning to account-to-account payments.

For the moment, cash remains LATAM’s leading payment method at POS, but for the first time in 2023, cash shared the lead with credit cards with 29% of regional POS transaction value each. Credit cards are projected to overtake cash as the leading in-person payment method in 2024.

Digital wallets are the fastest-growing payment method in LATAM. Wallets accounted for 21% of regional e-com spending in 2023 and are projected to grow at 21% CAGR to around 28% of regional online spending by 2027.

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Middle East & Africa (MEA) - Digital payments are ascendent

Middle East & Africa (MEA)

Digital payments are ascendent

Digital wallets are the fastest growing online payment method in MEA, as they are globally. Wallets garnered 23% of regional e-com spend in 2023, with transaction value rising 35% year-over-year.

Account-to-account (A2A) payments will see tailwinds from new real-time payment rails as well as efforts to establish interoperability between domestic schemes across the region.

MEA has the highest use of cash on delivery among all global regions at 9% of 2023 regional online spend, following from having the highest regional use of cash overall.

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North America (NA) - Cards continue to dominate

North America (NA)

Cards continue to dominate

North American consumers remain strongly attached to the use of cards. When combined, direct use of credit, debit and prepaid cards accounted for 52% of e-com and 73% of spending in-store across North America in 2023. Digital wallets are ascendant, though that also reflects card strength give the popularity of “pass-through” card-backed wallets like Apple Pay and Google Pay.

Digital wallets have been slower to catch on at POS where strong habits in the use of physical cards have largely resisted change. The potential for a tipping point in wallet adoption is finally being realized as North American consumers catch up to their global counterparts.

Cash has found a resistant floor of use across North America. Cash accounted for an estimated 11% of regional in-store spend in 2023 or roughly $1.26 trillion.

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