The United States is the second-largest E-Commerce market globally after China in terms of sales. United States Ecommerce Payment Market share of total retail sales has steadily been on the rise with ecommerce penetration hitting 16.0% in 2019. E-commerce continues to drive the retail landscape in the United States, and consumer purchasing remains high, and mobile e-commerce provided new ways to shop for and buy goods and services. According to Renub Research report, United States Ecommerce Payment Market is growing with double-digit growth rate and expected to reach USD 1,395.47 Billion by the end of year 2026.
Coronavirus Impact on Ecommerce Payment Industry in U.S.A
COVID-19 pandemic is rapidly accelerating the online transition as consumers are practising social distancing, and e-commerce orders for groceries and medical essentials, have become survival and convenient tool for the American family. The average daily downloads for popular digital grocery apps Instacart, Walmart Grocery, Amazon and Shipt have surged since January 2020.
Cards Dominance in United States Payment Industry
Cards are the dominant online payment method used for all e-commerce transactions, and 93 percent of the population has a bank account in 2019. Bank of America, JP Morgan bank and others are the ubiquity of credit and debit cards has made them an enabler of digital wallets. The United States merchants are adapting new landscape and merchants accepting digital wallet payments through popular providers like PayPal, Google Pay, Amazon Pay, Xerox, Quick book and Zendesk. As the number of COVID-19 cases ticks up in the U.S., consumers are going cashless to avoid potential hygiene issues around handling banknotes in this pandemic COVID-19.
The shifting in the digital landscape and online transaction dynamics remain keen to drive the E-commerce payment market in the United States. At the same time, cybersecurity threats continue to evolve rapidly and are expected to challenge the market growth. The segments in the ecommerce platform in the United States are Travel, Consumers Electronic, Clothes and Apparel, Household goods, Health and Beauty, Groceries and Others.
Renub Research report titled “United States E-Commerce Payment Market & Forecast, by Payment Method, Category, Digital Wallets, Bank” studies the United States ecommerce payment market. This report provides an all-encompassing analysis of the key growth drivers and restraining factors, demand, and their projections for the upcoming years.
By Category – Groceries is one of the Top Segments
The report studies the market of the following Category: Travel, Consumers Electronic, Clothes and Apparel, Household goods, Health and Beauty, Groceries and Others. In the United States groceries are one of the top leading categories, and it is growing due to the rise in internet penetration, increasing per capita and disposable income.
By Payment method – Credit card is leading the payment method market
Based on the payment method, the Ecommerce payment market has been broadly segmented into Bank transfer, Card (Credit and Debit), Digital Wallets, Cash and Others. Credit card Segment is leading the market and will continue on top during the forecast period.
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Digital Wallet and Bank covered in the report has been covered from 3 viewpoints
• Initiatives & Recent Developments
Digital Wallet covered in this report
• Amazon Pay,
Category – United States E-commerce Payment Market
• Consumers Electronic
• Clothes and Apparel
• Household goods
• Health and Beauty
Payment Method – United States E-commerce payment market
• Bank Transfer
• Card (Credit and Debit)
• Digital Wallets
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Browse Related Reports:
Bank covered in this report
• JP Morgan
• Bank of America
• Wells Fargo
• HSBC Holdings plc’s
• Citi Group
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