Study Reveals That Seamless Payment Formats Will Replace Card Payments

"Study indicates a transition from Payment Formats Will Replace Card Payments. Stay ahead with evolving payment trends."


4/3/20241 min read

 Payment Formats Will Replace Card Payments
 Payment Formats Will Replace Card Payments

Fewer people will be using credit and debit cards to pay online by 2028, according to a new study. Currently, 31% of online payments are made by card, but this is expected to drop to 19%. People are interested in other forms of payment, such as digital wallets and direct transfers between banks.

The survey polled more than 10,000 people across 37 locations.It says that by 2028, about 30% of online purchases will be made using cards, up from 41% in 2023. These channels will drive spending on online by 58% in 2028, up from 47% in 2023.

Instant account access services such as PIX in Brazil or UPI in India are also becoming increasingly popular. By 2028, they will make up 18% of online transactions, compared to just 8% in 2023.

Stuart Neale, chief executive of Boku, says people like simple options, so companies need to offer more options.

Card payments in Europe will fall from 53% in 2023 to 30% in 2028. More people will use account payments, increasing from 16% in 2023 to 25% in 2028. People like these because if they are… it’s easy And there’s no need for mediation.

Credit card payments in Europe will fall from 38% to 21%, and debit card payments will fall from 15% to 9% between 2023 and 2028. Many people have also started to "buy now pay later" . functionality is being used because it is easy to do take use.

Between 2023 and 2028, these jobs will grow by 187%.

Nick Maynard of Juniper Research says the shift is happening globally, not just in one place.

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