Wirecard finds credit card, PayPal most used payment methods in US

Wirecard has found that the credit card and PayPal are the most popular payment methods in the US, only 8% paying via cash or cheque.

The US prepaid cards market is growing steadily, projected to reach USD 3.1 trillion by 2020. Also, the transactions at POS terminals are estimated to rise from roughly 94 million in 2015 to about 128 million in 2021, with near 23 million POS terminals by 2021 (40% growth in six years).

Nearly 90% of the US population are internet users and 80% of them use smartphones. That is why the ecommerce market volume is projected to raise by a growth rate of over 11% in the period of 2014 till 2019. In 2016, 63% of US citizens already used the internet to pay bills or make purchases; nearly 80% of whom paid by debit card and over 60% by credit card.

The US customers most often book online flight tickets or hotel stays, followed by clothing and footwear. While in 2015 three of four US citizens shopped online, this number is expected to increase to over 80% by 2019.

Payment via cash or cheque is playing and increasingly minor role, while debit and credit cards as well as PayPal are most popular.