GITNUX MARKETDATA REPORT 2024

Online Credit Card Payment Processing Time Statistics

Online credit card payment processing typically takes a few seconds to a few minutes, with the majority of transactions being approved within seconds.

With sources from: mckinsey.com, emarketer.com, rba.gov.au, jpmorgan.com and many more

Statistic 1

In 2019, up to 75% of all payments in Australia were digital, dominated by credit card transactions.

Statistic 2

63% of small businesses in the US report that they receive payments online.

Statistic 3

In 2020, mobile payments accounted for 41.8% of all online transactions worldwide.

Statistic 4

Only 30% of micro-merchants (businesses with less than $100,000 in annual sales) accept online card payments.

Statistic 5

Online credit card fraud losses amounted to $6.4 billion in 2018 in the US.

Statistic 6

By 2023, credit cards are projected to fall to 22.2% of transaction preferential share.

Statistic 7

Credit cards lead to typically 2-3% higher e-commerce conversion rates compared to other payment methods.

Statistic 8

Approximate 25% of online shoppers abandoned their orders due to issues during payment processing.

Statistic 9

As of 2018, credit card payments accounted for 15% of all e-commerce transactions in Europe.

Statistic 10

Nearly 40% of credit card users in the U.S. accessed their credit card providers’ online platforms in 2019.

Statistic 11

As of 2020, the top reason for online retail customers abandoning their shopping carts was due to the payment process taking too long.

Statistic 12

Visa’s network processed over 167 billion transactions in 2019.

Statistic 13

In 2019, the credit card market in Asia amounted to around 13 billion USD.

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In this post, we explore a range of compelling statistics related to online credit card payment processing time. From the significant rise in digital payments to the impact of credit card fraud losses, these statistics shed light on various aspects of online transactions and consumer behaviors. Explore the data to gain insights into the evolving landscape of online payments and the challenges that businesses face in providing a seamless payment experience.

Statistic 1

"In 2019, up to 75% of all payments in Australia were digital, dominated by credit card transactions."

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Statistic 2

"63% of small businesses in the US report that they receive payments online."

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Statistic 3

"In 2020, mobile payments accounted for 41.8% of all online transactions worldwide."

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Statistic 4

"Only 30% of micro-merchants (businesses with less than $100,000 in annual sales) accept online card payments."

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Statistic 5

"Online credit card fraud losses amounted to $6.4 billion in 2018 in the US."

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Statistic 6

"By 2023, credit cards are projected to fall to 22.2% of transaction preferential share."

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Statistic 7

"Credit cards lead to typically 2-3% higher e-commerce conversion rates compared to other payment methods."

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Statistic 8

"Approximate 25% of online shoppers abandoned their orders due to issues during payment processing."

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Statistic 9

"As of 2018, credit card payments accounted for 15% of all e-commerce transactions in Europe."

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Statistic 10

"Nearly 40% of credit card users in the U.S. accessed their credit card providers’ online platforms in 2019."

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Statistic 11

"As of 2020, the top reason for online retail customers abandoning their shopping carts was due to the payment process taking too long."

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Statistic 12

"Visa’s network processed over 167 billion transactions in 2019."

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Statistic 13

"In 2019, the credit card market in Asia amounted to around 13 billion USD."

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Interpretation

Overall, the statistics presented highlight the increasing prevalence of online payment processing and credit card transactions in various regions worldwide. It is clear that digital payments, particularly those made through credit cards, have become a dominant force in the global economy. However, challenges such as online fraud, payment processing issues, and cart abandonment due to lengthy processes remain significant concerns for businesses and consumers alike. Looking ahead, projections suggest a shift in transaction preferences away from credit cards towards other payment methods, emphasizing the need for businesses to adapt to evolving trends and consumer behaviors in order to remain competitive in the digital marketplace.

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