US Profile: Cross-border shopping lifts demand for US digital payments

09 Nov, 2020 . 4 minutes

The US ecommerce market is currently estimated at $744.1 billion a year, according to data. The largest contributors are credit and debit cards - with 47 percent of all transactions. About 54 percent of digital shoppers purchase goods and services mainly from the UK, China, Canada, Hong Kong and Australia. A pre-Covid-19 estimate said cross-border shopping would reach $1 trillion a year by the end of 2020. Meanwhile, worldwide cross-border commerce accounts for two-thirds of monthly purchases by 10 percent of online shoppers, according to data. Fast payments are expected to gain more customers and connections as a result of the slowness of traditional payments. Demand for cashless payments has risen as electronic and mobile commerce activity continues to grow. Internet penetration in the US has risen to 89 percent. The country's total population was 325.7 million as at the end of 2019. A third of this is 24 years old or younger.

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