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30 Amazing Stats Demonstrating The Unstoppable Rise of Mobile Payments Globally

30 Amazing Stats Demonstrating The Unstoppable Rise of Mobile Payments Globally

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SUMMARY

This report on mobile payments reveals that WeChat Pay is the largest mobile payment platform in the world and that 823 million people used it to send and receive money gifts this Lunar New Year.

According to this online research, mobile payments are expected to keep on increasing and become the second most common payment method after debit cards over the next few years. Also, global mobile payment transactions, the paper notes, will be valued at £3.5 trillion by 2023.

As for the geographical differences, ¡nearly 90% of consumers in the US prefer to pay by cash, credit card or debit card over mobile options, despite the high mobile penetration in the country. The reason for this has to do with security and data protection concerns raised by buyers reluctant to adopt mobile payments. Consumers in other countries expressed similar concerns. In the US, the Starbucks mobile application was the most popular mobile payment platform in 2018 with 23.4 million users.

In the Asian region, Singapore was the leader in mobile payments in 2016, while cash still dominates in other South East Asian Countries where 70% of people don't own a bank account.

Europe presents some of the most cashless societies in the world and merchant service providers are increasing their offer of mobile payment options. However, adoption is very different across different nations and there are a few markets boosting the move towards mobile.

OUTLINE

Global Mobile Payment Stats & Trends

East Asia, Europe and UK Trends

DETAILS

Overview

Researchfinder Rating
5 out of 5 stars
Title
30 Amazing Stats Demonstrating The Unstoppable Rise of Mobile Payments Globally
Region
Global
Published
July 15, 2019
Publisher
Merchant Savvy
Price
FREE
Language
ENGLISH

Content

Number of Pages
10
Number of Tables
0
Number of Exhibits
8
Topics
mobile
Tags
data protection, global, Merchant Savvy, mobile, mobile application, mobile payment, mobile phone, security, smart phone
Companies mentioned
Tencent, Apple, PayPal, Amazon, Samsung, Google, Alipay, Starbucks
Methodology
Not available.
EVALUATION

This online report about mobile payments stands out for its great graphs and key insights.

Positives:

  • Clear language
  • Clear results
  • Great graphs
  • Key insights are highlighted

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