Tuesday, July 26th, 2022
Cash is becoming a thing of the past. This article provides data on how countries are making a switch to mobile payments. According to eMarketer, there has been an increase in mobile contactless payments from 2019 to 2021.
Adopting Mobile Payments
The global mobile payment market revenue value made up USD 1,729.5 billion in 2021. As of 2018, given the use of a mobile payment service, the highest usage rate was registered in the Asia Pacific, specifically, Thailand and China.
This compound annual growth rate (CAGR) of the global mobile payment market accounted for $1.434 trillion in 2020. eCommerce consumers worldwide prefer digital wallets as a payment method, representing 44.5% of eCommerce transactions in 2020, which was up 6.5% from 2019.
China tops the list of countries with the use of mobile payments. Namely, 87.3% of the population used contactless payment methods. The US witnessed the largest rise in adoption from 2018 to 2020.
The Rise of Mobile Payment Methods
Increasingly, more and more businesses and merchants around the globe support and are planning to support multiple mobile payment options. And mobile apps for online shopping are among the most common option. This is also true of mobile payment processing at the point of sale or POS, and special mobile payment methods such as mobile wallets.
In 2020, India topped the list of countries in terms of the number of transactions. Specifically, the country registered approximately 25.5 billion real-time payment transactions. So, it’s no wonder that the demand for smartphones is growing. This results in the growth of the mobile payments market, which is going to further propel worldwide.
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