<\/span>Mobile Payment Industry Growth From 2020 – 2025<\/span><\/h2>\n\n\n\n![\"last](\"https:\/\/multisitelocal.ezxdemo.com\/blog\/wp-content\/uploads\/2021\/10\/last-year-in-the-U.S-mobile-payments-in-stores-grew-by-29.jpg\")
Source: Emarketer<\/a><\/figcaption><\/figure><\/div>\n\n\n\nSince the users don\u2019t need to rely on conventional payment methods, they can use a centralized system to make payments and remittance services. Mobile payment has bridge the gap between banks & the underbanked population. Worldwide stores & utilizes are now rapidly integrating mobile payment apps ideas<\/a> and accepting payments through Samsung Pay, Apple Pay, Ali Pay, Paypal<\/a>, etc. It is a growing technology and has continued for several years because of changing lifestyles and growth in online retailing<\/a>.<\/p>\n\n\n\n<\/span>Mobile Payment Market Share Statistics<\/span><\/h2>\n\n\n\n- By 2020<\/strong>, In-store mobile payment will grow to $503 billion<\/strong>, with a compound annual growth rate (CAGR) of 80%<\/strong> between 2015<\/strong> to 2020.<\/strong><\/li>
- 150 million,<\/strong> which is approximately 56%<\/strong> of the consumer population of the US are using mobile payments for in-store payments by the end of 2020<\/strong>.<\/li>
- According to the source emarketer, 1.31 billion<\/strong> people are assumed to use a mobile payment system for their cashless transactions by 2023<\/strong>.<\/li>
- Alipay now grows with 1.2 bn+<\/strong> users and has become the world\u2019s largest mobile payment platform.<\/li>
- By 2024<\/strong>, the globally forecasted mobile payment market size is predicted to be 3 trillion<\/strong>.<\/li>
- Between 2020<\/strong>–2025<\/strong>, mobile payments use will continue to its unstoppable rise with 26.93%<\/strong> of CAGR.<\/li>
- Apple pay hits Starbucks to become the top mobile payment app in the US market.<\/li>
- Mobile payment uses grows by 26.63%<\/strong> in the years 2020<\/strong>–2025<\/strong> that overtakes cash and card payments.<\/li>
- B2B segment is expected to roll out the highest CAGR from 2021<\/strong> to 2028<\/strong> with the growing use of smartphones for personal payments.<\/li>
- Ecommerce & retail segment is anticipated to be a fast-growing area over the forecast period due to the increasing partnerships of retailers and mobile payment providers.<\/li><\/ul>\n\n\n\n
<\/span>Global Use Of Mobile Payment<\/span><\/h2>\n\n\n\n- The US mobile payment market is 6x smaller comparing to China.
![\"The](\"https:\/\/multisitelocal.ezxdemo.com\/blog\/wp-content\/uploads\/2021\/10\/The-US-mobile-payment-market-is-6x-smaller-comparing-to-China..jpg\")
<\/li> - Referring to the business intelligence report, the forecasted value of the in-store payment is $128 billion<\/strong> in the US by 2021.<\/li>
- Revenue from a mobile point of sale worldwide is expected to reach $50 billion<\/strong> in 2021. (In 2016, it was $6.6 billion<\/strong>).<\/li>
- The majority of people using mobile payments in the US are over age 30<\/strong> with a yearly income of an average of $70k<\/strong> and spend approximately twice on retail as the non-mobile payment users do.<\/li>
- 70%<\/strong> of the millennial recognize discounts & reward offers as motivational factors for mobile payments.<\/li>
- Commonly, people make payments using the web browser on their mobile or from a downloaded app.<\/li>
- As per NFC world\u2019s news, 39%<\/strong> of US consumers say that they use mobile payments more frequently if many other apps & stores accommodate it for transactions.<\/li><\/ul>\n\n\n\n
<\/span>Mobile Payment Methods<\/span><\/h2>\n\n\n\nThe first company that introduced mobile payments in 1997<\/strong> was Coca-cola. The technology has evolved since, but we have started using it with integrated mobile payment options like Apple Pay & Venmo. Some fintech mobile payment includes:<\/p>\n\n\n\n- Apple Pay<\/li>
- Samsung Pay<\/li>
- Venmo<\/li>
- AfterPay<\/li>
- Cash App<\/li>
- Zelle<\/li>
- Google Pay<\/li><\/ul>\n\n\n\n
Also Read: Best Finance App Ideas for Fintech Industry Startups<\/a><\/h4>\n\n\n\nAll these mobile payment apps work similarly to make mobile payment transactions straightforward and secure for consumers. Also, to provide the benefits of cashless, touchless, and fastest way of payments.<\/p>\n\n\n\n
There are differences in user preferences as some of these payments apps rank above others in terms of users.<\/p>\n\n\n\n
<\/span>Mobile Payment Growth<\/span><\/h2>\n\n\n\nDuring the pandemic, the number of people using mobile eWallets to make payments<\/a> rose from 900 million<\/strong> to 1.48 billion<\/strong>. And, as per the reports of global payments in 2021, a total of 25.7%<\/strong> of POS payments was done using mobile wallets. Within three years, this figure is expected to rise to 33.4%<\/strong>.<\/p>\n\n\n\nAccording to the sources, It is also disclosed that 44.5%<\/strong> of all eCommerce transactions were done via mobile payments in the last year, which is double of payments done via debit cards and thrice of debit card payments. Debit & credit cards are expected to have the same market share in the next two years, which makes approx. 22%<\/strong> of POS payments. The cash transactions have also experienced a dip from 20.5%<\/strong> to 12.7%<\/strong> in the year range of 2020-2024. The market value of the mobile payment is expected to record $12.6 trillion<\/strong> by 2027.<\/p>\n\n\n\nMainly there are 4 types of mobile payments you should need to take care of:<\/p>\n\n\n\n
<\/span>Mobile Wallet Statistics<\/span><\/h2><\/li><\/ol>\n\n\n\nThe \u201cMobile wallet\u201d is a confusing term for payment providers like Apple Pay and Samsung Pay. However, mobile wallets usually store the person’s financial<\/a> information like debit & credit cards, similar to a physical wallet we use. Here are some statistics that refer to the need to level up mobile wallet payment marketing.<\/p>\n\n\n\n- 5%<\/strong> of online transactions were made using mobile wallet payments.<\/li>
- Mobile wallets are most likely to use for purchases by millennials than baby boomers & seniors.<\/li>
- By 2026, the mobile wallet market is anticipated to get high on $80 billion<\/strong>.<\/li>
- 66%<\/strong> of individuals confirm that mobile wallets payments regularly because it is more convenient than other modes.<\/li>
- Various studies report that 44%<\/strong> of men spend more money using mobile wallets than women at 26%<\/strong> only.<\/li><\/ul>\n\n\n\n
<\/span>QR Codes Statistics<\/span><\/h2><\/li><\/ol>\n\n\n\n![\"QR](\"https:\/\/multisitelocal.ezxdemo.com\/blog\/wp-content\/uploads\/2021\/10\/QR-codes-for-payment.jpg\")
<\/figure><\/div>\n\n\n\nNowadays, QR Codes are widely available in most parts of Asia. Before the covid-19 pandemic situation, it was not the same as U.S has started using the QR code technology more.<\/p>\n\n\n\n
- QR code payments may have $2.27 trillion<\/strong> worldwide transactions by 2025.<\/li>
- As much as 11%<\/strong> of QR code payment transactions have increased in the United States since the pandemic started.<\/li>
- 5%<\/strong> of users prefer QR codes to make payments in case of the unavailability of cash.<\/li>
- In 2020, 1.5 billion<\/strong> people will have used QR codes for payment.<\/li><\/ul>\n\n\n\n
<\/span>Cryptocurrency![\"Cryptocurrency](\"https:\/\/multisitelocal.ezxdemo.com\/blog\/wp-content\/uploads\/2021\/10\/Cryptocurrency-MARKET-STATS-2021.jpg\")
<\/span><\/h2><\/li><\/ol>\n\n\n\nThe initiate of real-time purchase using cryptocurrency was in 2010. Now cryptocurrency has increased its value a lot. For example, 10000 bitcoins<\/strong> are now worth over $80 million<\/strong>, and now many businesses have now started accepting them for digital payments.<\/p>\n\n\n\n- The most popular apps<\/a> for cryptocurrency is Bitcoin, with a dominance of 59.5%<\/strong>.<\/li>
- Over 75 million<\/strong> people own a crypto wallet today.<\/li>
- The highest price of bitcoin reached $64863<\/strong> in April 2021.<\/li>
- Over 25000 crypto<\/strong> ATMs are available across the world in 74<\/strong> different countries.<\/li>
- Gift cards & prepaid cards most accept the cryptocurrency around 44%<\/strong>.<\/li>
- As per studies, it is also found that 29%<\/strong> of crypto payments were using bitpay, the most significant amount of payment service providers.<\/li>
- Over 15000<\/strong> businesses in the world accept bitcoin as payment.<\/li><\/ul>\n\n\n\n
<\/span>Apple Pay Statistics<\/span><\/h2><\/li><\/ol>\n\n\n\nOver 10 billion apple pay transactions were done in 2019, and this platform is also holding 92% of all debit\/credit and wallet transactions in 2020. Apple pay is now among the top trendsetters in the mobile payment industry.<\/p>\n\n\n\n
Apple Pay For Payments 2020 – 2024<\/span><\/h4>\n\n\n\n![\"Contactless](\"https:\/\/multisitelocal.ezxdemo.com\/blog\/wp-content\/uploads\/2021\/10\/Pre-COVID-19-Contactless-01.png\")
Source: blog.co<\/a><\/figcaption><\/figure><\/div>\n\n\n\n- 36% of consumers own a device that supports Apple pay in 2020, whereas 81.2& consumers have devices supporting Walmart pay.<\/li>
- 5480 banks in 2020 support Apple pay which is 29% high than previous years.<\/li>
- 900,000 apps use apple pay for selling goods & services on the app store.<\/li>
- Around the globe, apple pay is accepted in 60 countries, and Google pay is still available in 40 countries, and Samsung pays in 29 nations only.<\/li><\/ul>\n\n\n\n
<\/span>Mobile Payment Security Statistics<\/span><\/h2>\n\n\n\n![\"Infographic:](\"https:\/\/cdn.statcdn.com\/Infographic\/images\/normal\/2691.jpeg\")
<\/a> You will find more infographics at Statista<\/a><\/p>\n\n\n\n- The primary reason behind 40%<\/strong> of US consumers do not use mobile payment is security concerns.<\/li>
- The security reason ranks high in the list of problems for mobile payment users as 70%<\/strong> of US consumers refer to it as a major concern.<\/li>
- Many companies offering mobile payment services are working towards making digital payments more protected & secure.<\/li>
- 27%<\/strong> of online sales<\/a> report mobile payment frauds.<\/li>
- The leading reason for financial loss through mobile payment channels is account takeover fraud.<\/li><\/ul>\n\n\n\n
Also Read: A Complete Guide To Finding The Cost To Making An App<\/a> <\/h4>\n\n\n\n<\/span>Wrapping Up<\/span><\/h2>\n\n\n\n
Since the users don\u2019t need to rely on conventional payment methods, they can use a centralized system to make payments and remittance services. Mobile payment has bridge the gap between banks & the underbanked population. Worldwide stores & utilizes are now rapidly integrating mobile payment apps ideas<\/a> and accepting payments through Samsung Pay, Apple Pay, Ali Pay, Paypal<\/a>, etc. It is a growing technology and has continued for several years because of changing lifestyles and growth in online retailing<\/a>.<\/p>\n\n\n\n The first company that introduced mobile payments in 1997<\/strong> was Coca-cola. The technology has evolved since, but we have started using it with integrated mobile payment options like Apple Pay & Venmo. Some fintech mobile payment includes:<\/p>\n\n\n\n All these mobile payment apps work similarly to make mobile payment transactions straightforward and secure for consumers. Also, to provide the benefits of cashless, touchless, and fastest way of payments.<\/p>\n\n\n\n There are differences in user preferences as some of these payments apps rank above others in terms of users.<\/p>\n\n\n\n During the pandemic, the number of people using mobile eWallets to make payments<\/a> rose from 900 million<\/strong> to 1.48 billion<\/strong>. And, as per the reports of global payments in 2021, a total of 25.7%<\/strong> of POS payments was done using mobile wallets. Within three years, this figure is expected to rise to 33.4%<\/strong>.<\/p>\n\n\n\n According to the sources, It is also disclosed that 44.5%<\/strong> of all eCommerce transactions were done via mobile payments in the last year, which is double of payments done via debit cards and thrice of debit card payments. Debit & credit cards are expected to have the same market share in the next two years, which makes approx. 22%<\/strong> of POS payments. The cash transactions have also experienced a dip from 20.5%<\/strong> to 12.7%<\/strong> in the year range of 2020-2024. The market value of the mobile payment is expected to record $12.6 trillion<\/strong> by 2027.<\/p>\n\n\n\n Mainly there are 4 types of mobile payments you should need to take care of:<\/p>\n\n\n\n The \u201cMobile wallet\u201d is a confusing term for payment providers like Apple Pay and Samsung Pay. However, mobile wallets usually store the person’s financial<\/a> information like debit & credit cards, similar to a physical wallet we use. Here are some statistics that refer to the need to level up mobile wallet payment marketing.<\/p>\n\n\n\n Nowadays, QR Codes are widely available in most parts of Asia. Before the covid-19 pandemic situation, it was not the same as U.S has started using the QR code technology more.<\/p>\n\n\n\n The initiate of real-time purchase using cryptocurrency was in 2010. Now cryptocurrency has increased its value a lot. For example, 10000 bitcoins<\/strong> are now worth over $80 million<\/strong>, and now many businesses have now started accepting them for digital payments.<\/p>\n\n\n\n Over 10 billion apple pay transactions were done in 2019, and this platform is also holding 92% of all debit\/credit and wallet transactions in 2020. Apple pay is now among the top trendsetters in the mobile payment industry.<\/p>\n\n\n\n<\/span>Mobile Payment Market Share Statistics<\/span><\/h2>\n\n\n\n
<\/span>Global Use Of Mobile Payment<\/span><\/h2>\n\n\n\n
<\/li><\/span>Mobile Payment Methods<\/span><\/h2>\n\n\n\n
Also Read: Best Finance App Ideas for Fintech Industry Startups<\/a><\/h4>\n\n\n\n
<\/span>Mobile Payment Growth<\/span><\/h2>\n\n\n\n
<\/span>Mobile Wallet Statistics<\/span><\/h2><\/li><\/ol>\n\n\n\n
<\/span>QR Codes Statistics<\/span><\/h2><\/li><\/ol>\n\n\n\n
<\/figure><\/div>\n\n\n\n<\/span>Cryptocurrency
<\/span><\/h2><\/li><\/ol>\n\n\n\n<\/span>Apple Pay Statistics<\/span><\/h2><\/li><\/ol>\n\n\n\n
Apple Pay For Payments 2020 – 2024<\/span><\/h4>\n\n\n\n
<\/span>Mobile Payment Security Statistics<\/span><\/h2>\n\n\n\n
<\/a> You will find more infographics at Statista<\/a><\/p>\n\n\n\nAlso Read: A Complete Guide To Finding The Cost To Making An App<\/a> <\/h4>\n\n\n\n
<\/span>Wrapping Up<\/span><\/h2>\n\n\n\n