The Latest Digital Payment Industry Statistics Explained
More than 1.7 billion people worldwide lack access to formal financial services, and nearly half of them are living in seven countries – Bangladesh, China, India, Indonesia, Mexico, Nigeria, and Pakistan.
The statistic highlights a significant global issue where over 1.7 billion individuals do not have access to formal financial services, underscoring the widespread problem of financial exclusion. Furthermore, the data indicates that nearly half of these individuals reside in just seven countries, namely Bangladesh, China, India, Indonesia, Mexico, Nigeria, and Pakistan, emphasizing the concentrated nature of the challenge in specific regions. This lack of access to formal financial services can hinder economic growth, limit opportunities for individuals to save, invest, or access credit, and perpetuate cycles of poverty. Addressing this issue requires targeted interventions and policies to expand financial inclusion and ensure that more individuals worldwide have the means to secure their financial futures.
The mobile point of sales transactions is predicted to reach $2.4 trillion by 2024, with an annual growth rate of 40%.
The statistic indicates that the total value of mobile point-of-sales transactions is expected to reach $2.4 trillion by the year 2024. This figure suggests a rapid growth trend, with an estimated annual growth rate of 40%. This prediction implies a significant increase in the adoption and usage of mobile payment technologies in the coming years, highlighting the growing importance of mobile commerce in the retail industry. The potential impact of this trend may include changes in consumer behavior, advancements in technology infrastructure, and shifts in business strategies to accommodate the increasing demand for mobile payment solutions.
An estimated 1.31 billion people worldwide use mobile banking for payments, which is expected to increase to 2.48 billion by 2024.
The statistic indicates that approximately 1.31 billion individuals globally utilize mobile banking as a means of making payments. This figure is projected to grow substantially, reaching an estimated 2.48 billion users by the year 2024. The trend suggests a significant increase in the adoption of mobile banking services over the coming years, reflecting the growing preference for convenient and accessible digital payment solutions among consumers worldwide. The shift towards mobile banking underscores the evolving landscape of financial services, driven by technological advancements and changing consumer preferences for more efficient and user-friendly payment methods.
Fintech transaction value in the United States is expected to reach $1425 billion in 2024.
The statistic that fintech transaction value in the United States is projected to reach $1425 billion in 2024 indicates a significant growth in the financial technology sector. As technology continues to disrupt the traditional financial industry, more consumers and businesses are utilizing fintech solutions for conducting transactions such as payments, lending, and investment. This substantial increase in transaction value suggests a growing acceptance and adoption of fintech services within the United States, reflecting a shift towards modern and efficient financial tools. This statistic underscores the transformative impact of technology on the financial landscape and highlights the evolving nature of financial services in the digital age.
79% of netizens have used digital payments to complete a transaction, with 63% of people using the method at least once a month in 2021.
The statistic indicates that a significant majority of internet users, specifically 79%, have utilized digital payment methods to make a purchase or complete a transaction in 2021. Furthermore, within this group, 63% of individuals are using digital payments at least once a month, suggesting a high frequency of adoption and usage. This data points to the growing popularity and widespread acceptance of digital payment technologies, highlighting a shift towards more convenient and efficient methods of financial transactions among consumers.
An estimated 95% of transactions in China in 2021 are performed digitally.
This statistic indicates that a high proportion of transactions in China during 2021 are conducted through digital channels, such as online payments, mobile apps, and other electronic platforms. With an estimated 95% of transactions being digital, it suggests that the country has seen a significant shift towards digital payment methods and technology adoption. This data reflects the widespread use of digital financial services and the increasing convenience and accessibility of electronic transactions in China, potentially driven by factors such as the rise of e-commerce, mobile payment solutions like Alipay and WeChat Pay, and government initiatives promoting a cashless society.
51% of U.S. consumers added a card to a digital wallet in 2020.
The statistic ‘51% of U.S. consumers added a card to a digital wallet in 2020’ indicates that the majority of individuals in the United States adopted the use of digital wallets as a payment method during the year 2020. This shift likely reflects growing consumer trust and comfort with digital payment technologies, as well as increasing convenience and security offered by digital wallets. This trend suggests a significant move towards a cashless society, with digital wallets becoming more mainstream for everyday transactions among U.S. consumers. The widespread adoption of digital wallets may have implications for the future of traditional payment methods and could drive further innovations in the financial technology industry.
Mobile payments are forecasted to grow by 26.93% at a compounded annual growth rate from 2021 to 2026.
The statistic indicates that mobile payments are expected to increase significantly over the next five years, with a projected compound annual growth rate (CAGR) of 26.93% from 2021 to 2026. This forecast suggests a rapid expansion in the adoption and usage of mobile payment technology, driven by factors such as increasing smartphone penetration, improved security measures, and changing consumer preferences towards digital transactions. The estimated CAGR of 26.93% signifies a continuous and steady growth trend in the mobile payment industry, highlighting the potential for substantial advancements in this sector in the coming years.
In 2021, around 380.1 million users have reportedly used mobile payment apps.
The statistic states that in 2021, approximately 380.1 million individuals have utilized mobile payment applications. This implies that a substantial portion of the global population has adopted mobile payment methods for their financial transactions. The widespread use of mobile payment apps suggests a shift towards digital and cashless payment systems, potentially driven by factors such as convenience, security, and technological advancements. The increasing popularity of mobile payments highlights the growing reliance on smartphones and digital platforms for everyday financial activities, shaping the way consumers interact with money in the modern era.
The number of proximity mobile payment users in the United States is expected to surpass 100 million.
The statistic indicates that the number of users utilizing proximity mobile payments in the United States is projected to exceed 100 million individuals. Proximity mobile payments involve using a smartphone or smartwatch to make purchases by tapping or waving the device near a payment terminal. This forecast suggests a significant and growing adoption of digital payment methods among US consumers. Factors driving this trend could include the convenience, speed, and contactless nature of such transactions, as well as increasing consumer trust in the security and reliability of mobile payment technologies. As the reliance on cash and physical credit cards wanes, the convenience and accessibility of proximity mobile payments are likely to continue to attract a widening user base in the future.
The adoption of digital payments could give a boost to GDP by up to 6% in emerging economies by 2025.
The statistic suggesting that the adoption of digital payments could potentially increase GDP by up to 6% in emerging economies by 2025 implies that transitioning towards a more digital payment system has the potential to significantly enhance economic growth and productivity in these countries. By leveraging digital technologies for financial transactions, these economies can streamline processes, improve efficiency, reduce costs, enhance financial inclusion, and ultimately stimulate economic activity. This forecast underscores the transformative power of digital payments in unlocking new opportunities for economic development and prosperity in emerging markets over the coming years.
QR code payments are projected to hit $2.7 trillion globally by 2025.
The statistic that QR code payments are projected to reach $2.7 trillion globally by 2025 reflects a significant growth trend in the adoption and utilization of QR codes as a payment method. This projection indicates a substantial increase in the use of QR codes for transactions, likely driven by factors such as the convenience, security, and efficiency offered by this technology. The widespread acceptance of QR codes by both businesses and consumers, coupled with advancements in digital payment infrastructure, are expected to contribute to the rapid expansion of QR code payments on a global scale by 2025, making it a key player in the evolving landscape of digital payment systems.
The global Near Field Communication (NFC) market will grow at a CAGR of 20.0% from 2021 to 2026.
This statistic indicates that the global Near Field Communication (NFC) market is expected to experience significant growth over the period from 2021 to 2026 at a Compound Annual Growth Rate (CAGR) of 20.0%. This means that the market size for NFC technology, which allows for communication between devices in close proximity, is projected to expand by an average of 20.0% each year during this period. The CAGR is a useful metric to understand the steady annual growth rate of a market, and in the case of NFC technology, this projection suggests a strong and consistent rise in adoption and utilization of NFC-enabled devices and applications globally over the next five years.
There has been a 230% increase in mobile payments in the US alone since 2015.
The statistic indicating a 230% increase in mobile payments in the US alone since 2015 suggests a significant and rapid growth in the adoption of mobile payment technologies over the specified time period. This remarkable increase implies a substantial shift in consumer behavior towards using mobile devices as a preferred method for making payments, highlighting the convenience and popularity of mobile payment options. Such growth can be indicative of changing consumer preferences, advancements in technology, and the increasing digitization of financial transactions. It also underscores the importance for businesses to adapt to this trend by providing mobile payment solutions to meet consumer demands and stay competitive in the evolving marketplace.
As of 2021, 30% of U.S. smartphone users are using peer-to-peer (P2P) payment apps.
The statistic “As of 2021, 30% of U.S. smartphone users are using peer-to-peer (P2P) payment apps” indicates that a significant portion of smartphone users in the United States have adopted the use of P2P payment apps for transferring money electronically. This trend suggests a growing preference for convenience and efficiency in financial transactions among consumers. The widespread adoption of P2P payment apps aligns with the increasing reliance on digital platforms for various aspects of everyday life, including banking and financial services. This statistic underscores the importance of technology in reshaping the way people engage with financial services and highlights the ongoing shift towards digital payment solutions in the modern economy.
By 2022, only 17% of global transactions will be made using cash.
The statistic “By 2022, only 17% of global transactions will be made using cash” indicates a significant shift away from traditional cash transactions towards digital payment methods. As technology advances and becomes more widely accessible, the convenience and efficiency of digital payments such as credit cards, mobile wallets, and online transfers are increasingly favored over cash transactions. This trend suggests a growing reliance on electronic forms of payment, driven by factors such as convenience, speed, and security. The statistic highlights the evolving landscape of global commerce and the increasing integration of digital financial services into everyday transactions.
By 2024, digital wallet transactions are expected to exceed $10 trillion globally.
The statistic that digital wallet transactions are expected to exceed $10 trillion globally by 2024 indicates a significant growth and adoption of digital payment methods. This forecast suggests a continued shift towards cashless transactions, driven by factors such as the increasing prevalence of smartphones, convenience of digital wallets, and a growing preference for online shopping. The projected magnitude of transactions also points to the expanding role of digital wallets in various sectors, including retail, e-commerce, and financial services. This statistic underscores the importance of staying digitally connected and adapting to the evolving landscape of financial technologies to meet consumer demands and capitalize on emerging opportunities in the global economy.
References
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