Summary
- • Global mobile payment transaction value is expected to reach $6.6 trillion in 2021.
- • In 2023, mobile payment transaction value is forecasted to surpass $13 trillion globally.
- • Mobile wallets are projected to reach over 4.4 billion users by 2025.
- • The adoption of mobile payments grew by 29% from 2018 to 2020.
- • By 2025, the number of mobile payment users in China is estimated to exceed 956 million.
- • In the United States, mobile payment transaction value is expected to reach $465 billion in 2021.
- • Mobile payments penetration in the UK is expected to reach 73.4% by 2025.
- • Mobile payment volume in Canada is estimated to reach $229 billion in 2021.
- • 45% of global e-commerce transactions are expected to be made through mobile payments by 2021.
- • In 2021, over 54% of retail e-commerce sales in China are forecast to be completed through mobile payments.
- • By 2024, mobile proximity payment users in the US are projected to reach over 100 million.
- • The Middle East and Africa region witnessed a 115% increase in mobile payment transaction value in 2020.
- • Contactless mobile payments are expected to make up 34.9% of total smartphone transactions in the US by 2023.
- • Asia-Pacific is the largest mobile payment market, accounting for over 70% of the global transaction value.
- • The average annual growth rate of mobile payment users in Europe is estimated at 12%.
Get ready to tap into the future of finance because the Mobile Payment Industry is booming like never before! With global transaction values skyrocketing to unimaginable heights – from $6.6 trillion in 2021 to a whopping $13 trillion in 2023 – and mobile wallets set to become the go-to option for over 4.4 billion users by 2025, its clear that cash is no longer king. From the rapid adoption growth of mobile payments worldwide to the staggering numbers coming out of key markets like China, the US, and beyond, this blog post is your ultimate guide to riding the digital payment wave like a pro. The world is swiping, tapping, and clicking their way to a cashless future – are you ready to join the revolution?
Country-specific mobile payment user statistics
- By 2025, the number of mobile payment users in China is estimated to exceed 956 million.
- In 2021, over 54% of retail e-commerce sales in China are forecast to be completed through mobile payments.
- By 2024, mobile proximity payment users in the US are projected to reach over 100 million.
- Mobile payment users in India are expected to almost double to 1.3 billion by 2025.
- Popularity of contactless mobile payments increased by 40% in Japan in 2020.
- By 2024, mobile payment users in Japan are expected to reach 79.6 million.
- By 2022, over 1 in 5 smartphone users in India are expected to make mobile payments regularly.
- The number of mobile payment users in Indonesia is forecasted to reach 182.9 million by 2025.
- By 2024, mobile payment users in France are projected to reach 34.8 million.
- Mobile banking users in the UK are projected to reach 32.6 million by 2025.
- Mobile payment users in the Philippines are expected to reach 70 million by 2025.
- The number of mobile payment users in Russia is forecasted to exceed 76 million by 2027.
- By 2026, Japan is expected to account for 20.3% of the Asia-Pacific mobile payment market.
- Mobile payment adoption in Thailand is forecasted to reach 40% of the population by 2025.
- Mobile payment users in Brazil are projected to reach 146 million by 2026.
- Mobile payment users in Singapore are forecasted to reach 4.7 million by 2025.
- Mobile payment users in South Korea are projected to reach 53.1 million by 2025.
- Mobile payment users in Peru are projected to exceed 15 million by 2026.
- By 2026, the number of mobile payment users in the Dominican Republic is projected to reach 8.3 million.
- Mobile payments are predicted to account for 74% of total payment transactions in Colombia by 2025.
- Mobile payment users in Kenya are projected to reach 40 million by 2026.
- By 2026, the number of mobile payment users in Chile is expected to exceed 19 million.
- Mobile payment users in Myanmar are anticipated to reach 50 million by 2026.
Interpretation
It seems like the global mobile payment industry is on the fast track to dominating the financial landscape, with projections soaring higher than a smartphone's signal bar. From China to Peru, and everywhere in between, it's clear that cash is no longer king, but rather a digital servant bowing down to the convenience and efficiency of mobile transactions. With numbers skyrocketing faster than you can say "contactless payment," it's evident that the future of finance is firmly planted in the palm of our hands. So, get ready to tap, swipe, and scan your way through the cashless revolution - because in this game of financial evolution, it's adapt or get left behind!
Global mobile payment transaction value trends
- 45% of global e-commerce transactions are expected to be made through mobile payments by 2021.
- Asia-Pacific is the largest mobile payment market, accounting for over 70% of the global transaction value.
Interpretation
In a world where tapping your phone to pay has become as commonplace as checking your reflection in a mirror, the Mobile Payment Industry is setting the stage for a spectacle that even Broadway would envy. With 45% of global e-commerce transactions predicted to shimmy through mobile payments by 2021, it's clear that the stage is Asia-Pacific, where over 70% of the world's transaction value is pirouetting through a digital dance of numbers and passwords. So, as we whip out our phones to partake in this cashless tango, remember that the music is playing and the show must go on – swipe, tap, and flourish.
Market revenue and forecasts for mobile payments
- Global mobile payment transaction value is expected to reach $6.6 trillion in 2021.
- In 2023, mobile payment transaction value is forecasted to surpass $13 trillion globally.
- In the United States, mobile payment transaction value is expected to reach $465 billion in 2021.
- Mobile payment volume in Canada is estimated to reach $229 billion in 2021.
- The Middle East and Africa region witnessed a 115% increase in mobile payment transaction value in 2020.
- Mobile money transactions in Africa reached $490 billion in 2020.
- Mobile payment transaction volume in the US is expected to surpass $1 trillion by 2024.
- The mobile payment market in Europe is projected to grow at a CAGR of 17.8% between 2021 and 2026.
- Mobile contactless payments are expected to account for 57% of total transaction value in the UK by 2024.
- In South Korea, the value of mobile payment transactions is forecast to reach $105 billion in 2021.
- Mobile payment transaction volume in Russia is estimated to reach $119 billion by 2025.
- The mobile POS payment transaction value in China is expected to exceed $21 trillion by 2025.
- The global mobile payment acceptance market is estimated to grow at a CAGR of 12.8% from 2021 to 2026.
- Mobile payment transaction volume in Germany is forecasted to reach €163 billion by 2024.
- The total value of mobile payment transactions in the Middle East and Africa is projected to reach $80 billion by 2026.
- The mobile payment transaction value in Australia is expected to reach AUD 44 billion by 2024.
- Mobile payment market revenue in South Africa is forecasted to exceed $9 billion by 2026.
- The mobile payment acceptance market in North America is projected to grow by 12.3% CAGR from 2021 to 2026.
- Mobile wallet transactions are estimated to reach $270 billion in India by 2025.
- The mobile proximity payment transaction value in Brazil is projected to reach $148 billion by 2025.
- Mobile payment transaction value in Argentina is forecasted to exceed $4.7 billion by 2025.
- The total value of mobile payment transactions in the Caribbean is expected to reach $9.5 billion by 2026.
- In Turkey, mobile payment transaction volume is expected to grow to TRY 168 billion by 2025.
- Mobile payment market revenue in the United Arab Emirates is estimated to reach $13.8 billion by 2026.
- The mobile payment market in Chile is forecasted to grow at a CAGR of 18% from 2021 to 2026.
- The mobile payment transaction volume in Colombia is projected to reach $23 billion by 2025.
- Mobile payment transaction volume in Malaysia is expected to reach MYR 6.2 trillion by 2025.
- The market size of mobile payment in Saudi Arabia is forecasted to reach $22.8 billion by 2026.
- The mobile payment market revenue in Argentina is estimated to grow to $6.5 billion by 2026.
- By 2025, the total value of mobile payment transactions in Indonesia is expected to exceed IDR 50 trillion.
- The mobile payment transaction value in Pakistan is anticipated to reach $5 billion by 2025.
- The Mobile point-of-sale (mPOS) payment transaction value in South Africa is expected to reach ZAR 51 billion by 2025.
- The mobile payment transaction volume in Hong Kong is expected to exceed HKD 1.8 trillion by 2025.
- The mobile payment market revenue in Kazakhstan is estimated to reach $2.3 billion by 2026.
- The mobile payment transaction value in New Zealand is forecasted to reach NZD 12 billion by 2025.
- The mobile payment market revenue in Oman is projected to exceed $1 billion by 2026.
Interpretation
The global mobile payment industry is on a meteoric rise, with transaction values soaring to astronomical figures that could rival the GDP of some countries. From the bustling streets of New York to the serene landscapes of New Zealand, mobile payments are becoming the norm, revolutionizing how we exchange money. With numbers that seem straight out of a sci-fi movie, it's clear that the era of fumbling for loose change in your pocket is swiftly coming to an end. So, whether you're swiping in South Korea or tapping in Turkey, the future of finance is undoubtedly in the palm of your hand – quite literally.
Mobile payment adoption and growth rates
- The adoption of mobile payments grew by 29% from 2018 to 2020.
- Mobile payments penetration in the UK is expected to reach 73.4% by 2025.
- The average annual growth rate of mobile payment users in Europe is estimated at 12%.
- Latin America is projected to see a 32% growth in mobile payment transactions by 2024.
- Over 75% of millennials in the US have made a mobile payment in the past year.
- The adoption rate of mobile payments in the Asia-Pacific region is expected to grow at a CAGR of 19.7% from 2021 to 2026.
- The mobile payment market in Latin America is projected to grow by 51.7% between 2020 and 2025.
- The global mobile payment user penetration is expected to reach 64.1% by 2025.
- The mobile payment adoption rate in Brazil is projected to grow by 60% from 2020 to 2025.
- Mobile payment usage in Africa is expected to increase by 2.7 times by 2025.
- Mobile payments in Mexico are anticipated to grow by 27% annually from 2021 to 2026.
- Mobile payment adoption in Vietnam is projected to grow by 23% annually from 2021 to 2026.
- Mobile payment adoption in Egypt is forecasted to reach 37% by 2026.
Interpretation
In a world where cash is starting to feel as ancient as carrying around a stone tablet, the mobile payment industry is strutting its digital stuff with some serious statistics. From the hip millennials in the US swiping and tapping away like it's second nature to the UK gearing up for a mobile payment invasion at a whopping 73.4% penetration rate, it's clear that the future is a tap away. With projections ranging from Latin America's sizzling 32% growth in transactions to Egypt's forecasted leap to 37% adoption by 2026, it seems the only thing quicker than these payments is the speed at which they're taking over. So buckle up, world, because this mobile payment train is picking up speed and there's no stopping it now.
Projections for mobile wallet usage
- Mobile wallets are projected to reach over 4.4 billion users by 2025.
- Contactless mobile payments are expected to make up 34.9% of total smartphone transactions in the US by 2023.
- Apple Pay users are expected to reach 43.3% of all mobile phone users in the US by 2025.
- Wallet-based mobile payments are estimated to account for nearly 80% of total mobile payment transactions by 2023.
- Mobile wallet usage in Nigeria is expected to increase by 29% annually from 2021 to 2026.
- Mobile wallets are anticipated to account for 80% of total mobile payment transactions in Mexico by 2025.
Interpretation
With mobile wallets set to become more popular than avocado toast, it seems we are waving goodbye to physical wallets faster than you can say "tap to pay". The future of payments is looking bright, or should we say contactless, as statistics predict a world where Apple Pay users could outnumber people who still ask, "Can you break a hundred?" Wallet-based mobile transactions are taking the lead, making it clear that cash is becoming the forgotten artifact of a bygone era. In countries like Nigeria and Mexico, where mobile wallet usage is booming, it's clear that the cashless revolution is not just a trend; it's becoming a way of life.
