The Latest Payments Industry Statistics Explained
Global digital payment volumes are predicted to increase by an average 10.9% through to 2020, reaching nearly 726 billion transactions.
The statistic indicates that the total volume of digital payments worldwide is expected to grow at an average rate of 10.9% annually up to the year 2020, eventually reaching close to 726 billion transactions. This projection suggests a significant and sustained increase in digital payment transactions over the specified period, reflecting the ongoing trend towards a cashless society and the rapid adoption of digital payment methods globally. The statistic highlights the growing importance and prevalence of digital payment systems in today’s economy, driven by factors such as technological advancements, changing consumer preferences, and the convenience and efficiency offered by digital payment solutions.
According to the 2020 World Payments Report, the top three payment instruments that support digital transactions worldwide are cards, credit transfers, and e-wallets.
The statistic from the 2020 World Payments Report reveals that cards, credit transfers, and e-wallets are the top three payment instruments utilized globally to facilitate digital transactions. Cards, such as debit and credit cards, are widely accepted and convenient for making online and in-person purchases. Credit transfers refer to electronic transactions where funds are directly transferred from one account to another, commonly used for large payments or international transfers. E-wallets, on the other hand, are digital platforms that allow users to store payment information and make secure transactions online. The prominence of these payment instruments underscores the increasing shift towards digital payments and the growing importance of convenience and security in the global financial landscape.
As of early 2021, PayPal’s total active registered user accounts amounted to 377 million worldwide.
The statistic indicates that as of early 2021, PayPal, the online payment platform, had a total of 377 million active registered user accounts globally. This figure represents the number of individual users who have signed up and actively use PayPal’s services for making online transactions. Such a large user base of 377 million users signifies the widespread popularity and usage of PayPal as a preferred method for conducting financial transactions online across various countries and regions around the world. This statistic showcases the significant impact and reach that PayPal has in the digital payment industry and highlights its position as one of the leading online payment platforms worldwide.
Contactless payments using Point of Sale terminals was predicted to exceed $1.5 trillion in 2024 worldwide, according to a 2020 study by Juniper Research.
The statistic indicates that contactless payments made using Point of Sale (POS) terminals are forecasted to surpass $1.5 trillion globally by the year 2024, based on a study conducted by Juniper Research in 2020. Contactless payments refer to transactions where the payment is made by tapping or waving a card or mobile device near a POS terminal, rather than inserting a card or entering a PIN. The predicted upward trend in contactless payments reflects the increased adoption of convenient and secure payment methods by consumers and merchants alike. The anticipated growth of contactless payment transactions signifies a shift towards more efficient and streamlined payment processes in the global marketplace.
Over 75% of people in North America use digital banking and online payment methods, according to a 2019 survey.
The statistic that over 75% of people in North America use digital banking and online payment methods, as reported in a 2019 survey, indicates a significant shift towards technology-driven financial services in the region. This high adoption rate suggests that a large majority of individuals have embraced the convenience, accessibility, and efficiency offered by digital banking platforms and online payment solutions. The data underscores the increasing reliance on digital tools for day-to-day financial transactions, reflecting a broader trend towards a cashless society and highlighting the importance of technological advancements in shaping modern banking practices across North America.
Credit card use in the United States is widespread, with 83% of adults having at least one credit card.
The statistic that 83% of adults in the United States have at least one credit card indicates a high prevalence of credit card use within the population. This level of credit card ownership suggests that credit cards are a common financial tool for Americans, likely used for various purposes such as making purchases, managing expenses, and building credit history. The widespread adoption of credit cards could be attributed to their convenience, flexibility, and rewards programs offered by credit card companies. However, it also raises concerns about potential debt accumulation and financial management challenges that individuals may face when using credit cards. Overall, the high percentage of adults with credit cards highlights the significant role that credit cards play in the financial landscape of the United States.
94% of UK consumers have debit cards and use them for payments according to Statista.
The statistic that 94% of UK consumers have debit cards and use them for payments according to Statista indicates a widespread adoption and utilization of debit cards within the UK consumer market. This high percentage suggests that debit cards are a popular and commonly used payment method among UK consumers, highlighting the convenience and accessibility of this form of payment. The data implies that debit cards are a preferred choice for making transactions, potentially indicating a shift away from traditional cash transactions towards electronic payment methods. This statistic underscores the importance of debit cards as a key financial tool in the daily lives of UK consumers and reflects the modern trend towards cashless payment solutions.
Mobile wallets are set to overtake debit cards in the US by 2022.
This statistic indicates that by the year 2022, mobile wallets, which are digital platforms or applications that enable users to make electronic payments via their smartphones, are projected to surpass debit cards as a preferred payment method in the United States. This trend suggests a significant shift in consumer behavior towards utilizing mobile technology for financial transactions over traditional debit card usage. Factors contributing to this potential growth may include convenience, security features, and the increasing adoption of mobile payment options by retailers and financial institutions. As mobile wallets become more integrated into daily life and continue to evolve with new features and functionalities, they are expected to outpace debit cards in terms of popularity and usage in the coming year.
Global mobile payment revenue is forecasted to surpass $1 trillion in 2024.
The statistic indicates that the total revenue generated through mobile payment transactions worldwide is predicted to exceed $1 trillion in 2024. This forecast suggests a significant growth in the mobile payment industry driven by increasing adoption of mobile payment methods, advancements in technology, and shifting consumer behavior towards digital transactions. The rise in smartphone usage, expansion of e-commerce platforms, and the convenience offered by mobile payment solutions are anticipated to contribute to this substantial revenue milestone. This projection underscores the growing importance of mobile payments as a key component of the global financial ecosystem and highlights the significant potential for further expansion and innovation in the mobile payment sector in the coming years.
In 2021, approximately 2.7 billion people will be using mobile wallets, according to eMarketer.
The statistic stating that approximately 2.7 billion people will be using mobile wallets in 2021, according to eMarketer, indicates a widespread adoption of digital payment methods globally. Mobile wallets are smartphone applications that allow users to store payment information and make transactions conveniently and securely. The significant number of users projected to be utilizing mobile wallets highlights the increasing popularity and acceptance of cashless payment options in the digital age. This trend suggests a shift towards a more efficient and streamlined payment system, with potential implications for businesses, consumers, and the overall economy as traditional methods of payment continue to evolve.
By 2023, cash will represent just 17% of global payments, a significant decrease from 80% in 2008.
The statistic illustrates a significant shift in the preferred payment methods globally over the past decade. In 2008, cash transactions accounted for 80% of all global payments, but by 2023, it is projected to decrease to just 17%. This decline highlights the increasing popularity and adoption of digital payment options such as credit cards, mobile payments, and online transactions. The trend towards cashless transactions can be attributed to technological advancements, convenience, and the increasing prevalence of e-commerce. This shift not only reflects changing consumer preferences but also indicates a broader transformation in the way financial transactions are conducted on a global scale, with implications for businesses, policymakers, and financial institutions.
The global payments industry’s total revenue was $1.9 trillion in 2020 and is expected to reach $2.4 trillion by 2027.
The statistic indicates that the total revenue generated by the global payments industry was $1.9 trillion in 2020 and is projected to increase to $2.4 trillion by 2027. This suggests a positive trend in the industry’s growth, highlighting its significance and potential for continued expansion over the coming years. The expected increase in revenue reflects various factors such as technological advancements, increasing digital transactions, and evolving consumer preferences towards cashless payments. This growth signifies the industry’s resilience and adaptation to changing market dynamics, positioning it as a key player in the global economy with promising opportunities for further development and innovation.
The growth rate of the B2B payments market is expected to hit 5.8% by 2025.
This statistic indicates the projected growth rate of the Business-to-Business (B2B) payments market, which is expected to reach 5.8% by the year 2025. This growth rate represents the anticipated percentage increase in the total value of transactions within the B2B payments sector from the present year to 2025. A 5.8% growth rate suggests a positive outlook for the B2B payments market, indicating increasing economic activity and potentially expanding opportunities for businesses to engage in financial transactions within this sector. This statistic provides valuable insight for businesses, financial institutions, and policymakers to anticipate trends and make informed decisions regarding their involvement in the B2B payments market.
In 2020, approximately 41.8% of the worldwide population bought goods online.
The statistic indicates that in the year 2020, around 41.8% of the global population engaged in online shopping by purchasing goods over the internet. This percentage suggests a significant trend towards e-commerce adoption on a global scale, reflecting the increasing convenience, accessibility, and variety offered by online shopping platforms. The data highlights the growing preference for digital transactions and online retail experiences among consumers worldwide. This statistic underscores the importance of the digital marketplace in today’s economy and suggests a continued shift towards online shopping as a prevalent mode of commerce across various regions and demographics.
The Square app was downloaded by 24 million users in the US in 2019.
The statistic that the Square app was downloaded by 24 million users in the US in 2019 indicates the popularity and widespread usage of the mobile application among consumers. This figure represents the total number of individuals who have installed and used the Square app on their devices within the United States during that specific year. The high number of downloads suggests that the app is well-received and valued by a large segment of the American population, reflecting its utility and relevance in facilitating various financial transactions and services. This statistic provides insight into the app’s market penetration and user adoption, highlighting its growing significance in the mobile payment industry.
In 2021, over 77% of all financial transactions in Denmark are electronic.
The statistic stating that over 77% of all financial transactions in Denmark are electronic in 2021 indicates the extent to which digital payment methods have been adopted in the country. This high percentage emphasizes the widespread use and preference for electronic transactions over traditional cash payments. The statistic suggests that Denmark has a highly digitized financial system, with the majority of individuals and businesses choosing convenient and efficient electronic payment options. This trend of increasing electronic transactions reflects both the advancements in technology and the changing consumer behaviors towards cashless transactions in modern society.
References
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