The Latest Us Digital Payments Industry Statistics Explained
The U.S digital payments market’s transaction value is projected to reach approximately 1,300 billion U.S. dollars in 2021.
The statistic indicates that the total value of transactions in the U.S. digital payments market is forecasted to reach around 1,300 billion U.S. dollars in the year 2021. This suggests a substantial growth in the adoption and usage of digital payment methods in various sectors of the economy. The increasing popularity of digital payments can be attributed to factors such as convenience, security, and the rising trend of online shopping. This projection highlights the ongoing shift towards a cashless society and the significant role that digital payment technologies play in facilitating transactions, both online and in physical stores, driving economic activity and providing consumers with more efficient and flexible payment options.
In 2026, the digital payments market’s transaction value in the U.S is expected to surpass 1,800 billion U.S. dollars.
The statistic predicts that the transaction value of digital payments in the U.S. market is projected to exceed 1,800 billion U.S. dollars by the year 2026. This indicates a significant upward trend in the adoption and use of digital payment methods such as mobile wallets, online transfers, and peer-to-peer platforms among consumers and businesses. The increasing popularity of digital payments can be attributed to various factors such as convenience, security, and the growing trend towards a cashless society. The surge in digital transactions is likely to drive further innovation in payment technology and reshape the way financial transactions are conducted in the U.S. economy.
The digital pay transactions per person are expected to reach a value of 79.9 in U.S. by 2026.
The statistic that the digital pay transactions per person are forecasted to reach 79.9 in the U.S. by 2026 implies that on average, each individual in the U.S. is expected to engage in almost 80 digital payment transactions within a year. This suggests a significant reliance on digital payment methods by consumers, indicating a continued shift towards a cashless society. Factors such as the growing popularity of online shopping, the convenience of contactless payments, and the increasing adoption of mobile payment apps are likely driving this trend. The projection also highlights the ongoing technological advancements and the evolution of the financial industry towards a more digitalized and efficient payment ecosystem.
In 2021, nearly 64 percent of the population in the U.S are expected to use digital payments.
The statistic indicates that in 2021, it is estimated that approximately 64 percent of the population in the United States will utilize digital payment methods. This suggests a significant shift towards electronic transactions, such as online payments, mobile wallet apps, and contactless payments. The increasing reliance on digital payments could be attributed to various factors, including the convenience, security, and speed they offer compared to traditional cash or card transactions. This trend highlights the ongoing digital transformation in the payment industry, as more individuals embrace technology-driven solutions for their financial transactions.
73% of businesses in the U.S. accept digital payments over cash as of 2020.
The statistic that 73% of businesses in the U.S. accept digital payments over cash as of 2020 indicates a significant shift towards digital transaction methods in the business landscape. This shift can be attributed to various factors such as the convenience, security, and efficiency offered by digital payment options like credit cards, mobile payments, and online transfers. Businesses that adapt to this trend are likely to cater to customer preferences for convenient and contactless payment methods, potentially improving customer satisfaction and operational efficiency. The statistic highlights the evolving nature of commerce and the increasing importance of digital solutions in the modern business environment.
Mobile payment users are projected to reach 126.3 million in the U.S in 2021.
The statistic stating that mobile payment users are projected to reach 126.3 million in the U.S. in 2021 suggests a significant trend towards the adoption of mobile payment platforms within the American population. This indicates a widespread shift towards using smartphones and other mobile devices as primary tools for conducting financial transactions, such as making purchases, transferring money, and paying bills. The projected increase in mobile payment users highlights the convenience, accessibility, and security that these digital payment methods offer, reflecting changing consumer preferences and behaviors towards a more digital, cashless society in the United States.
The Mobile POS Payments segment amounts to US$491,685m in 2022.
The statistic ‘The Mobile POS Payments segment amounts to US$491,685m in 2022’ refers to the total value of transactions processed through mobile point-of-sale systems in the year 2022. This figure represents the cumulative sum of all payments made using mobile devices such as smartphones and tablets at physical retail locations. The considerable size of this segment, totaling nearly half a trillion US dollars, highlights the increasing popularity and adoption of mobile payment technologies in the global marketplace. This statistic underscores the significant role that mobile POS payments play in shaping the future of retail transactions and consumer behavior.
Near Field Communication (NFC) payments in the U.S are expected to reach 220.8 billion dollars in 2021.
The statistic stating that Near Field Communication (NFC) payments in the U.S are expected to reach 220.8 billion dollars in 2021 indicates the anticipated total value of transactions facilitated through NFC technology for that year. NFC enables contactless communication between devices, such as smartphones and payment terminals, allowing for seamless and secure transactions. The projected increase in NFC payments reflects the growing adoption of this convenient and efficient payment method by consumers and businesses alike, driven by factors such as the rise of mobile payment solutions, the popularity of digital wallets, and the ongoing shift towards cashless transactions. This statistic suggests a significant shift in consumer behavior towards embracing cutting-edge payment technologies and signals a continued trend towards a more digitized economy.
Tablet POS system market size in the U.S. was valued at 170 million dollars in 2020.
The statistic indicates that the Tablet POS system market in the United States was valued at 170 million dollars in the year 2020. This value represents the total revenue generated by the sales and adoption of Tablet POS systems within the U.S. market during that year. The market size provides insight into the growth and adoption of Tablet POS systems in the retail and hospitality industries, as well as other sectors that utilize such systems for point-of-sale transactions. This statistic is important for businesses, investors, and stakeholders in the industry to understand the current market trends, potential opportunities, and competitive landscape within the Tablet POS system market in the U.S.
The average annual transaction value per user in the Digital Remittances segment is projected to amount to US$5,987.86 in 2022.
The statistic means that in the Digital Remittances sector, the anticipated average value of transactions conducted by users per year is expected to be approximately US$5,987.86 in 2022. This figure provides insight into the typical spending behavior of users in this market segment, indicating the amount of money exchanged through digital remittances by an average user annually. This projection can be useful for companies and financial institutions operating in the digital remittances industry, as it helps in understanding the market potential, assessing revenue streams, and targeting appropriate customer segments for their products and services.
PayPal’s total active registered user accounts from 2010 to 2021 reached 416 million.
The statistic ‘PayPal’s total active registered user accounts from 2010 to 2021 reached 416 million’ indicates the substantial growth and popularity of PayPal as a digital payments platform over the past decade. This figure represents the total number of individuals who have registered and actively use PayPal’s services across various transactions and financial activities. The steady increase in active registered accounts from 2010 to 2021 highlights the platform’s success in attracting and retaining users globally. This statistic not only demonstrates PayPal’s significant presence in the fintech industry but also reflects the increasing reliance on digital payment solutions in today’s society.
Cash expects to reach 33 million users by 2021 in the U.S.
The statistic “Cash expects to reach 33 million users by 2021 in the U.S.” indicates that the mobile payment app Cash anticipates that it will have a user base of 33 million individuals in the United States by the end of 2021. This prediction reflects the company’s projected growth trajectory and market penetration within the U.S. population. If realized, reaching 33 million users would signify a significant milestone for Cash and could imply a strong adoption rate and demand for its services. This statistic serves as a measure of Cash’s success in expanding its user base and establishing itself as a prominent player in the mobile payment industry within the U.S. market.
The digital transaction value in the U.S. is expected to show an annual growth rate (CAGR 2021-2025) of 7.7%.
This statistic indicates that the total value of digital transactions in the United States is projected to increase at an annual compound growth rate (CAGR) of 7.7% from 2021 to 2025. This means that the dollar value of digital transactions is anticipated to grow steadily at a consistent rate over the specified time period. The forecasted growth rate suggests a positive trend in the adoption and usage of digital payment methods in the U.S., showcasing a shift towards a more digitized economy. Factors driving this growth may include the increasing popularity of online shopping, digital banking services, and the ongoing advancements in technology facilitating secure and convenient digital transactions.
Mobile wallet payment fraud attempts in the U.S. have increased by 81% in 2020.
The statistic indicates that the incidence of mobile wallet payment fraud attempts in the United States rose significantly in 2020, showing an 81% increase compared to the previous period. This suggests that there has been a substantial surge in fraudulent activities targeting mobile wallet transactions within the country. This increase could be attributed to various factors such as the growing popularity and usage of mobile wallet services, the sophistication of fraudsters in exploiting vulnerabilities in these platforms, or the shift towards digital payment methods due to the COVID-19 pandemic. The sharp rise in such fraudulent activities highlights the importance of implementing robust security measures and educating users to safeguard their mobile wallet transactions against potential threats.
The average transaction value per user in the e-commerce market is estimated to reach US$1,862 in 2022.
The statistic indicates that the average amount spent per user on transactions in the e-commerce market is projected to be US$1,862 in the year 2022. This metric provides valuable insight into consumer behavior and purchasing power within the e-commerce space. By understanding the average transaction value per user, businesses can tailor their marketing strategies, pricing models, and product offerings to better align with customer preferences and maximize revenue potential. Additionally, this statistic serves as a benchmark for evaluating the overall performance and growth of the e-commerce market, helping stakeholders make informed decisions to drive future success in this industry.
As of 2019, 29 percent of U.S. smartphone users made a mobile payment using a smartphone.
The statistic provided indicates that in 2019, approximately 29% of smartphone users in the United States utilized their smartphones to make a mobile payment. This suggests a notable increase in adoption of mobile payment services among smartphone users, highlighting the growing trend of using smartphones as a preferred method for conducting financial transactions. Factors contributing to this trend may include increased convenience, security features in mobile payment apps, and the proliferation of smartphones with built-in payment capabilities. As technology continues to advance and more users become comfortable with mobile payment methods, it is likely that this percentage will continue to grow in subsequent years.
In 2020, financial losses due to payment card fraud amounted to 11.67 billion U.S. dollars.
The statistic that in 2020, financial losses due to payment card fraud amounted to 11.67 billion U.S. dollars indicates the significant impact of fraudulent activities on the financial industry. This figure represents the total amount of money lost as a result of unauthorized transactions, stolen card information, or other fraudulent practices involving payment cards. Such losses can have detrimental effects on both consumers and businesses, leading to increased costs, compromised financial security, and potential damage to reputation. It underscores the importance of implementing robust security measures and fraud prevention strategies to protect individuals and organizations from such illicit activities.
In 2021, 73 percent of millennial smartphone users in the U.S. reported using mobile banking apps, up from 69 percent in the previous year.
The statistic indicates that in 2021, 73 percent of millennial smartphone users in the U.S. reported using mobile banking apps, which represents an increase from the previous year where 69 percent reported doing so. This suggests a growing trend among millennial smartphone users towards adopting mobile banking apps as a preferred method for managing their finances. The 4-percentage point increase may reflect a shift in consumer behavior driven by factors such as convenience, functionality, and the ongoing digitalization of financial services. The data implies that mobile banking apps have become an increasingly integral part of the financial ecosystem for millennials, highlighting the importance of digital banking solutions in catering to the needs and preferences of this demographic.
References
0. – https://www.www.smallbizdaily.com
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2. – https://www.www.statista.com
3. – https://www.www.emarketer.com
4. – https://www.gminsights.com
5. – https://www.thepaypers.com
