Mobile Payment Statistics & Facts 2023 for Marketers

With the growing uses of Smartphones and contact-less services, mobile payment transactions are increasing day by day. Mobile payments now come at the forefront of most businesses and, one of the preferred choices of payments by the users. Another reason for the growth in mobile payment statistics is the covid-19 pandemic.

Before the pandemic, it is used by billions of users as an alternative way of payment for cashless transactions. However, due to the distance rules, many people find mobile payment the safest way for commerce.

Mobile payments are a faster, easier, and convenient way of making payments anywhere and anytime. As mobile payments are always rewarding or provide discounted offers, the users are more attracted to them. As per the recent studies by e-marketer, last year in the U.S, mobile payments in stores grew by 29%. In 2020, businesses that accept apple pay for payments increased $6 trillion compared to the last year.

Mobile Payment Industry Growth From 2020 – 2025

Since the users don’t 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 and accepting payments through Samsung Pay, Apple Pay, Ali Pay, Paypal, etc. It is a growing technology and has continued for several years because of changing lifestyles and growth in online retailing.

Mobile Payment Market Share Statistics

• By 2020, In-store mobile payment will grow to $503 billion, with a compound annual growth rate (CAGR) of 80% between 2015 to 2020.
• 150 million, which is approximately 56% of the consumer population of the US are using mobile payments for in-store payments by the end of 2020.
• According to the source emarketer, 1.31 billion people are assumed to use a mobile payment system for their cashless transactions by 2023.
• Alipay now grows with 1.2 bn+ users and has become the world’s largest mobile payment platform.
• By 2024, the globally forecasted mobile payment market size is predicted to be 3 trillion.
• Between 2020–2025, mobile payments use will continue to its unstoppable rise with 26.93% of CAGR.
• Apple pay hits Starbucks to become the top mobile payment app in the US market.
• Mobile payment uses grows by 26.63% in the years 2020–2025 that overtakes cash and card payments.
• B2B segment is expected to roll out the highest CAGR from 2021 to 2028 with the growing use of smartphones for personal payments.
• 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.

Global Use Of Mobile Payment

• The US mobile payment market is 6x smaller comparing to China.
• Referring to the business intelligence report, the forecasted value of the in-store payment is $128 billion in the US by 2021.
• Revenue from a mobile point of sale worldwide is expected to reach $50 billion in 2021. (In 2016, it was $6.6 billion).
• The majority of people using mobile payments in the US are over age 30 with a yearly income of an average of $70k and spend approximately twice on retail as the non-mobile payment users do.
• 70% of the millennial recognize discounts & reward offers as motivational factors for mobile payments.
• Commonly, people make payments using the web browser on their mobile or from a downloaded app.
• As per NFC world’s news, 39% of US consumers say that they use mobile payments more frequently if many other apps & stores accommodate it for transactions.

Mobile Payment Methods

The first company that introduced mobile payments in 1997 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:

• Apple Pay
• Samsung Pay
• Venmo
• AfterPay
• Cash App
• Zelle
• Google Pay

Also Read: Best Finance App Ideas for Fintech Industry Startups

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.

There are differences in user preferences as some of these payments apps rank above others in terms of users.

Mobile Payment Growth

During the pandemic, the number of people using mobile eWallets to make payments rose from 900 million to 1.48 billion. And, as per the reports of global payments in 2021, a total of 25.7% of POS payments was done using mobile wallets. Within three years, this figure is expected to rise to 33.4%.

According to the sources, It is also disclosed that 44.5% 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% of POS payments. The cash transactions have also experienced a dip from 20.5% to 12.7% in the year range of 2020-2024. The market value of the mobile payment is expected to record $12.6 trillion by 2027.

Mainly there are 4 types of mobile payments you should need to take care of:

1. Mobile Wallet Statistics

The “Mobile wallet” is a confusing term for payment providers like Apple Pay and Samsung Pay. However, mobile wallets usually store the person’s financial 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.

• 5% of online transactions were made using mobile wallet payments.
• Mobile wallets are most likely to use for purchases by millennials than baby boomers & seniors.
• By 2026, the mobile wallet market is anticipated to get high on $80 billion.
• 66% of individuals confirm that mobile wallets payments regularly because it is more convenient than other modes.
• Various studies report that 44% of men spend more money using mobile wallets than women at 26% only.

2. QR Codes Statistics

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.

• QR code payments may have $2.27 trillion worldwide transactions by 2025.
• As much as 11% of QR code payment transactions have increased in the United States since the pandemic started.
• 5% of users prefer QR codes to make payments in case of the unavailability of cash.
• In 2020, 1.5 billion people will have used QR codes for payment.

3. Cryptocurrency

The initiate of real-time purchase using cryptocurrency was in 2010. Now cryptocurrency has increased its value a lot. For example, 10000 bitcoins are now worth over $80 million, and now many businesses have now started accepting them for digital payments.

• The most popular apps for cryptocurrency is Bitcoin, with a dominance of 59.5%.
• Over 75 million people own a crypto wallet today.
• The highest price of bitcoin reached $64863 in April 2021.
• Over 25000 crypto ATMs are available across the world in 74 different countries.
• Gift cards & prepaid cards most accept the cryptocurrency around 44%.
• As per studies, it is also found that 29% of crypto payments were using bitpay, the most significant amount of payment service providers.
• Over 15000 businesses in the world accept bitcoin as payment.

4. Apple Pay Statistics

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.

Apple Pay For Payments 2020 – 2024

• 36% of consumers own a device that supports Apple pay in 2020, whereas 81.2& consumers have devices supporting Walmart pay.
• 5480 banks in 2020 support Apple pay which is 29% high than previous years.
• 900,000 apps use apple pay for selling goods & services on the app store.
• 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.

Mobile Payment Security Statistics

You will find more infographics at Statista

• The primary reason behind 40% of US consumers do not use mobile payment is security concerns.
• The security reason ranks high in the list of problems for mobile payment users as 70% of US consumers refer to it as a major concern.
• Many companies offering mobile payment services are working towards making digital payments more protected & secure.
• 27% of online sales report mobile payment frauds.
• The leading reason for financial loss through mobile payment channels is account takeover fraud.

Also Read: A Complete Guide To Finding The Cost To Making An App

Wrapping Up

So, we hope that these mobile payment statistics helped you understand the potential of making profits in the industry. If you have an app idea that you want to execute then get in touch with us. Emizentech is an app development company which is adept in creating mobile apps in various industry verticals.

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