Mobile payments have the opportunity to swell the ranks of online shoppers around the whole world as more and more fast-growth economies are looking to expand cashless societies. Usage of alternative payment methods is growing not only as a response to consumer demand but also as a government prerequisite.
As a result of the substantial adoption growth in recent years in mature markets, GlobalWebIndex conducted an in-depth study takes a close look at how mobile payment technologies differ across the world, comparing local services with global brand offerings, and digging into key mobile payment, mobile commerce, and consumer trends.
A Quick Glance at the State of Mobile Payments in 2019:
- The mobile payment market is projected to grow at an annual rate of 33% between 2019 and 2026, reaching the US $457 billion in 2026.
- Today, more people have access to mobile devices (96%) than bank accounts (89%) so financial institutions, including central banks, are increasingly forming partnerships with mobile payment providers or developing their own services.
- 40% of Internet users surveyed have used their mobile to pay for an item/service in the past month. 41% of them are males, while 39% are females.
- APAC (47%) is substantially ahead of even its closest rival LatAm (on 38%)in terms of mobile payment adoption.
Figure Showing the Rise of Mobile Payments From 2016 to 2018
The Content of “Mobile Payments: Trend Report 2019” Report:
- Key Insights
- The Evolution of Mobile Payments
- From APAC to the Rest of the World
- The Flourishing Opportunity in the West
- Growth Challenges
- The Role of Social Media
- Notes on Methodology
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Data in this report are drawn from GlobalWebIndex’s online research among Internet users aged 16-64 years old. This report draws insights from GlobalWebIndex’s Q4 2018 wave of research across 45 countries, with a global sample of 138,962 respondents.