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Mobile Payment Methods Market 2024

  • PDF Icon

    Report

  • 149 Pages
  • January 2024
  • Region: Global
  • yStats GmbH & Co. KG
  • ID: 5412045
Description Jump to:

The global value of digital wallets is on track to double between 2023 and 2028, experiencing rapid acceleration across diverse regions. 

The latest publication, "Global Mobile Payment Methods 2024" offers a comprehensive overview of current trends in the global mobile payment market, particularly focusing on the present and future landscape of digital wallets and their impact on the financial ecosystem.

Governments' endorsement of digital payments is propelling robust growth in the global mobile payments sector

As global governments endorse digital payments, the projected CAGR for the digital payments market is over +14% between 2023 and 2030, reaching trillions in Euros. Despite optimism, challenges like limited internet infrastructure and fraud concerns exist. The report notes a substantial surge in contactless and virtual card transactions, with over EUR 9 trillion and EUR 8 trillion projected by 2027. Additionally, the digital wallet sector and global QR code payments are set to experience substantial growth, nearly doubling in value from 2023. In 2023, Asia-Pacific leads in digital payment transactions, contributing over 50% to the global market, driven by active government promotion. 

The growth of digital wallets is gaining momentum across diverse global regions

The report underscores the accelerating growth of digital wallets globally. Consumer optimism is evident, with nearly half in LATAM, North America, and EMEA expecting mobile wallets to replace traditional payments. In Europe, digital wallets dominate online payments, with over half preferring them as of September 2022. Notably, alternative methods like BNPL witness slower adoption. The MENA region is projected to see a significant shift by 2025, with over two-thirds of online transactions in mobile commerce, and digital wallets contributing to 20% of online spending.

Key Questions Covered in the Report

  • What growth rate is projected for the global digital payments market between 2023 and 2030?
  • What is the projected growth for contactless and virtual card transactions globally by 2027?
  • How are the global digital wallet sector and QR code payment transactions expected to evolve from 2023 to 2028?
  • What are consumer sentiments towards mobile wallets in global regions like Europe, North America, and EMEA?

Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report

Table of Contents

1. Key Takeaways
  • Key Takeaways of Mobile Payment Methods
2. Management Summary
3. Global Developments
  • Overview of the Online and Mobile Payment Trends, January 2023
  • Value of Contactless Card Transactions, in USD trillion, 2022e & 2027f
  • Virtual Card Transaction Value, in USD trillion, 2022e & 2027f
  • Value of Digital Wallet Transactions, in USD trillion, 2023e & 2028f
  • Share of Consumers Agreeing With the Following Statements Related to Digital and Mobile Wallets, in %, April 2023
  • QR Code Payment Transaction Value, in USD billion, 2023e & 2028f
  • Mobile Money Statistics, incl. Number of Live Services, Registered Accounts, in millions, Active Accounts, in millions, Transaction Volume in millions, and Transaction Value, in USD billion, and Year-on-Year Growth, in %, by Region, 2022
4. Asia-Pacific
4.1. Regional
  • Overview of the Online and Mobile Payment Trends, January 2023
4.2. Advanced Markets
4.2.1. Japan
  • Most Used Payment Methods, in % of Respondents, January 2023
  • Share of Smartphone Payment Users, in % of Internet Users, February 2022 & February 2023
  • Breakdown of Attitude Towards Future Use of Mobile Payments, in % of Internet Users, February 2023
  • Breakdown of Smartphone Payment Service Use, by Number of Services Used, in % of Internet Users, January 2023
  • Breakdown of Smartphone Payment Use, by Amount of QR Code Payment and Contactless Payment Services, in % of Internet Users, January 2023
  • Top 5 QR Code Mobile Payment Services, in % of QR Code Mobile Payment Users, January 2023
  • Top 5 Contactless Mobile Payment Services, in % of Contactless Mobile Payment Service Users, January 2023
  • Share of Shoppers Using a Mobile Wallet For Last Physical Purchase, in %, Q3 2022
  • Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
4.2.2. Australia
  • Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
  • Share of Shoppers Using a Mobile Wallet For Last Physical Purchase, in %, Q3 2022
4.2.3. New Zealand
  • Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
4.2.4. Singapore
  • Share of Shoppers Using a Mobile Wallet For Latest Physical Purchase, in %, Q3 2022
  • Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
  • Number of Proximity Mobile Payment Users, in millions, 2022e-2026
  • Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
4.3. Emerging Markets

4.3.1. China
  • Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
  • Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
  • Mobile Wallet Ownership and Usage, in % of Adults, Q2 2022
4.3.2. Taiwan
  • Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
  • Breakdown of Most Preferred Online Payment Methods, in % of Internet Users, Q3 2022
4.3.3. Hong Kong
  • Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
  • Number of E-Wallet Users, by E-Wallet Provider, in millions, May 2023e
4.3.4. India
  • Mobile Wallet Payments Value, in USD billion, 2023e & 2027f
  • Mobile Wallet Payments Value, in USD billion, 2023e & 2027f
  • Breakdown of Digital Wallet Use Frequency Among Adults, in %, May 2022
4.3.5. Indonesia
  • Digital Payment Platform Use, by Digital Payment Platform Type, in % of Internet Users, H1 2022
  • Digital Wallet and Mobile Banking Use, by Generation, in % of Respondents, H1 2022
  • Number of Proximity Mobile Payment Users, in millions, 2022e-2026
  • Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
  • Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
4.3.6. Thailand
  • Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
  • Number of Proximity Mobile Payment Users, in millions, 2022e-2026
  • Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
4 .3.7. Vietnam
  • Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
  • Number of Proximity Mobile Payment Users, in millions, 2022e-2026
  • Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
4.3.8. Malaysia
  • Share of Adults Who Own a Mobile Wallet and Have Used It in the Past Year, in %, 2022
  • Number of Proximity Mobile Payment Users, in millions, 2022e-2026
  • Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
4.3.9. Philippines
  • Number of Proximity Mobile Payment Users, in millions, 2022e-2026
  • Proximity Mobile Payment User Growth, in % of Y-o-Y Change, 2022e-2026f
5. North America
5.1. Regional
  • Share of Consumers Agreeing With the Following Statements Related to Digital and Mobile Wallets, in %, April 2023
  • Share of Payment Methods Used at Least 5 Times Per Month, in % of Consumers, September 2022
5.2. USA
  • Share of Respondents Who Use at Least One E-Wallet or Mobile Payment App For Online vs In-Store Purchases, in %, July 2023
  • Breakdown of Mobile Payment Apps or E-Wallets Most Commonly Used For Online or In-Store Purchases, in %, July 2023
  • Breakdown of Main Reasons Among Respondents For Not Using Mobile Payment Solutions More Often, in % of Respondents, July 2023
  • Share of Respondents Identifying Top Features That Would Make Them More Comfortable When Making Online Purchases, in %, April 2023
  • Proximity Mobile Payment Transaction Value, in USD billion, and Year-on-Year Change, in %, 2020-2027f
  • Mobile Peer-to-Peer Payment Users, in millions, and Penetration Rate, in % of Smartphone Users, 2020-2027f
  • Share of Adults Who Used a Digital Wallet at Least Once in the Past Month, in %, February 2023
  • Top Payment Apps Used For Making Payments, in % of Adults, July 2022
  • Breakdown of Adults Using Payment Apps For Paying Stating They Have Confidence That Personal Information is Safe From Hackers, in%, July 2022
5.3. Canada
  • Top Alternative Payment Methods Used When Making Online Payments, in % of Respondents, April 2023
6. Europe
6.1. Regional
  • Payment Methods That Were Used at Least 5 Times a Month, in % of Respondents, September 2022
  • Breakdown of Digital Wallet Attributes That Respondents Value the Most, in % of Respondents, September 2022
6.2. UK
  • Number of Proximity Mobile Payment Users, in millions, and Penetration Rate, in % of Smartphone Users, 2020-2026f
  • Share of In-Store Shoppers Who Used Contactless Cards For Payments vs Those Who Used Digital Wallets, in %, October 2022
  • Share of Respondents Who Used eCash in the Past 12 Months and Stated It as Their Preferred Online Payment Method, in %, April 2023
  • Share of Respondents Who Used Peer-to-Peer Payment Apps, in %, 2022
  • Types of Digital Wallets That Were the Primary Means of Payment, in % of Smartphone Users, September 2022
6.3.Germany
  • Share of Physical, Contactless and Mobile Transactions, in % of All Card Payment Transactions, 2022
  • Frequently Used Online Payment Method, in % of Respondents, June 2022
  • Share of Apple Pay and PayPal Users Who Use the Service Every day or Several Times a Week, in %, June 2022
  • Share of Respondents Who Used eCash in the Past 12 Months and Stated It as Their Preferred Online Payment Method, in %, April 2023
6.4. France
  • Breakdown of Digital Wallet Usage, in % of Smartphone Users, September 2022
  • Most Used Digital Wallets, in % of Smartphone Users, September 2022
6.5. Spain
  • Breakdown of Most Used Digital Wallets, in % of Smartphone Users, September 2022
  • Share of the Top Payment Methods Used For Online Payment, in % of Online Transactions, Q1 2023
6.6. Italy
  • Value of Innovative Payment Methods and Mobile & Wearable Payments Value For In-Store Payments, in EUR billion, 2021* & 2022
  • Value of Mobile and Wearable Payments For Online Payments, in EUR billion, 2021 & 2022
6.7. Switzerland
  • Share of Payment Instruments in Online Transactions, by Turnover and Volume, in % Total Transactions, November 2022
6.8. Sweden
  • Share of Access to Mobile Apps For Payments Other Than Swish vs Use of Mobile Apps For Payments Other Than Swish, by Age, in % of Respondents, March 2022
6.9. Belgium
  • Number of Online Payments Made via Bancontact or Payconiq, in billions, 2021 & 2022
6.10. Denmark
  • Online Payment Methods Used vs Those That Were Preferred, in % of Online Shoppers, April 2022
  • Preferred Mobile Payment Apps, in % of Respondents, May 2022
6.11. Austria
  • Share of Respondents Using PayPal, in %, August 2022
  • Breakdown of Payment Methods Consumers Use Already vs Those They Wish to Use in the Future, in % of Respondents, December 2022
6.12. Poland
  • Types of Payments Used For Online Purchases, in % of Online Shoppers, June 2022
  • Types of Payments Used For Online Purchases, by Age in % of Online Shoppers, June 2022
  • Breakdown of Payment Services Most Commonly Used When Shopping Online, in % of Online Shoppers, June 2022
6.13. Portugal
  • Most Used Payment Method For Purchases or Online Payments in the Past Week, in % of Internet Users, August 2022
  • Use of Mobile Phone as a Payment Device, by Type of Payment Method, in % of Internet Users, August 2022
6.14. Hungary
  • Share of Payment Methods Available in Online Stores, in % of Online Stores, 2023e
6.15. Bulgaria
  • Share of Payment Methods Used When Paying For Online Purchases, in % of Respondents, April 2022
7. Latin America
7.1. Regional
  • Breakdown of Payment Methods Used for Streaming and Digital Goods Purchases, in %, 2022e
7.2. Brazil
  • B2C E-Commerce Payment Volume, by Payment Method, in USD billion, and Year-on-Year B2C E-Commerce Payment Method Growth, in %, 2022e
7.3. Mexico
  • Share of Adults Who Have a Mobile Wallet and Have Used It in the Past Year, in %, 2022
7.4. Argentina
  • Breakdown of B2C E-Commerce Sales, by Payment Methods, in %, 2022
  • Share of Adults Who Have a Mobile Wallet and Have Used It in the Past Year, in %, 2022
8. Middle East & Africa
8.1. Regional
  • Share of Mobile Commerce Making Up Total Online Transaction Value, in %, 2025f
  • Share of Digital Wallets Making Up Total Online Spending, in %, 2023e
  • Mobile Money Statistics in Africa, incl. Number of Live Services, Registered Accounts, in millions, Active Accounts, in millions, Transaction Volume in millions, and Transaction Value, in USD billion, and Year-on-Year Growth, in %, by Sub-Region, 2022
  • Electronic Payment Revenue Breakdown, by Payment Method, in %, 2025f
8.2. Jordan
  • Number of Digital Payment Users, by Select Digital Payment Type, in millions, August 2023
  • Number of Digital Payment Transactions, by Select Digital Payment Type, in millions, August 2023
8.3. South Africa
  • Breakdown of Online Payment Methods, in %, 2022
  • Share of Adults That Have a Mobile Money Account, in %, 2022
8.4. Egypt
  • Number of Digital Wallets, in millions, Q2 2022* & Q3 2022
  • Number of Online Transactions Carried Out Using Digital Wallets, in millions, Q2 2022* & Q3 2022
  • Value of Fawry’s Revenue, in EGP million, 2021 & 2022
8.5. Nigeria
  • Share of Mobile Money Account Owners, in % of Adults, 2022
  • Mobile Money Users Who Made a Merchant Payment Online, by Gender, in %, 2022
  • Electronic Payment Transactions, incl. Number, in millions, and Value, in NGN billion, by Type, 2022
8.6. Kenya
  • Mobile Money Users Who Made a Merchant Payment in a Physical Shop vs Online, in %, 2022
  • Mobile Money Users Who Made a Merchant Payment Online, by Gender, in %, 2022
  • Mobile Payment Statistics, incl. Number of Transactions, in Millions, Value of Transactions, in KES Billion, Number of Accounts, in Millions, and Number of Agents, in Thousands, 2012-2022

Samples

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Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Alipay
  • Apple
  • Bizum
  • CliQ
  • dPayment
  • Fawry
  • Google
  • iDEAL
  • JoMoPay
  • Mobile Suica
  • Octopus
  • PayPal
  • PayPay
  • PayU
  • Przelewy24
  • Rakuten
  • Samsung
  • Venmo
  • Visa
  • Wechat

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About the Mobile Payment Market

Mobile payments, also known as M-Commerce, is a form of electronic payment that is conducted through a mobile device such as a smartphone or tablet. It is a convenient and secure way to make payments without the need for cash or credit cards. Mobile payments can be used for a variety of transactions, including online purchases, in-store purchases, and peer-to-peer payments. The mobile payment market is growing rapidly, driven by the increasing adoption of mobile devices and the growing demand for secure and convenient payment solutions. Mobile payments are becoming increasingly popular due to their convenience and security, as well as the ability to make payments from anywhere. The mobile payment market is highly competitive, with a number of companies offering mobile payment solutions. Some of the major players in the market include Apple Pay, Google Pay, PayPal, Venmo, and Square. These companies offer a variety of mobile payment solutions, ranging from in-store payments to online payments. Show Less Read more

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