Mobile payments altered the way we pay for various items and services. With the increase in smartphone usage, consumers are leaning towards mobile payment methods, which are more convenient and secure - instead of standard cash and card payments.
According to Statista, about 950 million users utilize online mobile payments, expected to grow to 1.31 billion this year. These include online purchases, physical stores in different areas, money transfers from one bank to another, and payments for bills or leisure.
To learn more about the widespread use of mobile payments and the convenience it offers, here are the latest mobile payment statistics.
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- There will be 6.8 billion smartphone users worldwide in 2023.
- The global digital payment sector was worth $1.97 trillion in 2021.
- The top 10 mobile payment apps have 3.37 billion users combined.
- Payment users in the U.S. will surpass 100 million this year.
- Apple Pay became the most widespread mobile payment service in the U.S.
- China had $5.15 trillion in QR code payments in 2020.
- Mobile transactions in China totaled $63.23 trillion last 2020.
- The UK accounted for 32% of all transactions in 2021.
- 72% of mobile payment users are Millennials or Generation Xers.
- Nearly 7 in 10 adults in the U.S. own a smartphone.
How Popular Are Mobile Payments?
29% of online merchants accepted mobile wallets last 2018, an increase from 24% in 2015. The popularity of digital payments varies by region and country; however, it is a growing trend globally.
More and more individuals are also expected to turn to mobile payments as the technology becomes widely available and accepted.
Several reasons are driving the popularity of mobile payments, which include:
- The convenience and speed of completing payments
- Implementation of security measures
- Availability of mobile payment methods
The following section will allow people to understand the influence of mobile payments, their statistics, and information to consider if a business wants to switch its payment options to mobile payment systems.
Mobile Payment Industry Statistics
In today’s world, people no longer bring their wallets or purses; they use their smartphones to pay for the items they purchase or services they avail. Not only a few people do not only do this - it’s everyone.
The mobile payment sector blew up, with trillions of dollars settled every year. Online shopping for goods and services made up for the demand for mobile payments, which is helpful for consumers, businesses, and mobile payment platforms.
These are the top mobile payment statistics that show the global payment transaction volume.
1. There will be 6.8 billion smartphone users worldwide in 2023.
(Statista)
There are 6.8 billion individuals who use smartphones as of this year, and it concentrates on the global adaptation of technologies. Consumers depend on it for contact, pastime, learning, and business, so it has become an indispensable part of daily life.
Due to the rising supply of low-cost smartphones and internet connections, more people have access to their digital world. It shows new possibilities for businesses and consumers to interact, collaborate, and innovate, which helps shape the future of the digital aspect.
2. The global digital payment sector was worth $1.97 trillion in 2021.
(GlobeNewswire)
According to numerous reports, this sector was valued at around $1.97 trillion in 2020 and is forecasted to earn between $4.86 trillion and $12.47 trillion by 2026. These accelerated when the payment method shifted to contactless payment during the global pandemic.
As technology keeps on evolving, so do consumer preferences. It presumed that the sector would continuously grow and adjust to meet the ever-changing needs and demands.
3. The top 10 mobile payment apps have a combined number of 3.37 billion users.
(Merchant Machine)
As per the report, the top 10 payment apps in 2021 have a user base of 3.37 billion combined. The most popular payment app is WeChat Pay, with over 1.2 billion users. They were followed by:
- Alipay has 1.3 billion users around the world
- PayPal currently has 435 million users as of 2022
- Cash App has 30 million active users, while 7 million used a Cash Card
- Venmo users counted at 15.3 million in September 2022
Mobile apps' convenience and ease are the reason for the trend regarding digital smartphone payments.
Statistics on Mobile Payment Usage
Current statistics reveal that almost 30% of all transactions use a mobile device to make an online payment, which is expected to grow — and we know that digits don’t lie.
Experts forecasted that in 2024, mobile payments would account for over half of all e-commerce dealings worldwide, making it a credible and valuable payment option.
These are the latest statistics for mobile payment usage.
4. Payment users in the U.S. will surpass 100 million this year.
(eMarketer)
In 2021, the number of U.S. consumers using mobile payment was estimated to exceed 100 million. This figure defined the development of 29% of the 77.9 million users documented in 2019. The increase is due to several factors:
- the increasing popularity of smartphones
- the convenience of mobile payments
- COVID-19 pandemic
In 2021, it was also forecasted that 38.5 million users aged 55 and above would utilize mobile payments, defining a 23.6% increase from 2019. The numbers are anticipated to grow due to client demands and the increasing chances of availability of other mobile payment methods.
5. Mobile transactions in China totaled $63.23 trillion last 2020.
(Statista)
These digits illustrate an impressive 18.7% gain in China’s economy from the prior year, which showed the continued evolution and sovereignty of mobile payments. Mobile transactions have become a favored mode, leading consumers to use it in many parts of the country.
Another factor in the growth is the country’s enormous and operational e-commerce sector. An increasing number of people are shopping online, making their mobile banking app an easy way to complete their purchases.
6. The UK accounted for 32% of all transactions in 2021.
(UK Finance)
Mobile payment has been on the rise in recent years, and it accounted for 32% of all transactions last 2021 in the UK, up from just 7% in 2015 to 22% in 2020.
UK consumers aged 18-34 use Apple Pay, Google Pay, and Samsung Pay to complete transactions with a tap or scan when shopping or banking and even for other activities.
Demographics of Mobile Payment Users
Mobile payment users tended to be younger, most in the 18-34 age range. However, it varies depending on the country or region a user is in. These individuals are more likely to live in metropolitan areas and have higher educational attainment and income levels.
In some nations, there is also a gender gap regarding mobile payment usage. Men are more likely to use technology than women, considering factors such as cultural perspectives toward cash payment and the availability of alternative payment methods.
These are insights and statistics about mobile payment’s demographics section.
7. 72% of mobile payment users are Millennials or Generation Xers.
(Pew Charitable Trust)
72% of mobile payment users in the U.S. are Millennials or Generation Xers. It was a collated response from over a thousand consumers who have used mobile payments in the past year. Almost half were Millennials, 47%, and 25% were from the Generation X age group.
The outcome highlights the trend of younger generations embracing mobile payment technology more quickly than older users.
8. Nearly 7 in 10 adults in the U.S. own a smartphone.
(Pew Charitable Trust)
85% of U.S. consumers own a smartphone, a substantial increase from 35% in 2011, with 97% of smartphone owners using their devices for this purpose. The device is also the most popular technology for internet connection access.
The same survey discovered that mobile phone privilege is highest among younger adults, with 98% of ages 18 to 29. Also, 85% of phone owners cited that they use it to keep up with the news, current events, or trends, while 84% use it to reach communications with family and friends.
Mobile Payment Trends Statistics
Mobile payment developments and trends occur due to several factors, such as the expanded adoption of smartphones, the amenity of mobile payments, and the expansion of payment platforms.
The number of people using mobile payment is predicted to surpass $1.3 billion by 2023.
These statistics illustrate the quick evolution of mobile payment usage and emphasize the essence of mobile payment resolutions in the global economy. These topics will define the mobile payment trend as it accelerates in the forthcoming years.
9. Apple Pay became the most widespread mobile payment service in the U.S.
(Business of Apps)
Apple Pay, a mobile payment service proposed by Apple Inc. using their iOS devices (iPhone, iPad, Mac devices, Apple Watch), is the most popular payment service in the U.S., with a market share of 43.9% in 2020.
70% of U.S. retailers also accept Apple Pay as of 2021. This result shows the versatility of being able to use it at a variety of establishments. Furthermore, Apple Pay uses tokenization to ensure sensitive card details are not transmitted to the retailers, which makes it less vulnerable to data infringements.
10. China had $5.15 trillion in QR code payments in 2020.
(Statista)
QR code payments increased dramatically in recent years, mainly during the COVID-19 pandemic. QR code payments in China amounted to 356.62 trillion yuan, around $55.12 trillion in 2020.
An 18.7% increase from the previous year was discovered — third-party platforms accounted for 81.2% of the total transaction value for QR code payments.
The Chinese government has accepted it to elevate monetary inclusion and lessen the usage of cash payments. They also enforced a policy to promote electronic payments and supported third-party platforms using QR code payments.
Conclusion
Mobile payments have gained popularity over the years as consumers seek more practical and protected payment methods. The evolution of the output has earned broader approval among people due to the ease of use and the added security it supplies.
According to research, the mobile wallet market is also growing, with the global size expected to achieve 36.2% by 2023 to 2030 as businesses across the globe are making their payment method mobile-compatible.
Mobile payments are here to stay. Businesses will constantly use this as their payment choice to evade the danger of falling behind in today’s age.
FAQs
How Many People Use Mobile Payments? [Mobile Payments Statistics 2023]? ›
In 2023, it is estimated that there will be 1.31 billion proximity mobile payment transaction users worldwide, up from 950 million users in 2019. As of 2018, the most popular mobile payment methods accepted by online merchants worldwide were credit & debit cards, as well as PayPal.
How many people use mobile payment methods? ›With the increase in smartphone usage, consumers are leaning towards mobile payment methods, which are more convenient and secure - instead of standard cash and card payments. According to Statista, about 950 million users utilize online mobile payments, expected to grow to 1.31 billion this year.
How many people use mobile payments in the US? ›How many people use mobile payments in the US? According to mobile payment usage statistics, 101.2 million Americans used mobile wallets in 2021. This accounts for 43.2% of all smartphone owners and marks a 9.64% increase from 92.3 million a year earlier.
How many people use electronic payments? ›Not only has digital-payments penetration increased to 89 percent in 2022, but the share of respondents who report using two or more forms of digital payments has grown even more rapidly—from 51 percent in 2021 to 62 percent.
How big is the mobile payment market? ›The Mobile Payment market size was worth around US$ 53.5 billion in 2022 and is estimated to hit approximately US$ 607.9 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
Who uses mobile payments the most? ›China is the world leader in terms of proximity mobile payment adoption as 81 percent of smartphone users in the country have made a proximity mobile payment in the past six months.
What percentage of Americans use digital payments? ›According to McKinsey's research, digital payments penetration now stands at a very high level, with 89 percent of U.S. consumers using some form of them. Even more significantly, 62 percent of consumers queried for the survey reported using two or more forms of digital payment, up from 51 percent in 2021.
What percentage of customers use mobile banking? ›Key statistics
Mobile banking was the primary method of account access for 43.5 percent of Americans in 2021, compared with 14.9 percent who used bank tellers as their primary method.
Between the first quarter of 2021 and third quarter of 2022 (the most recent quarter for which data is available), the percentage of Americans that said that they used a mobile wallet at some point in the previous three months increased to 49% from 38%.
Why mobile payment is popular? ›Mobile payments are a popular way to accept in-person customer payments thanks to their security, speed, and level of convenience.
What is the most popular method of payment? ›
Credit and debit card payments are the most common payment type. Credit card companies, including Visa, Mastercard, American Express, and Discover, extend credit to purchasers; they cover the purchase price, and customers pay their card balance every month.
Which payment method is most popular in USA? ›- Cash.
- Credit cards.
- Debit cards.
- Mobile payments.
- Checks.
- Electronic bank transfers.
The group with the highest adoption were young Americans, with 82 percent of 25-34 year-olds saying they were likely to use mobile payment apps. Wearable contactless payment types were popular among survey respondents despite concerns over their security.
What are the two popular mobile payment system? ›Popular mobile wallet apps include Apple Pay and Google Pay. Popular peer-to-peer mobile payment apps include Venmo, PayPal, CashApp, and Zelle.
Is the mobile app market growing? ›Report Overview. The global mobile application market size was valued at USD 206.85 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 13.8% from 2023 to 2030.
What is the largest mobile financial service in the world? ›Alipay is now the world's largest mobile payment platform with an estimated worth of US$75 billion, according to Investopedia. In Bangladesh, bKash has a partnership with Alibaba's Ant Financial. They are creating programs and offers based on users' transaction patterns, AI and location.
How many customers use mobile? ›Americans check their phones on average 96 times per day, or once every ten minutes. There are roughly 6.92 billion smartphone users across the world. That's 86.29% of the global population, as of 2023. 59.16% of website traffic comes from mobile devices, as of 2022.
What are the three types of mobile payments? ›- Near-field communication (NFC)
- Sound waves-based payments.
- Magnetic secure transmission (MST) payments.
- Mobile wallets.
- Quick response (QR) code payments.
Most people find that banking apps are even more convenient than physical bank branches because they can be accessed anywhere at any time. With a mobile banking app, you can: Check your account balance and transactions. Set up direct deposits and automatic bill payments.
What percentage of people pay bills online? ›Principal findings include: Approximately 8.2 billion bills—or 56 percent of all bills—are paid online via a biller, bank or third-party website.
How big is the US digital payments market? ›
The market's largest market is Digital Commerce with a projected total transaction value of US$1,362.00bn in 2023.
Which state has highest digital payment? ›Bengaluru has emerged as the top city for digital payment transactions: The report by payment services firm Worldline India also stated that Bengaluru has emerged as the top city for digital payment transactions in 2022, with 29 million transactions worth USD 65 billion.
What are the banking trends in 2023? ›Mobile banking, artificial intelligence and chatbots, open banking, and cryptocurrency are just a few of the digital banking trends reshaping the industry. Personalized banking, augmented reality, voice banking, and cybersecurity are set to shape the banking industry in the coming years.
What percent of Gen Z use a mobile banking app? ›The study found that 99% of Gen Z and 98% of millennials use a mobile banking app for a wide range of tasks, including viewing account balances, checking their credit score and depositing a check.
How many people have access to mobile banking? ›Among banked households: Use of mobile banking increased sharply (from 15.1 percent in 2017 to 34.0 percent in 2019 to 43.5 percent in 2021) and remained the most prevalent primary method of account access.
Are Americans embracing mobile payments? ›Pew's survey found that 56.29 percent of adults (142,910,138 people) have used mobile payments in the past year.
What percentage of the world's population use mobile devices? ›Number of Smartphone and Mobile Phone Users Worldwide in 2022/2023: Demographics, Statistics, Predictions. How many smartphone users are there in the world? There are over 5.22 billion smartphone users in the world, representing 66% of the global population.
Are mobile wallets the future? ›Mobile wallets are also predicted to incorporate more features, such as loyalty programs, ticketing, and ID storage. In the near future, mobile wallets could potentially replace physical wallets entirely, allowing users to store all of their payment and personal information in one secure and convenient app.
How mobile payment is changing the world? ›Mobile payments allow people to quickly buy things wherever they are, no need to reach into their wallets. It's also more secure than carrying around a credit card because hackers would have access only if they had your phone.
What impact does mobile payment have on consumers? ›Existing studies show that the use of mobile payment has a boosting effect on both consumption and business. For instance, it is found that mobile payment increases consumers' willingness to pay relative to cash (Falk et al., 2016; Liu et al., 2020) , as well as to a credit card (Boden et al., 2020;Falk et al., 2016).
What are the pros and cons of mobile payments? ›
Mobile payments can be convenient, fast and secure. They can, however, be expensive and still vulnerable to issues with technology. In particular, if there are any issues with the host phone, mobile payments will be unable to work at all.
Which form of e payments is most popular? ›The survey found that credit cards were the most popular way for companies to pay their suppliers. Cards are convenient, allowing companies to process payments by means of credit, and often include debit card functions.
What is the fastest payment method in the world? ›Wire Transfers
They involve sending money directly from one bank account to another. A wire is the simplest global payment method because it requires no middleman to handle the transfer, and the fastest method, as funds are received by the payee on the same day, or within 1-2 business days.
Traditionally, cash, debit cards, credit cards, and checks were the main types of payments. Now, more advanced forms of digital payments are becoming more popular.
Why is the US lagging in adopting mobile payments? ›Users with Android-based phones can't use Apple Pay, and those with Apple iPhones can't use Google Pay, which incorporates the former Android Pay system. This may be causing the slow adoption of mobile payments in the United States.
What are the factors influencing mobile payment? ›The five factors include performance expectancy, effort expectancy, social influence, facilitating conditions, and perceived risN are the independent variables plus the behavior intention to adopt mobile payments as a dependent variable.
What is the most common way to process payments for mobile transactions? ›Mobile payments are processed either via a card reader that is attached to a mobile POS or using near field communication (NFC) technology, a set of communication protocols that enables the communication between two electronic devices over a distance of four centimeters or less, allowing for contactless card and mobile ...
What are the current mobile payment systems? ›- Alipay.
- Amazon Pay.
- Apple Wallet.
- BHIM.
- Cloud QuickPass.
- Google Pay.
- Gyft.
- LG Pay.
- Stripe: Best overall payment gateway. ...
- Adyen: Best omnichannel option. ...
- Helcim: Best interchange-plus pricing for businesses of all sizes. ...
- PayPal Payflow: Best for doing everything in one place. ...
- Square: Best if you also have a storefront. ...
- Braintree: Best for accepting a variety of payment types.
NFC, or “contactless,” payments are payments that occur in person between a mobile device and an equipped payments processor.
How big is the mobile app market in 2023? ›
Mobile App Market Share and Size 2023
mobile apps earned $167 billion (-2% YoY decrease) users spent 1 trillion hourson apps and games in 2022 (9% YoY growth)
The target market, which is an important concept in digital marketing, can be defined as “the people or groups your website/app wants to address”. In other words, you can show all the people you see as potential customers as a “target market”.
Is the mobile app market saturated? ›Market Saturation: with the rise of mobile applications, users are becoming more demanding, and it is becoming more difficult for them to choose between the many alternatives. Competition: competition in the mobile app market is intensifying, and it is becoming harder for developers to attract users to their apps.
Which country uses mobile banking the most? ›- There will be 216.8 million digital banking users by 2025 in the US.
- The number of global online banking users will exceed 3.6 billion by 2024.
- 25% of customers prefer to use bank branches instead of online banking.
- India is the top mobile banking country in the world.
Answer: Some of the top financial institutions in India include Bajaj Finance Limited, Tata Capital Financial Services Ltd, Aditya Birla Finance Ltd, L & T Finance Ltd, Muthoot Finance Ltd, Mahindra & Mahindra Financial Services Limited, HDB Financial Services, Power Finance Corporation Limited, Shriram Transport ...
Who is the biggest finance guy? ›Bill Gates is best known for being one of the richest men on the planet and the founder of tech company giant Microsoft. What helped him and his company establish a near-perfect dominance over the market was not only a superior level of technology.
What payment method do most people use? ›Credit and debit card
Credit and debit card payments are the most common payment type. Credit card companies, including Visa, Mastercard, American Express, and Discover, extend credit to purchasers; they cover the purchase price, and customers pay their card balance every month.
Key statistics
Mobile banking was the primary method of account access for 43.5 percent of Americans in 2021, compared with 14.9 percent who used bank tellers as their primary method.
In this year's survey, 80 percent of respondents stated they use mobile banking to pay bills or transfer money. This is an increase of seven percentage points since the same question was asked in 2020. Seventy-three percent of students use mobile banking to make deposits.
What is the growth rate of mobile wallet? ›In 2021, the global market value of mobile wallets was $55,679 billion, an annual increase of 28.3%.
What percentage of users are on mobile? ›
What Percentage of Internet Traffic Comes From Mobile Devices? As of May 2023, people using mobile devices contribute to over half (55%) of all website traffic.
What are 2 most common methods of payment? ›- Cash (bills and change): Cash is one of the most common ways to pay for purchases. ...
- Personal Cheque (US check): These are ordered through the buyer's account. ...
- Debit Card: Paying with a debit card takes the money directly out of the buyer's account. ...
- Credit Card: Credit cards look like debit cards.
A new study by Capital on Tap looking into the Rise of Digital Wallets, analysing how they are becoming the main source of transactions around the world, finds that cash could be the least used method of payment by as early as 2022.