How many people use mobile payment services?
Mobile payments are used by more than two billion people globally, with millions more coming online each year. In India, South-east Asia and South America, the younger generation has skipped the usual process of owning a credit or debit card, in favour of using mobile apps.
Estimates are that out of approximately 2.8 billion mobile wallets in use worldwide, nearly half were in Asia-Pacific alone. China, India, and Southeast Asia are behind this trend.
53% of Americans used digital wallets more frequently than traditional payment methods in 2023; 64% used digital wallets at least as often. Of Americans using digital wallets in 2023, 69% used PayPal the most. 56% used Google Pay the most, 53% preferred Apple Pay, and 52% preferred Samsung Pay.
Q+A: NWT Meets Alipay — The World's Largest Mobile Payment Platform. Chinese consumers used Alipay to make $8.7 Trillion in payment transactions last year. The world's largest mobile and online payment platform, Alipay has over half a billion active users.
43.2% of US smartphone owners use mobile payments.
In 2021, this amounted to 101.2 million Americans — up by 9.64% from 92.3 million in 2020.
1 Mobile payments use has become widespread: Forty-six percent of U.S. consumers report having made a mobile payment, which translates to approximately 114 million adults.
Mobile Payment Market size is valued at USD 965.9 Billion in 2022 and is estimated to register a CAGR of over 14.5% between 2023 and 2032. The exponential rise in smartphone ownership globally serves as a fundamental catalyst propelling the mobile payment industry expansion.
114 million or 44% of American adults use Cash App. 65% of American adults use digital wallets on a monthly basis at least (or more often). At least 33% of digital wallet users make daily use of their digital wallet. Global online consumers spent an estimated $2.77 trillion using digital wallets in 2022.
1. 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.
- Authorize.net.
- PayPal.
- Stripe.
- Square.
- Adyen.
Which is the No 1 payment app in the world?
| Company | Operating System |
|---|---|
| PayPal Best for Ease of Use and Convenience | iOS and Android |
| QuickBooks Online Mobile Best for Small Business | iOS and Android |
| Wise Best for International Payments | iOS and Android |
| Stripe Best for Freelancers | iOS and Android |
Google Pay is also commonly used by Indians for online transactions. 77% of people in India use this mobile payment service app developed by Google.
Cards are still the most-used payment method, with American Express, Mastercard, Visa as large global card schemes. Even though they're recognized globally, other payment methods like online banking, direct debit, digital wallets, or Buy Now Pay Later (BNPL) are more common elsewhere.
In the US, Google Pay ranks 3rd as a mobile payment application. Over 25.2 million users use Google Pay as the go-to mobile payment option for in-store purchases in America, recorded around 25%. With the widespread use of mobile payment applications, Google Pay is rising among its competitors in the US.
Smartphones: a rapid integration with everyday life
Smartphone shipments worldwide added up to around 1.2 billion units in 2022, declining from 2021. By the end of 2022, 68 percent of the world's population were smartphone users.
HOW FREQUENTLY DO AMERICANS USE P2P SERVICES? Four in ten Americans (40%) say they use P2P services at least once a month; 18% use them at least once a week. Three in ten (31%) have never used P2P services. 1 Differences are significant controlling for race/ethnicity, gender, age, income, region, and urbanicity.
Apple Pay is the most popular contactless payment platform, but only a small share of in-store transactions take place through digital wallets. 43.9 million U.S. iPhone owners actively used Apple Pay in 2021, and 101.2 million U.S. consumers used a mobile payment platform in 2021.
In 2020, 62% and 60% of respondents said they digitally paid their Internet and credit card bills, respectively. EngageSmart, which conducts the survey annually, surveyed more than 2,100 consumers that use its InvoiceCloud bill-payment service.
How many users does Google Pay have? Google Pay has over 150 million users worldwide, with 25.2 million in the United States.
Digital Banking Trends
Digital banking has become the most common way consumers bank today. The primary method of account access for more than 43% of consumers in 2021 was mobile banking.
What is the future of mobile payment technology?
Mobile payments: future market insights.
The global market size of mobile payments is forecasted to reach $18.84 trillion in 2030, up from $2.98 trillion in 2023. Any guesses why that is? In short, it's thanks to the increased penetration of smartphones and the popularity of e-commerce platforms.
In 2014, PayPal and Apple Pay introduced mobile payments by incorporating a barcode that could be scanned using a store's barcode reader. Further developments allowed their systems to accept payments by tapping mobile devices on a contactless credit card terminal.
Total transaction value in the Digital Payments market is projected to reach US$3,073.00bn in 2024. Total transaction value is expected to show an annual growth rate (CAGR 2024-2028) of 10.73% resulting in a projected total amount of US$4,620.00bn by 2028.
Credit/Debit Cards
Credit and debit cards are still the most commonly used method for payment worldwide. As every country has their own issuers, it can sometimes be difficult to make purchases internationally as not all cards are accepted in different regions!
There are roughly 45.4 million users of Apple Pay in the United States alone in 2023, with an estimated one in every five US citizens using the service. Apple Pay's convenience and security features are the major driving forces of its adoption among users.
