The global payment market will hit a major milestone in 2020: 1.06 billion people are expected to make a proximity mobile payment. But even as countries like China and Sweden take steps toward a cashless society, most of the world will still rely on cash and cards.
How many people worldwide use proximity mobile payments?
In 2019, we expect 36.3% of smartphone users to make an in-store mobile payment at least once every six months. Nearly all users will be in Asia-Pacific and mainly China, which will account for a majority of worldwide proximity mobile payment users this year. Proximity mobile payments are also popular among smartphone users in India, Denmark, Sweden and South Korea.
Which companies are the leading proximity mobile payment providers worldwide?
The big three—Apple Pay, Google Pay and Samsung Pay—are the top providers on a global level, as well as in the US. Local players Alipay and WeChat Pay dominate in China, while Paytm leads in India. Mobile Pay, Vipps and Swish are notable for their strong adoption rates in the Nordic countries, while Mercado Pago has made inroads in less-developed markets in Latin America.
What’s driving proximity mobile payment adoption?
Early adopters of proximity mobile payments have several things in common, including one to two dominant players in their country and high levels of mobile shopping and buying. Other main drivers are government initiatives, widespread smartphone usage and cultural factors.
What are the barriers to proximity mobile payment adoption?
A lack of infrastructure and large unbanked populations have held back proximity mobile payment adoption in some emerging markets. In developed countries, including the UK, Finland and Australia, the widespread use of contactless payment cards has been a barrier to adoption. Privacy and security are also concerns for many consumers across the globe.
WHAT’S IN THIS REPORT? This report provides an overview of the global proximity mobile payment landscape, including adoption trends in major markets and key players. It also includes our forecast for proximity mobile payment users in 23 countries and worldwide.
KEY STAT: In 2020, for the first time, more than 1 billion people worldwide will use a mobile payment app to pay in-store at least every six months.
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