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Asia-Pacific outpaces the world in mobile wallet adoption, reveals new report by yStats.com

Germany-based secondary market research specialist yStats.com has released a new report entitled “Global Mobile Wallets 2019”. The publication tells of the growth in mobile wallet adoption across 5 global regions and concludes that Asia-Pacific is the world’s number one in mobile wallet usage. The report contains the latest market figures and profiles of 5 leading mobile wallet services, Alipay, Apple Pay, Google Pay, Samsung Pay and WeChat Pay.

Global mobile wallet usage figures are led by Asia-Pacific

The number of mobile wallet users worldwide is expected to reach a ten-digit figure in 2019, with a double digit growth rate on the previous years, according to statistics cited in the yStats.com report. More than two-thirds of mobile wallet users live in Asia-Pacific, with China alone contributing close to 50%. Asia-Pacific mobile wallet users are not only the most numerous, but also the most active users of mobile payment services and contribute the lion’s share to global mobile wallet transaction value. The leading mobile wallet services in the region include Alipay, WeChat Pay, Paytm, PhonePe, LINE Pay, Rakuten Pay, GO-PAY and others.

Competition among mobile wallets remains intense

Some of the global competitors in the mobile wallet space include Apple Pay, Google Pay and Samsung Pay. Each of the three increased the number of covered markets during the past year, in addition to expanding the variety of supported payment features. Apple Pay outpaced competition among the equipment manufacturer solutions in the USA, but remained behind PayPal’s app for in-store payment usage, according to surveys cited in the yStats.com report.  Overall, the number of proximity mobile payment users in the USA continues to grow and mobile wallet services are also increasingly used to conduct peer-to-peer transfers.

Security fears hold back mobile wallet adoption in Europe

In Europe, Apple Pay and Google Pay achieved a single-digit share of E-Commerce transactions in 2018, the yStats.com report reveals. However, consumers are still hesitant to pay with mobile wallets in-store, resulting in a low adoption rate in countries such as Germany and France. Lack of trust in security of mobile payments was also one of the major barriers in Latin America, but despite this, the numbers of mobile wallet users in countries such as Argentina, Brazil and Mexico are expected to grow.