New report by Hamburg-based desk research specialist yStats.com, entitled “Global Mobile Payment Methods 2020 and COVID-19’s Impact” reveals that contactless transactions are on the rise amid the COVID-19 outbreak. The report summarizes the top mobile payment trends worldwide and reveals the payment preferences of mobile shoppers.
To Avoid Cash During COVID-19, Consumers Turn to Contactless Payments
Proximity mobile payments had been on the rise before the pandemic, with over 1 billion smartphone users worldwide expected to pay via their mobile devices in-store during 2020, according to pre-COVID-19 forecasts. Following the outbreak, the adoption of contactless payment means accelerated as consumers try to avoid using cash. More than three-quarters of global respondents polled in April 2020 believed contactless to be a cleaner way to pay, according to a survey cited in the yStats.com report. Bank cards with a contactless payment functionality and digital wallets are expected to benefit from this trend.
Digital Wallet Adoption Rises Worldwide
Mobile wallets are among the fastest growing payment methods globally. According to a pre-coronavirus forecast cited in the yStats.com report, the number of digital wallet users was projected to nearly double between 2019 and 2024. China is the world’s leader in mobile payment adoption. More than nine in ten Internet users in this country have Alipay or WeChat Pay installed on their devices, and a high double-digit percentage use both of these mobile wallets.
Diverse Payment Methods Is An Important Criterion For Mobile Shoppers
When using mobile phones to buy remotely, consumers also value a wide choice of payment means. One in five mobile shoppers surveyed in 2019 would cancel their purchase upon not finding their preferred payment method at the checkout, according to the findings revealed in the yStats.com report. Mobile buyers are also diverse when it comes to preferred payment means. For example, consumers in Brazil use credit cards and Boleto Bancario payment slips to settle their M-Commerce purchases. In contrast, mobile shoppers in Poland prefer fast transfer services like PayU and Prezelewy24 and cash on delivery slightly above credit cards.