Countries Covered: Argentina, Australia, Belgium, Brazil, Canada, China, Egypt, France, Germany, India, Indonesia, Italy, Japan, Kenya, Mexico, Nigeria, Poland, Portugal, Russia, Singapore, South Africa, South Korea, Spain, Sweden, Thailand, Turkey, UAE, UK, USA
Publication Date: 08/03/2019
Questions Covered in the report:
How fast are contactless mobile payments predicted to grow?
What are the top mobile wallets worldwide?
What countries are leading in terms of mobile payment usage?
What are the major drivers and barriers of mobile payment adoption?
What are consumers’ perceptions regarding the security of mobile payments?
Asia-Pacific leads in mobile payment adoption
Mobile wallets reign in Asia-Pacific
More than one in three Internet users worldwide used mobile payments, according to a survey cited in the yStats.com report. Asia-Pacific is ahead with a +10 percentage point lead over the second rank. In China alone, over half a billion people make payments via mobile devices. The usage cases of Alipay, WeChat Pay and similar mobile payment services, include online shopping, settling utility bills, paying in restaurants and entertainment venues, in malls and convenience stores. Other countries in Asia-Pacific with a high mobile payment growth potential include India, Indonesia and Singapore. Furthermore, with the help of mobile and card-based payments, Australia is projected to become the region’s first cashless society by 2022.
Other global regions are catching up in the mobile payment race
Latin America ranked second after the countries of Asia-Pacific, with regard to interest in mobile payments as of 2018, according to the yStats.com report. In Europe, mobile wallets such as Apple Pay and Google Pay already gained a single-digit percentage share of E-Commerce sales, and in the USA this figure was twice as high. In the Middle East and Africa, cash payments still dominate both digital and store-based shopping, but emerging mobile wallet and mobile money solutions are expected to gain a higher market share in the future, as consumer adoption rises.
Biometric authentication to strengthen mobile payment security
Overall, the outlook for the global mobile payments market stays positive, despite consumers still having concerns over the security of such payment means. New fraud protection and authentication technologies based on biometrics are expected to help users overcome this fear. In a 2018 survey cited by yStats.com, two in three respondents said they would be willing to use biometric authentication to safeguard their payment details.