Countries Covered: Argentina, Australia, Austria, Brazil, Bulgaria, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, France, Germany, Indonesia, Israel, Italy, Japan, Jordan, Kenya, Malaysia, Mexico, Nigeria, Norway, Peru, Poland, Portugal, Saudi Arabia, South Korea, Spain, Taiwan, Turkey, UAE, UK, USA
Publication Date: 23/08/2022
Questions Covered in the report:
- What is the projected value of the global mobile payment market in 2028?
- What were the leading payment methods in the Asia Pacific region in 2021?
- How many mobile wallets are forecasted to be in use in Europe by 2025?
- Which payment methods were most offered by online merchants in North America?
- Which method of payment experienced the highest payment growth in Latin America in 2021?
The mobile payment market size is forecasted to multiply by a factor of six from 2021 to 2028: new yStats.com report.
The latest publication from Germany-based online research firm yStats.com, “Global Mobile Payment Methods 2022” provides insights into the current state and future developments and trends of the mobile payment market on a global scale. Among other findings, the publication reveals that the value of biometrically authenticated remote mobile payments is projected to significantly increase by 2027.
Mobile wallets are expected to gain further momentum in 2025 in regions worldwide
Since the outbreak of the COVID-19 pandemic, digital and mobile methods of payment gained popularity on a global scale, and mobile wallets, although already having surged in adoption, are poised for further increase. In Asia Pacific, the number and value of mobile wallet users is projected to increase from 2020 to 2025, with mobile wallet user penetration increasing in multiple countries in the region. Mobile wallets in use in Europe are expected to accelerate from what they were in 2020, tripling in transaction value by 2025, specifically in Central and East Europe. In North America, the number of mobile wallets in use has been steadily increasing since 2020 and penetration is forecasted to reach a high percentage by 2025. Furthermore, above one-half of online merchants in both Canada and the U.S. already offer mobile wallet payments in their checkout screen as of 2021. Mobile wallets used in Latin America are projected to increase notably through 2025, over a two-fold rise from 2021. Mobile wallet transaction value is also expected to increase to a value worth billions of Euros in both Brazil and Mexico in 2025, according to research cited in the yStats.com report. The Middle East and Africa are also regions seeing growth in its number of mobile wallet users, with mobile wallet user penetration increasing notably in the UAE, Saudi Arabia, Egypt, and Nigeria.
PayPal, or similar, is heavily used for B2C E-Commerce purchases in select countries worldwide
More than one-third of online shoppers in the UK preferred paying for their B2C E-Commerce purchases using PayPal, or a similar form of digital wallet. PayPal also had a significant presence in the German B2C E-Commerce payment market. Furthermore, among the digital wallets used in the U.S. was PayPal, followed by Apple Pay, Venmo, Google Pay, and others. In Latin America, the adoption of digital wallets was accelerating and was estimated to be among the fastest-growing payment methods in the region. According to a survey cited in the yStats.com report, respondents in the Middle East and Africa believed that digital wallets are expected to be the payment method most p