Description
Countries Covered: Argentina, Australia, Brazil, Canada, China, Denmark, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Malaysia, Mexico, Norway, Portugal, Russia, Singapore, South Africa, South Korea, Spain, Sweden, Taiwan, Thailand, Turkey, UAE, UK, USA
Pages: 141
Publication Date: 01/04/2019
Questions Covered in the report:
What is the number of mobile wallet users in 2019?
How do mobile wallet adoption rates differ by country?
What are the top global regions by mobile payment usage in-store?
What are the leading mobile wallets worldwide?
How large are Apple Pay’s and Google Pay’s shares of E-Commerce transactions in selected markets?
Key findings:
Asia-Pacific outpaces the world in mobile wallet adoption
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.