September 7, 2023Mobile payment statistics are increasing daily as most people prefer paying online through their smart devices since they find it convenient. As a result, the count of mobile payment transactions is increasing on a daily basis.
Security concerns and events like the COVID-19 pandemic are a few of the main reasons behind the rise of mobile payment use. Individuals have started shifting to online payments from the traditional behavior of cash payment.
Most businesses are bringing mobile payments to the forefront as it has several user advantages. This article will discuss mobile payment statistics and facts with our readers.
Mobile Payment Market Share Statistics
- In 2020, it was recorded that around 56% of U.S. Citizens are using mobile payment applications for in-store payments.
- The mobile payment industry is anticipated to grow with an expected CAGR of 26.93% from 2020 to 2025.
- It is predicted that the market size of mobile payments will touch the benchmark of 3 trillion by the end of 2024.
- The count of mobile payment app users is expected to grow by 26.63% from 2020 to 2025.
- Alipay currently has over 1.2 Billion users, and with that, it is entitled as the world’s largest mobile payment platform.
Crypto Wallets Statistics
- The global crypto wallet market is projected to reach $3.9 billion by 2028, expanding at a CAGR of 12.8% from 2023 to 2028.
- More than 84 million people have their crypto wallet as of August 2023.
- Bitcoin, aka the king of the crypto industry, reached $69,000 in November 2021.
- 35,000+ crypto ATMs can be found across the world installed in 78 countries.
- Coinbase is a leading crypto wallet with a user base of 108 million users
- More than 15,000 businesses accept Bitcoin as a payment method across the world.
- The global crypto wallet market was valued at $2.2 billion in 2021.
QR Codes Payment Statistics
- In 2022, around 89 million U.S. citizens used QR codes to make online payments; it is 26% up compared to 2020.
- The QR code payment has risen 11% in the United States since the COVID-19 pandemic.
- According to a report, QR code payments are expected to grow by 25% from 2022 to 2025, reaching a value of $3 trillion.
- The QR code scanner usage is anticipated to exhibit sustained growth, reaching a level of more than 100 million U.S. users by 2025.
- A QR code can encode binary data, symbols, control codes, alphabetical, kanji, hiragana, katakana, and numeral characters.
Global QR code popularity statistics:
Top 5 countries with the highest QR code search volumes
- United States – 281K (11%)
- Brazil – 274K (10%)
- France – 177K (6%)
- Taiwan – 159K (6%)
- India – 152K (6%)
Top countries with the most QR code generator-related searches
- The United States – 22.74%
- India – 6.24%
- Indonesia – 5.08%
- Vietnam – 3.44%
- United Kingdom – 3.22%
- Turkey – 3.13%
- Philippines – 2.76%
- Mexico – 2.05%
- Germany – 2.02%
- Brazil – 1.98%
Mobile Wallet Uses Stats
- Mobile wallet payments accounted for 5% of all online transactions.
- When researched, it was found that Millennials are more likely to pay through mobile payments.
- According to a study, the mobile wallet market can reach $80 billion by 2026.
- In a research, it was found that 66% of people find mobile payments more suitable than other payment methods.
- The adoption rate of mobile payments is relatively high in countries like India, South Korea, and China.
- Mobile phones are accountable for 40% of all online transactions.
Share of respondents who indicated they used a mobile wallet in different countries and territories in the world in 2022
Top Mobile Payment Statistics and Facts
- Mobile wallets will comprise more than half (51.7%) of global e-commerce payment preferences by 2024.
- Mobile wallets are currently the leading choice for payments in the Asia-Pacific region and are projected to make up 47.9% of point-of-sale transactions by 2024.
- In 2020, mobile payments constituted 21.0% of the total volume of global e-commerce transactions, yet they represented only 12.0% of the total transaction value.
- Mobile payments are projected to increase from $502 billion in 2020 to $755 billion in the U.S.A. by 2024.
- In 2025, it is anticipated that mobile payments will achieve a global total of $38.0 trillion, as indicated by the study and reports of Worldpay Report 2021.
- The market of BPNL aka (Buy Now, Pay Later) is steadily grabbing a larger portion of global market share, with expectations to double from 2.1% in 2020 to 4.2% by 2024.
Mobile Payment Security Statistics
Most people consider mobile payment applications a convenient and secure method to transfer money. However, there are U.S. citizens with a completely different mindset. The research was conducted on U.S. consumers who don’t use mobile payments, and here are their reasons.
- 46% of the non-users of mobile payment have security concerns
- 37% of them believe that paying through cash, debit, or credit card is much easier.
- 18% of the segment does not see any benefit.
- 7% think that setting up an account on mobile payment applications is time-consuming.
- The remaining ones have other reasons for not considering mobile payments.
Mobile Payment Statistics – Country Wise
| Country | Mobile Payment Penetration (%) | Mobile Payment Transaction Volume (Billions USD) | Mobile Payment Growth Rate (%) | Popular Mobile Payment App |
|---|---|---|---|---|
| India | 80% | $75.5 | 22% | Paytm |
| China | 87% | $49,221.6 | 25% | Alipay |
| USA | 45% | $312.6 | 18% | Apple Pay |
| UK | 60% | $98.9 | 15% | PayPal |
Mobile Payments App Market Share (India)
Mobile Payments App Market Share (China)
Mobile Payments App Market Share (US)
Note–
- In this table, Mobile Payment Penetration signifies the percentage of the population that uses digital payments.
- The Most Popular Mobile Payment App signifies the dominance of a mobile payment application within a respective country.
- Mobile Payment Transaction Volume represents the overall worth of mobile payment transactions, measured in billions of U.S. dollars.
- The Mobile Payment Growth Rate illustrates each country’s yearly percentage increase in mobile payment adoption.
Remember that these statistics can change over time.
Wrapping It Up
Here comes the end of this insightful article; we hope the above-mentioned mobile payment statistics and facts have helped you understand the potential of generating profits in this particular industry. Therefore, if you have any app ideas around mobile wallet or mobile payment, feel free to contact us to avail free consultancy. Professionals will discuss your app idea, and areas of improvement will be pinpointed. Octal IT Solution is a leading Payment app development company with 15+ years of experience in shaping and turning app ideas into reality.
