DUBLIN, September 23, 2021–(BUSINESS WIRE)–The “Global Mobile Payment Methods 2021 Post COVID-19” report has been added to ResearchAndMarkets.com’s offering.
This report provides insights into the current state and future trends of the mobile payment market in the world. Among other findings, the publication reveals that the value of mobile payment transactions worldwide authenticated via biometrics is projected to increase by 50% between 2020 and 2025.
Mobile commerce globally was forecasted to hold about 80% of the overall E-Commerce transaction value in 2025
Mobile payments have seen an increased development after the world faced the COVID-19 crisis in 2020. Although the mobile commerce value was expected to grow only at 8% globally from 2020 to 2025, it was projected to account for nearly 80% of the total E-Commerce transaction value in 2025. China will be the market leader in terms of the number of users of proximity mobile payments, with 87% of mobile internet users paying via mobile in 2021, followed by South Korea and the USA. In addition, when shopping in-store, 41% of adults globally expected mobile payments to be offered as a payment form in 2020, followed by mobile wallets. Among the top payment service providers in 2020 were iD and Suica Mobile in Japan, Naver Pay and Kakao Pay in South Korea, and PayPal for most of the European countries.
Hong Kong, China and Singapore were the top three market leaders worldwide in mobile wallet adoption in 2020.
The COVID-19 health crisis indeed spurred the global digital wallet adoption and usage in 2020. Namely, the user number has increased substantially in 2020 and is expected to accelerate further, with a projection of a 70% spike between 2020 and 2025. This is due to the wide and rapid spread of mobile payments in various markets and verticals worldwide. The leading countries in mobile wallet adoption were Hong Kong, China and Singapore, with penetration rates of 85%, 84% and 71%, respectively, while mature markets such as the UK and US held back. Businesses also mostly preferred to offer digital wallets for B2C E-Commerce in 2020, while for B2B, they predominantly opted for bank transfers. Furthermore, QR code payments, which accounted for 47% of digital wallet transactions in 2020, are projected to decline and hold 40% of them in 2025.
This report covers the global mobile payment market. It takes into account a wide definition of mobile payment, including payment methods used in mobile shopping (remote) and in-store (proximity) mobile payment.
Major B2C E-Commerce markets in all global regions are covered, including advanced and emerging, while data availability varied across the countries.
In addition, information related to the impact of the coronavirus (COVID-19) on digital payments worldwide was included in this report. Some forecasts included in this report were published prior to the pandemic outbreak. The date of publication of the figures is included on each chart.
Key Topics Covered:
1. Management Summary
2. Global Developments
Online & Mobile Payment Post COVID-19, August 2021
Value of Payments, in USD trillion, by Region, and by Pre- and Post-COVID-19 Estimates, 2010, 2014, 2018, 2019 & 2020e
Number of Cashless Transactions, in billions, CAGR, in %, 2020, 2025f & 2030f
Top Online Payment Methods, in % of Respondents, August 2020
Top Payment Methods Consumers Consider Using In the Next Year, in % of Consumers, March 2021
Top Payment Methods Available, by B2C and B2B, in % of Payment Decision-Makers, 2020
Value of Mobile Commerce Transactions, in USD trillion, 2020 & 2025f
Share of Mobile Commerce Transaction Value, in % of Overall E-Commerce Transaction Value, 2021e & 2025f
Mobile Wallet Adoption Rate, in % of Respondents, 2020
Proximity Mobile Payment Users in Select Countries, in % of Smartphone Users, 2021e
Number of Digital Wallet Users, in billions, 2020 & 2025f
Value of Digital Wallet Spending, in USD trillion, 2020 & 2025f
Number of QR Code Payment Users, in billions, 2020e & 2025f
Share of QR Code Payment Users, in % of All Mobile Phone Users, 2025f
Share of QR Code Payments, in % of All Digital Wallet Transactions, 2020 & 2025f
Cash Usage in Mature Markets, by Countries, in % of Total Transactions Volume, 2010 & 2020e
Cash Usage in Emerging Markets, by Countries, in % of Total Transactions Volume, 2010 & 2020e
Value of Mobile Payment Transactions Authenticated via Biometrics, in USD trillion, 2020 & 2025f
Share of Adults Who Expected Digital Payment Options being Offered When Shopping In-Person, in %, and Particular Digital Payment Options Expected, in % of Adults, November 2020
Top Payments Methods For Fraud Actions, in % of Fraud & Payment Professionals, August 2020
5. North America
6. Latin America
7. Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/b00mnb
View source version on businesswire.com: https://www.businesswire.com/news/home/20210923005442/en/
Laura Wood, Senior Press Manager
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