Mobile payment options are gaining popularity over the more traditional ways of payment business. Given that more and more people worldwide are warming up to the technology, coupled with the fact that smartphone manufacturers are producing devices that are versatile and comprehensive in their operation means that businesses that want to thrive have to consider mobile payment options.
The numerous benefits associated with the mobile wallets are enough to convince any skeptic as to the wisdom of taking it seriously. However, in case you are not yet persuaded, here are some stats and latest trends in the mobile payments industry.
PayPal – leader in mobile payments
PayPal leads in the mobile payments as users are expected to hit the 2 billion mark this year.
According to a new study conducted by Juniper Research in 2018, the number of consumers using the PayPal mobile wallet platform to send money and pay for services is projected to grow to 2.1 billion in 2019, a 30% increase from the 1.6 billion in 2017. The study further found out that the contactless card payment systems were certainly preferred more than the NFC (near-field communications) systems on several platforms, and the most prominent players in the industry were looking for ways of addressing this through offering both offline and online payment options1.
Mobile NFC – leading contactless technology
Mobile NFC payments are projected to exceed $130 billion by 2020
Another study conducted by Strategy Analytics found out that payments with mobile devices with NFC capabilities were expected to cross the $130 billion globally by 2020. The contactless payment option has been growing in popularity ever since the Apple Pay product was launched in the market. Many top-flying business brands and retailers have realized this and are rushing to connect with the platform. The consumers need for convenience is driving this trend, and this will result in 254 million consumers making 5 NFC payments per month on average.
Mobile Payment Project Growth
A projected 80% Compound Annual Growth Rate in the US in-store mobile payments by 2020.
The US in-store mobile payments platform has several players. Customers have several options provided by smartphone vendors:
- Google Pay
- Apple Pay
- Samsung Pay
- Chase Pay
- Walmart Pay
- Stripe
- Venmo
Others include options like banks, major restaurants and retailers and PayPal as well. These trends are likely to see an increase in the uptake of these technologies, leading to an 80% Compound Annual Growth Rate (CAGR) in in-store mobile payments to reach $503 billion in 2020, according to the Mobile Payments Report released in December 2017.