Key Mobile Payments Statistics
Top Mobile Payments Apps
Finance App Market Landscape
Mobile Payments Transaction Volume
Mobile Payments Users
Mobile Payments Adoption by Country
Mobile Payments TPV in US
Mobile Payments Market Share China
Mobile Payments Market Share India
Mobile payments apps are used by more than two billion people globally, with millions more coming online each year.
In India, South-east Asia and South America, some of the younger generation skipped the usual process of owning a credit or debit card, in favour of using mobile apps.
Adoption of mobile payments is weakest in developed nations, such as Germany and France, which are finding it hard to ditch cash and cards. Even in the United States, adoption rates trail developing nations by a considerable percentage, although Nordic countries have seen a rapid adoption of mobile payments over the past decade.
Outside of China and India, most mobile payment solutions mimic regular card readers, which use near-field communication (NFC) to send digital payments to card readers. Apple Pay and Google Pay are the two largest mobile payment solutions globally, with PayPal a distant third.
Apps such as Cash App and Venmo were built specifically for the younger generation in the US a decade ago, when it was difficult to send mobile payments to friends and family. Regional varieties of this include GrabPay in South-east Asia, SadaPay in Pakistan and Pix in Brazil.
In China, two national giants provide the payment services for the country. These are AliPay and WeChat Pay, and they command about 90% of the market. AliPay is the default service for Alibaba's Tmall and Taobao, the two largest e-commerce platforms in the country. WeChat Pay is the default service for WeChat, the country's most popular social app.
In India, there is a three way competition for market share between Paytm, PhonePe and Google Pay. PhonePe has accelerated through its early adoption of UPI, India's national bank interface system, which is the most popular way to transact in the country.
With mobile payment adoption expected to continue to grow at a steady rate over the next decade, leaders in a specific country or region could see remarkable revenue growth. Current leaders are building out their platforms in an attempt to create the new wave of fintech products.
We have collected data and statistics on mobile payments. Read on below to find out more.
Key Mobile Payments Statistics
- Mobile payments transaction volume reached $7.39 trillion in 2023, a 14% annual increase
- Over two billion people used mobile payments in 2023
- Zelle is the most popular non-NFC mobile payments service in the United States
- AliPay and WeChat Pay, the two Chinese mobile payment services, have the most total users
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Finance App Report 2024
