Mobile Wallets Usage Stats

Mobile payment transactions are increasing daily due to the growth of Smartphones and contactless services. Have you ever wondered how many people use mobile payments? You might have.

To help you out, we’ve collected the latest and most significant data on mobile payments that you should know in 2022.

Let’s take a look at the general stats below.

Mobile Wallets Usage Stats Highlights

1. Apple Pay leads the world in mobile payments volume processed outside of China.
2. More than 25% of all point-of-sale transactions in 2020 were made using a mobile wallet.
3. Google Pay boasts a massive 100 million users worldwide.
4. The United States saw a 50% decline in cash use between 2010 and 2020.
5. By 2023, there will be around 1.31 billion proximity mobile payment transactions by users worldwide.

Mobile Wallets Usage - Key Stats 

Now let’s dive into the stats a bit deeper.

Apple leads the world in mobile payments volume processed outside of China.

(Businessofapps)

Apple Pay has been successful for Apple since its launch.  At the end of 2020, there were 6.4 million Americans with Apple Pay, which means Apple leads the world in mobile payments volume processed outside of China. According to a survey, about 50% of the respondents from the United Kingdom, Austria, and France indicated they had used Apple Pay in a store or restaurant in 2021. 

More than 25% of all point-of-sale transactions in 2020 were made using a mobile wallet.

(clevertap)

The COVID-19 pandemic may have prompted people to use mobile payments to prevent the spread of germs. Around 92 million people were using peer-to-peer mobile payments at the start of 2021, and by the end of the year, that number was expected to reach 100 million. Moreover, over 25% of all point-of-sale transactions in 2020 were made using a mobile wallet.

Google Pay boasts a massive 100 million users worldwide.

(paylinedata)

More and more people are leaving home without their wallets. Instead, they plan to use Google Payments to complete transactions away from home. With 100 million users, Google Pay allows worldwide users to pay, save, manage expenses, and more. Industry leaders expected Google Pay to dominate the online marketplace. But now, it is starting to impact point-of-sale processing in stores. 

The United States saw a 50% decline in cash use between 2010 and 2020.

(clevertap)

There are some interesting stats on the use of cash in the United States. Research has shown a 50% reduction in the use of cash between 2010 and 2020, highlighting how more and more people are switching to modern payment methods. This shift to cashless systems is expected to accelerate further by 2030. It would be wise to assume that most of America will be cashless before 2030, and eventually, cash will become obsolete.

By 2023, there will be around 1.31 billion proximity mobile payment transactions by users worldwide.

(Statista)

Lately, mobile payments have gained prominence by providing a fast and easy way to make purchases and helping users save time and get an enhanced shopping experience. There were approximately 950 million mobile payment transaction users worldwide in 2019, a number that is predicted to grow to 1.31 billion by 2023, according to Statista. The growth is fueled by underbanked sectors in several countries in Asia, Latin America, and Africa.

By 2024, the globally forecasted mobile payment market size is predicted to be 3 trillion.

(emizentech)

Around the world, mobile banking apps are changing the way we think about and manage our finances. In-store mobile payment app use hit a milestone in 2021, reaching 101.2 million in the U.S. alone. By 2024, the global mobile payment market size is expected to reach 3 trillion. Whether you talk about Retail companies, e-Commerce stores, or travel agencies, they all are using mobile payment gateways to help ease the payment.

The number of mobile payment tools and services has increased in recent times.

(emizentech)

More shoppers are using their smartphones to conduct transactions. This has led to an explosion in mobile payment tools and services. About 44% of European people named mobile digital wallets such as Google Pay and Apple Pay as their preferred payment methods. PayPal has been dethroned as the main online payment processor. Instead, Apple Pay, Google Pay, and a slew of others are now emerging and battling it out for the top spot.

Additional Mobile Wallets Usage Stats

• By 2020, In-store mobile payment will grow to $503 billion, with an annual growth rate of 80%.
• Apple pay hits Starbucks to become the top mobile payment app in the U.S. market.
• Between 2020–2025, mobile payments use will continue to increase at 26.93%.
• The total number of mobile proximity payment users in the U.S. exceeded 100 million in 2021.
• In China, over 87% of smartphone users ages 14 and older use mobile devices for point-of-sale purchases.
• Seventeen million people in the U.K. were registered to use mobile payments at the end of 2020.

Wrapping Up

Mobile wallets are indeed becoming a huge trend. People who use mobile wallets in their day-to-day life are well aware of the importance of these wallets in today’s time. In fact, over the last few years, mobile wallets like Google pay, Apple pay, Paypal, etc., have grown in popularity, attracting more users at a rapid rate. 

As the market continues to grow and more businesses allow mobile payments, these numbers will likely change.

That’s all for today.

If you found these Mobile Wallets stats helpful, share them with those who might benefit from this information too. 

Sources

https://www.businessofapps.com/data/mobile-payments-app-market/

https://clevertap.com/blog/mobile-payment-statistics/

https://www.statista.com/topics/4872/mobile-payments-worldwide/

https://www.emizentech.com/blog/mobile-payment-statistics-facts.html

https://www.merchantsavvy.co.uk/mobile-payment-stats-trends/