China was estimated to be a leading market globally in proximity mobile payment adoption rate in 2021. The latest publication “Global Mobile Payment Methods 2021 Post COVID-19” provides insights into the current state and future trends of the mobile payment market in the world.
New York, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Mobile Payment Methods 2021 Post COVID-19" - https://www.reportlinker.com/p06130518/?utm_source=GNW
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.
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