By 2026, nearly 30% of US consumers’ average retail spending (excluding food and beverage sales and ticketing) will be made using proximity mobile payments, as providers look to build on the pandemic-driven adoption of the technology.
Report
| May 27, 2022
Mobile payments are becoming easier. Digital wallets such as PayPal, Apple Pay, Samsung Pay, and Google Pay have made paying by mobile easier and more secure. People are spending more time on their smartphones. In 2023, the average UK adult will spend over three hours a day on their smartphone, per our forecast. That’s up from 2 hours and 18 minutes (2:18) in 2019.
Report
| Sep 22, 2023
As the mobile wallet ecosystem matures, US proximity mobile payment engagement gains are lapping user growth.
Article
| Jun 7, 2023
Mobile payments are near universal across use cases in China, thanks to high mobile penetration and the rise of a wallet duopoly that’s made them accessible, affordable, and convenient.
Report
| Oct 29, 2021
Proximity and peer-to-peer mobile payments are on the rise in the UK, thanks to high user adoption of mobile and banking. However, growth is slow, which means that wallet providers looking to crack the market will need to get creative.
Report
| Oct 29, 2021
Canadian mobile penetration and bank access have created a high-potential environment for both proximity and peer-to-peer mobile payments. But entrenched payment habits and monopolization have created a slow growth environment that will force providers to adapt.
Report
| Oct 29, 2021
Over half of proximity mobile payment users are under age 35, and about 1 in 5 are Gen Zers. And newly introduced features will make wallets more important than ever to merchants. To view the full forecast, click here. TikTok is mainstream. Adult TikTok users will spend 18 minutes daily on the platform in 2024, per our forecast—a number that has steadily risen since its blockbuster 2020.
Article
| Dec 26, 2023
Modern card issuers are turbocharging the issuer processor space by offering API-based, customizable card solutions for non-financial services companies. Mobile payment services, ecommerce marketplaces, and the gig economy are in their sights—along with $17.12 billion in issuer processing revenues.
Article
| May 25, 2023
It could eventually force Apple to open up its NFC capabilities to other mobile wallets, disrupting industry dynamics
Article
| Mar 25, 2024
Venmo is the dominant P2P payment app in the US, with 52.2% of all P2P mobile payment users in 2022.
Article
| Sep 8, 2022
Modern card issuers will grow alongside mobile payment services transaction value. Mobile payment services can use modern card issuing to seamlessly scale and incorporate cards into users’ digital wallets. We expect US proximity mobile payment transaction value to jump at an 18.6% average annual rate from 2023 to 2027, hitting $1.094 trillion.
Report
| May 22, 2023
Quick consumer adoption of new technology has been a hallmark of China’s digital economy; think mobile payments, online shopping, super apps, and livestreaming ecommerce. In 2024, tech companies will launch an exuberant number of AI applications, but only those that offer true value to consumers will survive. Asia-Pacific offers the metaverse a second life.
Report
| Dec 5, 2023
Fintechs, banks, and the government will reshuffle the payments deck in 2024. New features and competition will redefine the digital wallet user experience, and FedNow will pivot payment flows in new directions.
Report
| Jan 5, 2024
Amazon takes the bells and whistles out of its brick-and-mortar grocery experience: Amazon Fresh stores will no longer feature Just Walk Out as the retailer focuses on making its stores more inviting.
Article
| Apr 2, 2024
Gen Z is embracing mobile payments. Almost 20 million Gen Zers will adopt proximity mobile payments over the next four years, hitting 46.2 million in 2027 and surpassing millennial users, per our forecast. And 81.9% of Gen Zers use BNPL to pay via their smartphones—far outweighing usage on the computer (33.6%) and in person (22.5%), per our September 2022 US BNPL Emerging Features Benchmark survey.
Report
| May 22, 2023
D) Mobile payments (like Apple Pay). E) Buy now, pay later. Thirty-seven percent of consumers say they will use credit cards to pay for their holiday purchases this year, followed by debit cards (32%) and cash (24%), per CivicScience. Only 3% of shoppers plan to use mobile payments and just 1% say they will most likely use buy now, pay later services. September 26, 2023.
Article
| Apr 15, 2024
Chart
| Jul 19, 2023
Source: CivicScience
In the third of five reports in our “Payments Ecosystem 2024” collection, we unpack how the lines between POS hardware and software are disappearing as providers push the innovation envelope.
Report
| Mar 27, 2024
More than three-quarters of consumers in the country are ditching physical wallets for mobile payments.
Article
| May 31, 2022
Article
| Nov 4, 2021
Chart
| Mar 1, 2022
Source: eMarketer
Buy now, pay later (BNPL) payment value will rise 14.8% annually from 2023 through 2027, as BNPL fintech leaders adapt to a maturing market by diversifying product offerings and harnessing demographic trends.
Report
| Aug 8, 2023
Canadian P2P mobile payments usage will remain low over the next few years as growth peters out. It will plunge from 4.5% in 2023 to just 1.9% in 2027, leaving penetration below 35%. It’s not an anomaly: Canada lags the digital pace set by leading Western economies across payment types. Mobile payments have been particularly slow to catch on, which has trickled into P2P preferences.
Article
| Oct 23, 2023
Credit cards will remain the most popular retail payment method in the US through next year, with total credit card transaction value reaching $3.843 trillion in 2025, per our forecast.
Article
| Apr 2, 2024
Chart
| Apr 19, 2023
Source: Insider Intelligence