The digital payment market is booming and profoundly shifting in the Covid-19 pandemic context. The crisis has affected the way people think about payments and financial services, with the use of cash declining and the rise of contactless encouraged by many countries. All the actors are being impacted by this move towards a cashless society; retailers, merchants, consumers, governments, financial institutions, service providers.
Digital payments, in the form of cards or mobile wallets, are becoming the norm. The Covid-19 pandemic has helped to encourage the use of contactless payments. In the past, there were certain concerns to these uses, linked in particular to matters of security and confidentiality of data or problems of value sharing between the players in the ecosystem. In an effort to limit the spread of the virus through contactless technology, governments and regulators have been promoting contactless payments. Since then, there has been a rapid growth in the number of users and volumes of contactless transactions, both using cards and Mobile Wallets.
This is the expected annual growth rate (CAGR) of the transaction value in Mobile POS Payments. (source Statista)
Mobile Payment Usage (source Merchant Machine)
In 2023, 1.31 billion people worldwide are expected to make a proximity mobile payment (source emarketer)
This is the annual growth number of Mobile Wallet Users
of merchants are under equipped and do not accept electronic payments
of customers worldwide use a smartphone or tablet within the store when shopping
Juniper Research reports that contactless payments will triple to $6 trillion worldwide by 2024, from about $2 trillion this year, as OEM mobile wallet transactions increase and banks expand the use of contactless cards.
Payment Market Trends
Offer your customers a simple and secure mobile payment experience for all their proximity and online purchases.