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.

Increasing Use of Mobile Wallets

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.

Mobile payment continues to make inroads on a large scale
Forecasted Global Mobile Payment Market Size

This is the expected annual growth rate (CAGR) of the transaction value in Mobile POS Payments. (source Statista)

64 %
Mobile Payment Users Globally in 2020

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

8 of 10

of customers worldwide use a smartphone or tablet within the store when shopping

Contactless payments tripling by 2024

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

The Rising Move to Contactless
  • Contactless is becoming the new normal. Governments have adopted initiatives to encourage cashless growth which led to the raise of the limit of contactless payments in many countries (France, Germany, Morocco, UAE, UK...)
  • Digitisation and the use of contactless payments are largely promoted by governments or organisations. The WHO advises to use contactless payment methods over cash to prevent the spread of the virus.
  • New generation POS Terminals are emerging, often based on Android OS, which are open to host several applications to bring value-added services to merchants (cash register, loyalty management, payment acceptance)
  • Merchants need more affordable payment acceptance solutions. According to the World Economic Forum, while Micro and Small Businesses produce 50% of the GDP worldwide, they remain under-equipped in terms of electronic payment acceptance.


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