The latest global data shows that the transaction value of mobile payments is expected to reach $2.48 trillion by the end of 2021. This will mark a $481 billion increase in a year.
The growth will be mostly due to European countries, where mobile payments are expected to surge by 67 percent in 2023 as the global market hits $3.51 trillion. As people started questioning the safety of using banknotes amid the pandemic, the entire sector witnessed unprecedented growth. As a safer and more convenient payment option, mobile wallets are growing in popularity and ultimately becoming an extremely valuable industry.
There is a growing supply of POS that enable this form of payment, and in three years’ time, about 1.8 billion people will be using mobile wallets. China is the global leader here, with the average annual transaction value per capita equaling $1,596.
Both Europe and North America are also witnessing strong growth, but the rest of the world is lagging behind, primarily because of the lack of adequate infrastructure for this form of payment, which – according to all analyses and forecasts – should dominate in the decade to come.