Payments keep going digital and mobile
2.7 billion people to use mobile wallet apps by 2022?
As businesses open their doors online, payments solutions adjust to the change – and so do people. In a study conducted for Payvision, Kaleido Intelligence reports on the latest trends and forecasts in mobile wallets usage across the globe.
Payvision reports that by 2022 more than one billion people will use Apple Pay, Google Pay and Samsung Pay.
Contactless payments are becoming a necessity, both for customers and businesses. Every week 11% of online shoppers worldwide buy via smartphone, and 34% of them claim making this their primary payment method. In its report Kaleido Intelligence foresees that 50% of the wearable devices will include a payment functionality.
“Contactless payments reign supreme in a world where strict health regulations call for people to avoid physical interaction. It is certain that people who have discovered the benefits of convenient, contactless online shopping will want to continue enjoying them. More businesses, if not all, will need to allow online payments to keep up with this demand.” says Ellerd Liem, Director POS at Payvision.
As the public is discouraged from using cash, m-commerce and mobile payments are in fact the best solution throughout COVID-19 and beyond. They guarantee a safe, contactless option that meets the needs of both businesses - which are increasingly mobile based, and their customers. As Visa observed in April 2020, cardholders touched a checkout terminal 50% less than usual.
The overall impact of this drove the total m-commerce spend for digital services and physical goods onto an upward trajectory that will reach USD 3.16 trillion in 2021 and USD 3.79 trillion by 2022.
Ellerd Liem of Payvision explains: “Now that people have discovered the benefits and convenience of online shopping, they’ll continue relying on this method. To beat out the competition and keep up with the innovation, businesses must prioritize an omnichannel strategy, that brings faster processes, personalized service, and 24/7 support.”
Payvision’s report confirms it: the way we shop has changed forever, due to the health crisis and the related restrictions we’ve been subjected to.
channels: mobile payment, payment systems, contactless payment, checkout, e-payment, mobile commerce
