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Mobile wallet payments to surge by 50 percent in 2020

Wednesday 3 June 2020 13:59 CET | News

Data gathered by Buy Shares UK has revealed that mobile wallet payments will increase by 50% amid the coronavirus pandemic in 2020.

According to BuyShares.co.uk research, the global mobile wallets industry will reach almost USD 1.47 trillion in 2020, as mobile wallets erased the need for carrying money while reducing the chances of theft or losing currency. As revealed by a Statista survey, in 2017 the global mobile wallets market was worth USD 405 billion. 

Before the coronavirus outbreak, this value was expected to jump over USD 1 trillion in 2020. Nevertheless, new Statista data showed that the entire mobile POS payments segment is expected to grow significantly in 2020. Moreover, the dominant upward trend is set to continue in the next twelve months, with the total transaction value jumping over USD 2 trillion in 2021. Besides, statistics forecast this amount to double in the next four years, reaching USD 4.1 trillion by 2024. 

The Statista data also revealed that the number of people choosing mobile wallets to manage their payments is set to jump over 1.17 billion in 2020, growing by 29.6% year-on-year. Millennials and Gen Z members represent the major user groups, with a 37% and 25% share, respectively. Consequently, in the next four years, the number of people using mobile wallets is expected to hit over 1.7 billion worldwide.

Furthermore, geography-based data reveals that China is the leading mobile wallets industry player, forecast to reach USD 755 billion value, or more than 50% of the entire market value in 2020. However, statistics indicate that the US, UK, and Brazil, as the other leading mobile wallet markets, are expected to witness growth in 2020. 

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Keywords: mobile wallets research, mobile wallet payments, POS payments, Millennials, Gen Z, China, US, UK, Brazil, Statista
Categories: Payments & Commerce | Mobile Payments
Countries: World
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