With the rise of mobile payment methods like Apple Pay and Venmo, the future of eCommerce seems to be going mobile. Around the world, more businesses and consumers have been favoring the new technology over cash transactions. Here are mobile payment statistics marketers should know.
Between 2010 and 2020, the United States experienced a 50% drop in cash payments. Furthermore, the COVID-19 pandemic has only increased the preference for digital transactions. Keep reading to discover the mobile payment statistics every marketer should know.
Mobile Wallets
Mobile wallets store bank information right on your device, eliminating the need for a physical wallet. To explain, here are a few facts about them.
- Around two-thirds of mobile wallet users identify convenience as the primary reason for their preference for digital payment.
- In 2020, roughly 21% of all transitions were made using mobile wallets.
- By 2026, the size of the mobile wallet market is likely to surpass $80 billion.
QR Codes
During the pandemic, the use of QR codes for transactions skyrocketed. Check out these facts to learn more.
- In 2020, 1.5 billion individuals used QR codes to make purchases.
- United States QR code use has risen by 11% since the beginning of the COVID-19 pandemic.
- By 2025, QR code payments are expected to reach a $2.7 trillion global transaction value.
Apple Pay
Apple Pay is a digital card that makes mobile payments possible. Here are a few statistics that demonstrate its powerful position in the eCommerce industry.
- In 2020, about one-half of iPhone users activated Apple Pay.
- Apple Pay is accessible in 60 countries.
- Over 900,000 apps selling their products and services use Apple Pay for transactions.
Cryptocurrency
In recent years, cryptocurrency and NFTs have gained significant popularity and value around the world. Look through these facts to better understand its influence.
- More than 75 million people have a blockchain wallet.
- 10,000 Bitcoin is worth more than $80 million.
- Globally, more than 15,000 businesses accept Bitcoin for their transactions.
Looking to learn more about mobile payment methods? Take a look at the infographic from CleverTap for all the statistics you should know.
