Mobile wallets are now the world’s most popular payment type.
We anticipate that the figure will increase by 27% and reach 69 by the year 2025. This review can be of assistance to you in understanding which mobile wallets are essential for your strategy involving the acceptance of mobile payments.
To generate more knowledge about consumer opinions and supply thorough comprehension of customer tendencies and preferences, we surveyed people from Brazil, India, Indonesia, Japan and Russia. This research is meant to give you enlightenment into the cause behind the movements.
Despite this, there hasn't been much reliable information available about the state of mobile payments globally. Instead of proactively developing their strategy for accepting mobile payments, global organizations find themselves in a position where they are reactive to the payments that are made available to them.
Presently, there are 2.8 billion people who make use of mobile wallets; it is projected that this number will increase to 4.8 billion by the year 2025.
The 2021 Mobile Wallets Report features data from 19 countries across Asia Pacific, Latin America, Eastern Europe, Africa and the Middle East.
It is estimated that by 2025, around 60% of the global population will make use of mobile wallets.
Customers cite merchant adoption as the greatest obstacle
eCommerce use has increased swiftly due to growing mobile wallet usage, with convenience when accessing eCommerce being a critical factor in the success of different wallets. Yet for eCommerce sellers, it remains a difficulty to know what mobile wallets to support. With numerous wallets accessible, the expenditures of acknowledging all payments types is too costly. Merchants must thus decide on the markets and payment methods that will be most lucrative while collaborating with partners that can hasten their distribution.
It's undeniable that China is the most highly developed mobile payments market in the world, with two hugely successful wallets--WeChat Pay and AliPay--accounting for 1 billion and 1.2 billion users respectively and forming a duopoly. The incomparable levels of cohesion among these two wallets and their immense user bases have resulted in merchants, even overseas ones, routinely accepting them as payment. Although growth in the number of Chinese users will almost certainly remain unchanged in the next five years, we anticipate continued increases in transaction amounts and value.
India is one of the more deeply-rooted mobile payments ecosystems in the world. In 2020, 200 million wallet users were registered and this figure is predicted to expand to 434 million by 2025. Evidence of widespread adoption of Paytm was seen in 2016 when India's demonetization regulations were implemented which ultimately allowed the wallet to accrue up to 10 million users in 2017.