{"id":27789,"date":"2022-09-20T10:23:33","date_gmt":"2022-09-20T10:23:33","guid":{"rendered":"https:\/\/www.arkasoftwares.com\/blog\/?p=27789"},"modified":"2026-04-14T20:30:12","modified_gmt":"2026-04-14T20:30:12","slug":"mobile-payment-statistics-facts","status":"publish","type":"post","link":"https:\/\/www.arkasoftwares.com\/blog\/mobile-payment-statistics-facts\/","title":{"rendered":"Mobile Payment Statistics and Facts for Marketers & Businesses"},"content":{"rendered":"

The mobile payment industry<\/strong> is proliferating as consumers prefer to make payments using their mobile devices. This is evident from the increasing number of mobile payment transactions that are being carried out daily. <\/span><\/p>\n

In fact, mobile payments are now coming to the forefront of most businesses as they offer several advantages to users.<\/span><\/p>\n

One of the main reasons for the growth in mobile payment statistics<\/strong> is the covid-19 pandemic. With people being advised to avoid physical contact, mobile payments have become one of the users’ most preferred payment choices. Mobile payments are a faster, easier, and more convenient way of making payments anywhere and anytime.<\/span><\/p>\n

As mobile payments are always rewarding or offered discounted, users are more attracted to them. As per recent studies by e-marketers, mobile payments in stores grew by 29% last year in the U.S. In 2020, businesses that accept mobile payments increased by $80 trillion compared to the last year.<\/span><\/p>\n

With the mobile payment industry growing at such a rapid pace, there is a lot of potentials for businesses to capitalize on this trend. If you are looking for ideas on how your business can start accepting mobile payments, here are some great mobile payment app ideas<\/a> that you can consider.<\/span><\/p>\n\n

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In this blog post, we will look at some mobile payment statistics and facts for 2023<\/strong>\u00a0that will give marketers an idea about the current trends in this industry. <\/span><\/p>\n

We will also discuss some popular mobile payment app ideas among users and how businesses benefit from them.<\/span><\/p>\n

Let’s Get Started!<\/span><\/i><\/span><\/p>\n\n

<\/span>Why Mobile-Based Payment Solutions are Taking Over?<\/span><\/span><\/h2>\n

Younger people, called “generation Z<\/strong>,” are especially likely to use mobile payments. Companies that offer mobile payments often give rewards, like points or loyalty points, to encourage people to use their phones for payments.<\/span><\/p>\n

For example, in June 2021, PayU partnered with twin to launch a rewards program that lets customers pay with loyalty points and rewards.<\/span><\/p>\n\n

<\/span>Global Digital Payment Forecasts 2022-2025<\/span><\/span><\/h2>\n

The global Mobile Payment Transaction market is estimated to grow significantly in the next few years. In 2023, it was growing steadily, and with key players’ rising adoption of strategies, it is estimated to grow even more.<\/span><\/p>\n

It will go from $1.54 trillion<\/strong> in 2020 to $1.97 trillion<\/strong> in 2021 to $11.83 trillion<\/strong> in 2028 at a 29.1%<\/strong> rate in 2021-2028.<\/strong><\/span><\/p>\n\n

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Image Credit: grandviewresearch.com<\/a><\/figcaption><\/figure>\n\n

<\/span>Impact of Covid -19 on Global Mobile Payment Transaction market<\/span><\/span><\/h2>\n

The coronavirus COVID-19 has severely impacted the global economy and humans significantly. It has changed the way people buy things and how they pay for things. People are now more careful about cash transactions, so many use contactless payment methods such as mobile wallets, NFC, QR codes, and more.<\/span><\/p>\n

In March 2020, the World Health Organization (WHO) said people should use contactless payment methods<\/strong> to avoid getting sick. <\/span><\/p>\n

This has helped to raise the number of people using mobile payments and boosted the use of contactless payment modes such as custom QR codes, tap-to-pay by near field payment NFC, and carrier billing payment, among others.<\/span><\/p>\n

According to MasterCard’s survey, 79 percent of consumers worldwide use contactless payment to stay safe and clean. These people will likely continue using this payment mode even after the pandemic.<\/span><\/p>\n\n

<\/span>Highly Used Mobile Payments Apps<\/span><\/span><\/h2>\n

No one was willing to use mobile payment apps a few years back as they were unsure about their security. But, now, mobile payment apps are one of the most used apps among people of all age groups.<\/span><\/p>\n

Let’s look at some of today’s most popular mobile payment apps.<\/span><\/strong><\/p>\n

Why? Because now, mobile payment apps are more secure than ever. Also, mobile payment apps offer many features that users find convenient, such as peer-to-peer payments<\/a>, mobile commerce payments, and in-app purchases.<\/span><\/p>\n

Mobile payments like Zelle<\/strong> <\/a>and Venmo <\/strong>lets you transfer money quickly and securely, and it’s an excellent way to replace cash transactions. More people are using mobile eWallets to make payments, which is likely to continue because of the growth of digital payments and e-commerce businesses. <\/span><\/p>\n