China was considered to be one of the world’s leading markets for the rate of adoption of proximity mobile payment in 2021. The latest publication “Global Mobile Payment Methods 2021 Post COVID-19” provides an overview of the current state and future trends of the global mobile payment market.
New York, August 26, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Global Mobile Payment Methods 2021 Post COVID-19” – https://www.reportlinker.com/p06130518/?utm_source= GNW
Among other findings, the publication reveals that the value of biometric-authenticated mobile payment transactions globally is expected to increase by 50% between 2020 and 2025.
Global mobile commerce is expected to hold around 80% of the global e-commerce transaction value in 2025
Mobile payments saw increased development after the world faced the COVID-19 crisis in 2020. Although the value of mobile commerce is only expected to increase by 8% globally from 2020 to 2025, it is expected to account for almost 80% of the total. Value of E-Commerce transactions in 2025. China will be the market leader in terms of the number of proximity mobile payment users, with 87% of mobile Internet users paying via mobile in 2021, followed by South Korea and the States. -United. Additionally, when shopping in stores, 41% of adults globally expected mobile payments to be offered as a payment method in 2020, followed by mobile wallets. Major payment service providers in 2020 included iD and Suica Mobile in Japan, Naver Pay and Kakao Pay in South Korea, and PayPal for most European countries.
Hong Kong, China, and Singapore were the top three global market leaders in mobile wallet adoption in 2020.
The COVID-19 health crisis has indeed boosted the adoption and use of the digital wallet in the world in 2020. Namely, the number of users has increased significantly in 2020 and is expected to accelerate further, with a projection from a peak of 70% between 2020 and 2025. This is due to the wide and rapid spread of mobile payments in various markets and verticals around the world. Hong Kong, China and Singapore were the leading countries in mobile wallet adoption, with penetration rates of 85%, 84% and 71%, respectively, while mature markets like the UK and United States fell back. Companies have also mainly preferred to offer digital wallets for B2C e-commerce in 2020, while for B2B they have mainly gone for bank transfers. Additionally, QR code payments, which accounted for 47% of digital wallet transactions in 2020, are expected to decrease and hold 40% in 2025.
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Read the full report: https://www.reportlinker.com/p06130518/?utm_source=GNW
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