Since the onset of the Covid-19 outbreak, the use of mobile wallets has increased dramatically, and a study published by Merchant Machine forecasts that trend will continue. According to the experts, overall revenue generated by mobile wallet applications has tripled since 2015, and is predicted to reach $1,639.5 trillion by 2022.
According to Merchant Machine’s survey, “the safety, security, and convenience of digital wallets, as well as the popularity of smartphones and general digitalisation of society, were among the key reasons for the popularity of this technique.” The study also highlights the top mobile payment systems through 2022.
Alipay is the most popular mobile wallet now, with 650 million users, while Wechat will be the second most popular in 2022, with 550 million users. Apple Pay (507 million), Google Pay (421 million), and Paypal were the next most popular payment methods after Alipay and Wechat (377M). While the use of credit cards, debit cards, bank transfers, and cash on delivery has decreased, the use of buy now, pay later schemes has surged in tandem with the popularity of mobile wallets.
“The only mode of payment that will see a growth in popularity among consumers, aside from mobile wallets, is purchase now, pay later programs like Klarna or Clearpay,”
So, the report states.
“The ability to split the expense into monthly installments makes these techniques particularly popular among Millennials and Generation Z consumers.”
China leads the way in terms of adoption, with Gartner predicting that 20% of businesses will use digital currencies by 2024.
China has the highest percentage of digital or tap-to-pay contactless payments in terms of mobile wallet adoption. Denmark, India, South Korea, Sweden, the United States, and Canada came in second and third, respectively. “The widespread use of contactless payments in China is due to society’s embrace of technology in many aspects of life,” the researchers add.
According to Merchant Machine’s analysis, the rise will continue, and by 2024, 4.4 billion people, or about half of the world’s population, will be using mobile wallet apps.
The conclusions of the survey match with Gartner’s research, which predicts that by 2024, 20% of firms and significant corporate organizations will adopt digital currencies for payments.
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