The mobile contactless payment market crossed the $2trillion mark last year and is predicted to increase by another $500million in 2021, according to research data analysed by ComprarAcciones.com.
According to ComprarAcciones.com, demand for mobile contactless payment options has soared in recent years, fuelled further with the coronavirus pandemic. It says the market is up 24 per cent year-on-year and a 107 per cent growth rate in two years.
By the end of 2021, the total transaction value is estimated to be $2.489trillion – 24 per cent higher than the $2.008trillion recorded in the previous year.
Countries in Asia Pacific are leading the mobile payments market, with China at the helm. There are almost 1.6 billion registered mobile phone subscriptions in the country and its mobile payment transaction value is forecast to hit $1.3trillion in 2021. In addition, by 2023 the country is forecast to account for more than half of worldwide mobile wallet payments.
Meanwhile, mobile payment app users in the US rose by 29 per cent in 2020 to 92.3 million. This number is expected to cross the 100 million mark, climbing by 9.7 per cent to 101.2 million.
Following in third spot is the UK, where transaction value in this year is projected to reach $98.5billion – a whopping 195 per cent surge in a span of two years. The figure is expected to grow by 60 per cent between 2021 and 2023, to reach $157.8billion.
Overall, the mobile contactless payment market was worth $755.6billion in 2018 followed by an increase of 90 per cent in 2019 to $1.198trillion. Between this year and 2023, the market is projected to grow by 40 per cent to $3.516trillion. By 2025, it will be worth about $4.6trillion.
On average, mobile payment transaction value is set to grow by 25 per cent from the 2019 figure to $1,670 in 2021. It will then rise by 22 per cent in the two subsequent years to $2,051 in 2023.