Did you know the estimated global mobile payment market hit $620 Billion in 2016 and has reached $1,080 Billion by 2019.Total transaction value in the Digital Payments market is projected to reach US$11.55tn in 2024 . Check out our infographic on Global Mobile Payment Industry for latest mobile payment statistics and trends including incentive for non-users to start making mobile payments, common barriers to mobile wallet usage, usage patterns by transaction type for mobile payments and more.
Infographic by GO Globe ERP Egypt
To Publish this Image on your Blog or Website . Copy this code
Global Online Payment market
Estimated Global mobile payment market to hit US$11.55tn in 2024
| Year | Estimated Revenue ( in Billions USD) |
| 2019 | 1,08.0 |
| 2020 | 450 |
| 2021 | 383.3 |
| 2022 | 942.3 |
| 2023 | 1080 |
| 2024 | 1155 |
Estimated number of Mobile money services – 271
| By Region | Estimated Number of Mobile Money Services |
| Sub-Saharan & Africa | 145 |
| South Asia | 45 |
| Latin America & Caribbean | 30 |
| East Asia & Pacific | 28 |
| Middle East & North Africa | 16 |
| Europe & Central Asia | 7 |
79% of Online buyers users would make more mobile payments if offered discount pricing or coupons based on past purchases
Incentive for non-users to start making mobile payments
| Incentives | %age |
| Discount pricing / coupons | 54% |
| Special offer on reward points | 53% |
| Improve your shopping experience | 53% |
| Able to scan product and present information about product | 49% |
| Tracks spending habits | 48% |
| Valued customer treatment | 48% |
| Eliminating the requirement for check out | 47% |
| Receive loyalty offers | 46% |
| Receive notification for upcoming produce releases at store | 35% |
Common Barriers to Mobile Wallet Usage
| Barriers | %age |
| Worried about security | 62% |
| Don’t want to pay any fees | 40% |
| Don’t want store to have mobile wallet info | 26% |
| Not convenient | 19% |
| No single payment system across merchants | 15% |
| Credit cards have better rewards | 14% |
| Not available at stores of choice | 9% |
Usage Patterns by Transaction Type for Online Transaction
| Usage | %age |
| Quick service Food/Drinks | 40% |
| Grocery Store | 39% |
| Convenience Store | 34% |
| Full-Service Restaurant | 33% |
| Large Retailer | 31% |
| Parking | 29% |
| Household Bills | 29% |
| Taxi Services | 28% |
| Telecom Services | 27% |
Get to know more about : Payment Gateways For ECommerce [Infographic]
