Global Mobile Payment Industry - Statistics and Trends

Created: Nov 24, 2016

Updated: June 4, 2024

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.

Global Mobile Payment Industry Statistics and Trends

Infographic by GO Globe ERP Egypt

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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]

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