Digital Payments transaction value in countries worldwide 2018

China is the largest contributor to the global payments industry with a share of almost 33% in 2018, followed by the U.S., Japan, the UK and Germany. What is particularly interesting is that the country was at par with the U.S. as recently as 2012. However, exponential growth in debit and credit card usage along with the emergence of a large ecosystem of players such as Alipay and WeChat Pay and strong government policies and support, has catapulted China to the forefront of the payments market worldwide.

Mobile payments have particularly witnessed strong growth with its market share increasing from just 3.5% in 2011 to a staggering 83% in 2018. The rapid growth of e-Commerce, high smartphone penetration, the relatively low growth of other payment channels such as credit cards, and the integrated mobile payment services offered by China’s big Internet companies such as Tencent and Alibaba, are some of the key factors driving the market.

FinTech - Countries with the highest Digital Payments transaction value worldwide* in 2018

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Source

Release date

June 2018

Region

Worldwide

Survey time period

2018

Supplementary notes

The Digital Payments market segment is led by consumer transactions and includes payments for products and services which are made over the Internet as well as mobile payments at point-of-sale (POS) via smartphone applications . The following are not included in this segment: transactions between businesses (Business-to-Business payments), bank transfers initiated online (that are not in connection with products and services purchased online), and payment transactions at the point-of-sale where mobile card readers (terminals) are used.

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