Mobile Payments - Statistics & Facts

Mobile Payments - Statistics & Facts

Statistics and facts about Mobile Payments

Mobile payments refer to payment services performed from or via a mobile device. Such payments are also routinely referred to as mobile money, mobile money transfer or mobile wallet and present themselves as an alternative to cash, cheque or credit card payments. A growing phenomenon in developed markets, mobile payments have been especially successful in developing markets where previously underbanked consumers have been able to take advantage of new mobile infrastructures to improve their financial standings. In the United States, remote payments are projected to double in volume in only five years. Furthermore, use of non-traditional paying methods for goods and services is not only dependent on the geographical location of the payee, but also on variables such as age, education and economical background. In the United States, the typical user of mobile paying methods is between 30 and 44 years old , is college-educated and has an above-average yearly salary .

The four primary models for mobile payments are premium SMS, direct mobile billing, web based payments (including apps) and contactless NFC. In the United States, the majority of mobile payments were still connected to debit or credit card usage. Only 15.4 percent of mobile payment users utilized designated online wallets such as PayPal or Google Wallet and only 4.2 percent used carrier billing. One of the most popular uses of mobile payment services is making online purchases , followed by paying bills through a mobile browser or application. According to a survey, another attractive feature of mobile payment technologies for consumers in the United States would be the ability to use one’s phone to stop unauthorized payment transactions .

As the awareness regarding digital payment methods, such as the mobile wallet, grows from year to year, so does the tendency to use such methods for daily routine transactions. As of 2015, some 40 percent of responding smartphone payment users used their device to pay for food or drinks at quick service restaurants. The American coffee shop chain Starbucks alone has witnessed an almost twofold increase in weekly mobile app payments in the space of only one year.

As of 2015, scanning a barcode or QR code was the most widely-used method of paying for purchases among consumers in the United States, while the leading mobile payment platform accepted by North American retailers that same year was PayPal.

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