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It is estimated that more than half of smart phone users in the United States will use contactless mobile payment in 2025 From eMarketer

The following is the It is estimated that more than half of smart phone users in the United States will use contactless mobile payment in 2025 From eMarketer recommended by recordtrend.com. And this article belongs to the classification: eMarketer, mobile payment .

Among other technology trends accelerated by the covid-19 pandemic, the use of contactless mobile payment will flourish in 2020. According to a recent report by emarketer, an analysis firm, in store mobile payment usage in the United States increased by 29% last year, as the pandemic prompted consumers to switch cash and credit cards into potentially safer mobile payment options at the point of sale.

Last year, 92.3 million U.S. consumers aged 14 or above used proximity based mobile payments at least once in the six months of 2020 – emarketer expects that number to grow to 101.2 million this year. Emarketer predicts that by 2025, more than half of smart phone users in the United States will use contactless mobile payment.

The highest adoption rate last year was among young consumers, including generation Z and Millennials. Emarketer predicts that from 2021 to 2025, the former will account for more than 4 million of the 6.5 million new mobile wallet users each year. Meanwhile, millennials will continue to account for about four out of 10 mobile wallet users.

A number of industry reports have noted the overall impact on the mobile wallet industry, with finaria, a financial and investment firm, estimating earlier this month that the industry will grow by 24% from last year to $2.4 trillion in 2021. The company has said that although the Asian market, especially the Chinese market, has been in a leading position in the application of mobile payment, the United States has been in trouble earlier because of the slow promotion of mobile payment technology by retail stores. But now, the United States has grown into the second largest market, with mobile payment transaction volume reaching 465.1 billion US dollars, which will grow to 698 billion US dollars in 2023.

The epidemic has pushed backward retailers to join the ranks of mobile payment. The annual survey released by the National Retail Federation and Forrester in 2020 found that 69% of retailers’ contactless payments have increased, and 67% of retailers now accept some form of contactless payment, including mobile payment and non-contact cards.

Due to changes in the industry, emarketer reports that not only has the use of mobile wallets increased, but the average annual expenditure per user has also increased. The company predicts that this figure will increase by 23.6% from about $1973.70 in 2020 to $2439.68 in 2021 and exceed $3000 in 2023.

In the United States, apple pay is still the number one player in mobile payment. It is expected to have 43.9 million users in 2021, and it is expected to grow by 14.4 million from 2020 to 2025, surpassing its competitors. Starbucks will remain the second largest player, with 31.2 million users, followed by Google pay, which is expected to add 10.2 million users during this period. Meanwhile, Samsung pay’s growth is stagnant, with only 2 million users expected to grow between 2020 and 2025.

More reading: emarketer: 14% of U.S. credit card users have contactless bank cards emarketer: Apple pay users are expected to reach 30.3 million in 2019 Market share in the first place emarketer: in 2023, there will be more than 70 million mobile payment users in Western Europe Rketer: 3/4 smartphone users in China use near field pay eMarketer this year: India financial technology is developing towards diversification. EMarketer:2017, mobile phone payment transactions in the US will grow by 55%eMarketer: it is estimated that in 2017, the amount of us near field mobile payment transactions will reach US $49 billion 290 million eMarketer: ant Alipay will take Alipay to China Mobile payment market. Emarketer: mobile wallet is an important channel ignored by marketers IPC: more than 4 / 10 of online shopping consumers like to use paypal for payment

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