Payments
Mobile commerce spend to hit $3.2T this year, claims study
March 26, 2021
The mobile commerce spend for digital services and physical goods will reach $3.16 trillion in 2021 and increase to $3.79 trillion by 2022 and 2.7 billion consumers will be using mobile wallet apps by 2022. Those are top findings from a study conducted by Kaleido Intelligence for Payvision, according to a press release.
Currently 11% of worldwide online shoppers use m-wallets on a weekly basis and, by 2022, more than one billion consumers will be using Apple Pay, Google Pay and Samsung Pay, which represent the three top e-wallet services, the release said.
"Contactless payments reign supreme in a world where strict health regulations call for people to avoid physical interaction. It is certain that people who have discovered the benefits of convenient, contactless online shopping will want to continue enjoying them. More businesses, if not all, will need to allow online payments to keep up with this demand," Ellerd Liem, director POS, at Payvision, said in the release.
The mobile commerce and e-wallet use trends are being driven by the ongoing COVID-19 pandemic and are expected to continue given increasing consumer mobility and the need for retail and restaurants to remain focused on providing a safe and contactless payment option.
