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Future growth of mobile payments reported in yStats.com publication
Hamburg-based business intelligence company reports on the continued growth of mobile payments in its new publication “Global Mobile Payment Methods: Second Half 2016.” The report includes market figures from over twenty countries with predictions of the growth of mobile payment globally over the next five years.
Although mobile payments make up just a one digit share of total consumer card payments, that share is expected to double by 2021, per a forecast cited in the new yStats.com publication. Mobile payments are finding greater acceptance in the developing economies of Latin America, Asia and Africa than in the mature markets of Western Europe and North America. Over half of consumers in Latin America with a bank relationship indicated an interest in making purchases with their mobile device. Shoppers in several European nations indicated that they were aware of the ability to make mobile payments but were hesitant to do so.
One of the deterring factors for shoppers is the security of mobile payments. Even consumers in the advanced market of South Korea reported a concern with security of their personal information when making a mobile payment. However, research cited in the yStats.com report suggests that consumers worldwide are beginning to warm to the idea of mobile payments.
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