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Global Digital Payment Forecasts 2022-2025

Global Digital Payment Forecasts 2022-2025

  • February 2022
  • 91 pages
  • ID: 5784048
  • Format: PDF
  • yStats - Global E-Commerce Intelligence

Summary

Table of Contents

By 2025, the share of the Chinese population using proximity mobile payments is projected reach almost 70%

The latest publication “Global Digital Payment Forecasts 2022-2025” provides insights into the future trends of the global digital payment market. Among other findings, the publication reveals that by 2025, the value of online payments in Europe is forecasted to increase from 2021 to exceed a one trillion-euro mark by 2025.

By 2025 the volume of non-cash transactions in the global market is forecasted to surpass the one and a half trillion mark

The global online payments industry was profoundly shaped by the COVID-19 global health crisis in 2020, which has led to a major advancement in the market since then. The rate of adoption of cashless payments has accelerated dramatically and is projected to grow even more. In fact, global cashless transactions are projected to grow at an annualized rate of about 18% from 2020 to 2025 and exceed the one and a half trillion mark in volume. The region adding the most value is expected to be Asia-Pacific. Asia-Pacific will be followed by Europe in 2025, and then North America.

Asia-Pacific is forecast to continue to be the world’s leading regional market for mobile wallet payments

The COVID-19 pandemic has accelerated the use of mobile payments worldwide since 2020. This is attributed to the accelerated security and cross-channel payment features of mobile contactless payments. In 2021, China is expected to be the leading country in the share of contactless mobile payment users, accounting for more than 4 out of every 5 smartphone users, distantly followed by South Korea and the United States. In addition, mobile wallets have become the primary way to make payments in a number of regions, as authorities attempt to reduce the use of cash. In Asia-Pacific, for example, the number of mobile wallets in use is projected to have more than doubled over the next few years from 2021 to 2025. Latin America is projected to follow the APAC region in the number of mobile wallets in use, reaching more than 600 million by 2025.

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