Mobile Methods Expected to Increase Their Share of Consumer Payments Over Next 5 Years, Says New yStats.com Report
Hamburg, Germany, February 16, 2017 --(PR.com
)-- Mobile payments currently account for a one-digit share of total consumer card payments, but are predicted to more than double their share by 2021. This is one of the forecasts cited in yStats.com’s report. Another revelation is that remote mobile payments in the form of M-Commerce and app commerce contribute most of the mobile payment volume in regions such as Europe and North America, leaving proximity mobile payments only a small share of the total. Nevertheless, in-store contactless payments with mobile phones and wearables are projected to show strong double-digit growth within the next few years.
One of the key factors that could contribute to a greater usage of mobile payments is diminishing consumers’ security concerns. Even in countries with high levels of mobile technology adoption, such as South Korea, fear of information leakage and safety concern is the top reason for not using mobile financial services, according to a survey cited in yStats.com’s research. Another example is Canada, where close to two-thirds of Internet users said they would be more likely to use mobile wallets if they knew the payment mode was secure.
The consumer sentiment towards mobile wallets and other mobile payment methods varies worldwide. While over 50% of banked consumers in Latin America showed interest in mobile payments, shoppers across multiple European countries demonstrated high awareness of innovative payment options, but not many of them utilize this technology. In a cross-country comparison presented in yStats.com’s report, several emerging markets ranked above advanced economies both in current and potential usage of mobile wallets by smartphone owners.
For further information, see: https://www.ystats.com/wp-content/uploads/2017/02/20170101_Product-Brochure-Order-Form_Global-Mobile-Payment-Methods_Second-Half-2016.pdf
yStats.com GmbH & Co. KG
Behringstrasse 28a, D-22765 Hamburg
Phone: +49 (0)40 - 39 90 68 50
Fax: +49 (0)40 - 39 90 68 51
Founded in 2005 and headquartered in Hamburg, Germany, yStats.com is one of the world's leading secondary market research companies. We are committed to providing the most up-to-date and objective data on Global B2C E-Commerce and Online Payment markets to sector-leading companies worldwide.
Our multilingual staff researches, gathers, filters and translates information from thousands of reputable sources to synthesize accurate and timely reports in our areas of expertise, covering more than 100 countries and all global regions. Our market reports focus predominantly on online retail and payments, but also cover a broad range of related topics including M-Commerce, Cross-Border E-Commerce, E-Commerce Delivery, Online Gaming and many others. In addition to our wide selection of market reports, we also provide custom market research services.
We are proud to cooperate with companies like Bloomberg and Thomson Reuters. Given our numerous citations in leading media sources and journals worldwide, including Forbes and the Wall Street Journal, we are considered one of the most highly-reputed international secondary market research companies with an expertise in the areas of B2C E-Commerce and Online Payment.