5 Facts Showing How Big the Mobile Payments Market Is

Added 6 months ago     By Kirby Dela Cruz



The mobile payments market continues its growth this 2017. Some experts share that this year is the year that the digital payments leader will be decided. If you are one of the skeptics about the growth of the mobile payments market, then let the numbers and figures speak themselves. Here are 5 facts proving how big the mobile payments market is.

 

Photo of the first fact of Mobile Wallets

US$622.75

The projected average transaction value per user in 2017. It is also projected to increase in $1,303.85 in 2021. This may even increase depending on the advancement in technology and integration of different industries and merchants to the mobile payment technology.

 

Photo of the number of mobile payments users. globally

360,400,000

The projected number of mobile payments users this 2017. Mobile payments are usually targeted for the unbanked segment. Reaching this segment will disrupt the financial institutions creating a new culture of payment and banking.

 

Read also: How Does a Mobile Wallet Actually Work?

 

Photo of the value of global mobile payments this 2017.

US$224,426,000,000

The forecasted transactional value of all mobile payments in 2017. Mobile payments will be a big deal this 2017. This is due of course to the advancement in technology and the continuous growth of the smartphone market reaching all market segments and the improvement of mobile internet data subscription and connectivity.

 

Photo of the global value of Digital Payments this 2017.

US$2,372,681,000,000

This is the Total Transaction Value of the Digital Payments segment. This segment includes digital commerce, mobile payments, and P2P Money Transfers. By 2021, it is estimated to reach a whopping US$3,609,840,000,000.

 

Photo of Asia's transactional value this 2017.

US$1,097,642,000,000

Asia will play a big role in the Digital Payments space. The frontrunner in Asia will be China and the unbanked segment of Asia will be the biggest target market for Digital Payments.

 

These are projected figures that are based on data gathered from previous years. You could check out the source of this data for more information. The previous years’ trend speaks heavily of the continued growth of the mobile payments market. This is also due to different factors that contribute to the astonishing facts of this market.

These are the facts investors are seeing as they make their investment to the coming leader of mobile payments.

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