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It opened up its ecosystem and seemingly gave up its grand financial services ambitions. But it鈥檚 still a major payments player.

European Mobile Payment Systems Association (EMPSA). European Parliament. European Payments Initiative. FIS. La Retail Tech. Meta. OpinionWay. Snap Inc.

Major payment players like PayPal and Visa that invested in them are likely celebrating this regulatory movement

Gen Z is embracing mobile payments. Almost 20 million Gen Zers will adopt proximity mobile payments over the next four years, hitting 46.2 million in 2027 and surpassing millennial users, per our forecast. And 81.9% of Gen Zers use BNPL to pay via their smartphones鈥攆ar outweighing usage on the computer (33.6%) and in person (22.5%), per our September 2022 US BNPL Emerging Features Benchmark survey.

The tie-up can help attract younger travelers and aids in Venmo鈥檚 monetization journey

KEY STAT: P2P mobile payment providers have ample room to grow in Canada: Two-thirds of the population are still nonusers. But it will be slow going, with YoY growth expected to slow from 4.5% in 2023 to 1.9% in 2027. Executive Summary. The number of P2P mobile payments users in Canada will grow tepidly through 2027鈥攗nless providers fine-tune strategies.

That will spur US proximity mobile payment transaction value past the $1 trillion milestone by 2027. Per-user mobile proximity spend will grow as users adopt digital wallet features. By 2028, about half of US smartphone users will make proximity mobile payments at least once a month, per our forecast.

We expect Australian 4.7 million consumers in Australia will use proximity mobile payments this year, accounting for 21.2% of the country鈥檚 population. Apple鈥檚 opportunity: Tap to Pay is Apple鈥檚 first merchant-facing payments product. It lets the company capitalize on non-Apple Pay transactions, opening up a new revenue stream.

We expect 16.1 million people in Germany will use P2P mobile payments in 2023, growing 7.9% year over year (YoY) and representing 23.1% of the population, per our forecasts. France will have 13.1 million P2P mobile payment users in 2023, making up 24.5% of the population.

The rule, which regulates payment apps like banks, is already on shaky ground given the CFPB is about to be overhauled under Trump

Dig deeper: Check out our US Proximity Mobile Payments Forecast 2023 and Apple in Consumer Finance reports for more information on how Apple is disrupting the payments landscape. This article originally appeared in Insider Intelligence's Payments Innovation Briefing鈥攁 daily recap of top stories reshaping the payments industry.

In the third of five reports in our 鈥淧ayments Ecosystem 2024鈥� collection, we unpack how the lines between POS hardware and software are disappearing as providers push the innovation envelope.

It might appeal to mobile payment super-users who increasingly feel inclined to leave physical wallets at home. The bigger picture: More use cases for biometric payments are popping up, which increases the threat that this tech poses to legacy terminal providers. In China, WeChat debuted Wave-To-Pay, which lets customers checkout by waiving their palm over a scanner, per The Register.

In the fourth of five reports in our 鈥淧ayments Ecosystem鈥� collection, we look at what鈥檚 influencing growth across P2P, remittance, bill pay, payroll, and B2B transactions鈥攁nd what it means for payment providers.

The enforcement action provides closure that could help boost the P2P app鈥檚 customer satisfaction in the long run

BNPL loans can be accessed at the point-of-sale (online or in-person), usually via a BNPL loan provider's branded app, via a merchant's website or app, or via proximity mobile payment apps like Apple Pay and Google Wallet. Examples include Affirm, Afterpay, Klarna, Zip, and PayPal's BNPL service. Some short-term, no-interest loans can be accessed only at retailers.

We expect tepid annual growth in the number of UK P2P mobile payments users over the next few years. It will more than halve from 4.5% in 2023 to 2.1% in 2027, keeping usage penetration below 40% of consumers. Cultural norms could be capping growth. Widespread use of pay-at-table systems at restaurants reduces the need for patrons to divide the bill.

Proximity mobile payment adoption will continue to grow鈥攎ore than 4 in 10 smartphone users will be tapping or scanning to pay this year. And existing and new users alike will spend more, driving reliance on mobile wallets. Mobile peer-to-peer payments will continue maturing as customers replace cash and checks with digital alternatives.

The tie-up brings Klarna to more merchants' checkout pages without the need for individual merchant partnerships, helping it save time and money and more quickly ramp up its payments volume

Canada consumers lag Western leaders in adopting digital payments, but mainstream contactless usage has set the table for mobile payments to grow鈥攁nd certain demographic groups are leading the charge. Marketers can reach these groups by pinpointing demographic payment habits and digital preferences. Scroll on to learn:. The size of Canada鈥檚 consumer payments opportunity.

Samsung Wallet could also grow its customer base, which in 2024 will include 12.9% of US proximity mobile payment users. The mobile wallet is expected to grow less than 1.0% compounded annually through 2027, per our forecasts, but an industry shakeup like this could change its growth trajectory. Should Apple be scared?

The number of US proximity mobile payment users is expected to reach 105.9 million in 2023, or 43.2% of smartphone users, per Insider Intelligence forecasts. By 2026, mobile wallet penetration will reach 48% of smartphone users. Future mobile wallet growth will be fueled by Gen Z鈥攖hese digital natives prefer to pay using mobile wallets and other contactless methods.

Adding mobile payment options could boost mcommerce adoption. This year, 150.8 million US consumers will use mobile wallets, representing 53.4% of the total population, per our forecast. To grow mcommerce adoption, retailers should include mobile wallet options in their checkout process, focusing on the most used services. These include PayPal, Apple Pay, and Venmo. 4.