Ä¢¹½AV

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—unless providers fine-tune strategies.

Expanding into healthcare payments can help invigorate growth for BNPL players as user growth slows

This could not only impact its market share in the debit card industry and cut into its margins—it may also hurt Visa’s brand in the court of public opinion

Fintechs, banks, and the government will reshuffle the payments deck in 2024. New features and competition will redefine the digital wallet user experience, and FedNow will pivot payment flows in new directions.

Block has been working to grow Cash App Pay, but the buy button still trails competitors

The final version of the Consumer Financial Protection Bureau’s Section 1033 rule clarifies how financial institutions and apps must protect and share customer data.

The actor’s appeal across generations can help attract users for the company’s debit card and in-store offerings

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.

Its full rollout has been a long time coming. Now, it needs to expand its merchant network before it can really take off

Cash is no longer king in Brazil after being dethroned by the central bank’s instant payments system, Pix. This report explores who’s using Pix (nearly two-thirds of the population), what’s fueling its immense popularity, and how it will reshape Brazil’s payments landscape this year and beyond.

Modern card issuers will grow alongside mobile payment services transaction value. Mobile payment services can use modern card issuing to seamlessly scale and incorporate cards into users’ digital wallets. We expect US proximity mobile payment transaction value to jump at an 18.6% average annual rate from 2023 to 2027, hitting $1.094 trillion.

Physical stores are the new frontier for retail media. But undeveloped tech capabilities, competing priorities, and unproven new formats are hurdles retailers need to address.

Users can now add their US passports and more transit cards to their wallets, and Google is getting more companies to accept these passes

Quick consumer adoption of new technology has been a hallmark of China’s digital economy; think mobile payments, online shopping, super apps, and livestreaming ecommerce. In 2024, tech companies will launch an exuberant number of AI applications, but only those that offer true value to consumers will survive. Asia-Pacific offers the metaverse a second life.

It’s hoping that phasing out Google Pay will make its mobile payments offering less confusing for users, increasing adoption: We forecast 32.5% of proximity mobile payment users will use Google Pay this year—versus Apple Pay’s 53.8%.

This feature will help Venmo catch up to other P2P apps and bring in more frequent users.

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—far outweighing usage on the computer (33.6%) and in person (22.5%), per our September 2022 US BNPL Emerging Features Benchmark survey.

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.

The solution gives consumers greater visibility into their transaction data, improving the customer experience and saving banks money on customer service costs