蘑菇AV

Despite Google Wallet and Apple Wallet鈥檚 investments in travel and ID features, adoption has been tepid

The mobile wallet鈥檚 scaled-back rollout has been slow. But wero should be able to overcome that thanks to its transformative nature

The point-of-sale installment offering will face adoption hurdles given growing competition in the country

It鈥檚 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鈥攙ersus Apple Pay鈥檚 53.8%.

Marqeta Flex helps digital wallets and card issuers embed BNPL options, eliminating the need for direct integrations with merchants

PayPal's outage highlights rising API-related flaws in finance. With 80% of U.S. adults relying on app-based payments, regulatory scrutiny and customer frustration could reshape the competitive landscape.

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.

Banning Google鈥檚 search payments will threaten browser stability, push Apple to adapt, and create openings for competitors like Bing and DuckDuckGo.

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.

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.

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.

Google wants to be a retail hub: Less than a month after rolling out a rebuilt Google Shopping, the tech giant launched a host of in-store and local shopping features.

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.

The CFPB is trying to supervise large payment apps as the lines between Big Tech and payments blur. But it鈥檚 unclear how Trump will shake up the agency

Proximity mobile payment transaction value is expected to grow by 21.4% in the US this year, with Starbucks鈥� app ranking as the second most-used proximity payment platform, according to 蘑菇AV鈥檚 forecast. Yet, the surge in mobile orders has also led to operational challenges.

The wallet is pushing new features to help increase app engagement and maintain customer loyalty

The BNPL provider has been prepping for this for years. Its profitability push and cost-cutting initiatives should set it up for a strong listing

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.

Square Loans, Cash App Borrow, and Afterpay were all bright spots that should yield longer-term growth

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.

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.