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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.

Proximity mobile payment penetration will hit a record-high 43.2% of smartphone users this year, according to our forecast. And per-user spending will exceed $5,000 for the first time, thanks to growing acceptance and user experience improvements.

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.

We expect total proximity mobile payment transaction value to reach $552.41 billion in 2023, up 26.9% YoY, per our forecast. B2B digitization. B2B transactions are 鈥渢he largest component of new flows,鈥� according to McInerney. He noted that traditional issuance is the core of B2B, representing the majority of the $760 billion in commercial payments volume in the first half of fiscal year 2023.

Firms must plan for regulatory changes across areas like BNPL, open banking, crypto, and credit cards

Our view: Gen Z鈥檚 affinity for Apple-branded products and services put its mobile payment app at the top of their list. And now, with the launch of Apple Pay Later, it may become a fast favorite among teen buy now, pay later (BNPL) users. We forecast that the number of US Gen Z BNPL users will grow 16.1% this year to reach 26.3 million.

By 2028, more than half (50.2%) of US smartphone users will be proximity mobile payment users, accounting for 132.6 million people, per our March 2024 forecast. 39% of retailers in Australia, North America, and the UK plan to provide more payment options, such as BNPL, to stay competitive in 2024, according to a January 2024 report by Square. The prediction: 鈥滲iometric checkout has a lot of legs.

Mobile payments are becoming easier. Digital wallets such as PayPal, Apple Pay, Samsung Pay, and Google Pay have made paying by mobile easier and more secure. People are spending more time on their smartphones. In 2023, the average UK adult will spend over three hours a day on their smartphone, per our forecast. That鈥檚 up from 2 hours and 18 minutes (2:18) in 2019.

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

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鈥檚 website or app, or via proximity mobile payment apps like Apple Pay and Google Pay. Examples include Affirm, Afterpay, Klarna, Zip, and PayPal鈥檚 BNPL service. Some short-term, no-interest loans can be accessed only at retailers. Examples include Bread Pay and SetPay.

Amazon still hasn鈥檛 figured out the right formula for physical retail: The retail giant closes three of its Amazon Go convenience stores, leaving it with just 17 nationwide.

Quick consumer adoption of new technology has been a hallmark of China鈥檚 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.

The rollout will help it keep up with Klarna, but well-established competitors in the market could limit its growth

Super apps: Platforms like Alibaba and Tencent created combination entertainment and shopping platforms that feature mobile payment solutions. In comparison, US shopping platforms lack a social/entertainment factor, while US social platforms don鈥檛 inherently have mobile wallet features.

A Trump administration could lead to sweeping changes at the agency

The agency has launched similar inquiries with other major banks. These could create reputational problems for the P2P platform

Proximity mobile payment penetration will hit a record-high 43.2% of smartphone users this year, according to our forecast. And per-user spending will exceed $5,000 for the first time, thanks to growing acceptance and user experience improvements.

US proximity mobile payment transaction value will grow 32.0% in 2023 to reach $549.47 billion. Generative AI can create personalized messages based on customer data analysis, so customers receive tailored product recommendations, promotions, and payment options. Issuing banks. Issuing banks earned $145.1 billion on credit card interest alone in 2022.

While this is a win for Klarna, merchants may not want to take on the higher transaction costs that sometimes come with BNPL plans

Canadian P2P mobile payments usage will remain low over the next few years as growth peters out. It will plunge from 4.5% in 2023 to just 1.9% in 2027, leaving penetration below 35%. It鈥檚 not an anomaly: Canada lags the digital pace set by leading Western economies across payment types. Mobile payments have been particularly slow to catch on, which has trickled into P2P preferences.

The company is shifting its strategies to achieve greater profitability, but investors still aren鈥檛 impressed

Key stat: Boomers are the least likely to use proximity mobile payments, with only 9.5 million expected to use digital wallets this year, per our forecast. However, 73% of boomers surveyed by Razorfish consider technology important to manage their money. Why it matters: Boomers鈥� openness to financial technology presents a significant opportunity.

Nearly a third of UK adults reported being registered for at least one mobile payments service in 2021, per UK Finance. This is well above usage rates in the US and Canada. And per the same UK Finance report, 16- to 24-year-olds are five times more likely to be registered than those 65 and older. BNPL payment value share will double as older consumers play a larger role.

Related content: Check out our Southeast Asia Proximity Mobile Payments Forecast 2022 spotlight report to learn more about mobile payment penetration in Vietnam. This article originally appeared in Insider Intelligence's Payments Innovation Briefing鈥攁 daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.

According to finder.com, it's already the most popular mobile payment service in the UK with around 69% of those who've used mobile payments in the previous year opting for Apple Pay. That's ahead of PayPal, which was at 31%, and Google Pay, which was at 27%. I know that some of the other providers are innovating, but so is Apple Pay.