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Like many other payment providers globally, Alibaba is opening up its walled garden to fight off antitrust scrutiny

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.

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 rollout extends Klarna鈥檚 in-store push and bolsters Alipay鈥檚 global expansion efforts

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.

P&C insurers haven鈥檛 seen a market as hard as this one for a generation. Those willing to rework their business model from a reactive to a more proactive approach stand a better chance of returning to profitability.

The integration is a win for PayPal after Amazon stopped accepting Venmo on its ecommerce site

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.

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.

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.

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.

Small and medium-sized businesses will account for almost half of the $35 trillion B2B payments market this year. They have been slow to digitize, handing B2B payment providers a unique set of needs to address.

To overcome account opening headwinds, credit card marketers can explore credit card subscriptions, net worth data collection, and wallet-first cardholder experiences.

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.

The fintech wants to capitalize on the country鈥檚 rapidly digitizing payments market, but competing against both homegrown and other global players won鈥檛 be easy

The issuer wants concessions from Apple to protect it from some of the issues Goldman Sachs has dealt with

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.