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Proximity mobile payment transaction value will increase by 21.4% this year and by double digits through the end of our forecast in 2028.

Mobile apps enhance omnichannel consumer journeys through key features, including providing real-time inventory visibility, product information, and in-store wayfinding; storing coupons and promos in a digital wallet; and enabling cashierless checkout technology such as scan-and-go and proximity mobile payments.

As the mobile wallet ecosystem matures, US proximity mobile payment engagement gains are lapping user growth.

Modern card issuers are turbocharging the issuer processor space by offering API-based, customizable card solutions for non-financial services companies. Mobile payment services, ecommerce marketplaces, and the gig economy are in their sights鈥攁long with $17.12 billion in issuer processing revenues.

US adults are fairly evenly split on using mobile payment apps online versus in-store鈥攅xcept with PayPal, where 36% of users use the platform online most often, compared with 29% of users who use the app in-store, according to CivicScience.

Shoppers are relying on their smartphones more, as enhancements in mobile payments, social media checkout, and retailer apps make purchases easier than ever. This year, US shoppers will spend $558.29 billion on their mobile devices, accounting for 44.6% of overall ecommerce sales, according to our November 2023 forecast. We delve into the consumer embrace of mcommerce, unpacking three key drivers.

In-store payments provide a new growth avenue for BNPL providers facing slower industrywide volume growth

Despite an industrywide push to grow via nonmerchant partnerships, BNPL players still rely on individual deals to reach large merchants

Even so, issuers may be slow to lift preemptive APR increases as they brace for economic turbulence

This leaves the BNPL industry back at square one in terms of regulation, creating uncertainty for providers

Proximity mobile payment transaction value will nearly double from 2024 to 2028. And smartphone user penetration will rise from 39.3% to 45.4% in that period, per our forecast. Thanks to growing acceptance, user experience improvements, and commerce feature enhancements, spend per user will also rise. Click here to view our full forecast for US proximity mobile payment transaction value.

The explosion of softPOS is reshaping the POS landscape and forcing hardware and software providers to pivot

They have higher customer satisfaction rates, adding to the competitive pressures

US retail sales via mobile wallets are growing much faster than overall sales. To meet this demand, wallet providers must address consumer expectations and solve growth hurdles.

Its impressive growth gives Shopify a volume and cross-sell boost