China, Norway & United Kingdom Lead The Way For Mobile Pay
In 2014, Apple launched their first mobile payment app, followed by Samsung and Android a year later. By 2022, it’s estimated that the transaction value of paid apps will reach nearly $14 trillion illustrating the fast-pace of the industry. Payment apps have been adopted quicker in China than anywhere else, but which countries are catching up in the market?
Merchant account and card payment fee comparison service Merchant Machine have collated the facts and figures behind mobile wallet’s to give a landscape of one of the fastest moving technology markets in the world. The research looks at usage across countries, ages and different mobile wallets. Some of the key findings are outlined below:
A country is often defined by their attitude towards technology as it often advances them as a society. In the mobile wallet market, these are the places whose residents have adopted Apple, Android and many other payment apps the fastest.
China - WeChat pay and Alipay are the two dominant payment platforms in a country with the highest GDP, making their market share all the more valuable. It’s estimated that 47% of phone owners use mobile wallets
Norway - Scandinavian nations are revered for their innovative societies, and their payment methods mirror this opinion. At 42% usage, mobile wallet usage is higher proportionally in Norway than in any other European nation.
United Kingdom - The convenience of mobile wallets could well have contributed to the popularity in the UK with 24% of phone users using payment apps, placing them in 3rd place.
Japan - Much like China, the advancement of the tech industry in Japan has often been mirrored by its inhabitants. This is no different when it comes to the adoption of mobile wallets, with an estimated ⅕ of smartphone owners using digital wallets.
Australia - Our research has found phone users down under are opting for the convenience more than many other international counterparts. With 19% using mobile wallets, they rank 5th above the likes of USA and Singapore.
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