YOY Growth in Virtual Payments

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Virtual Payments

The number of non-cash transactions in the United States has increased from 152.5 billion in 2015 to 190 billion in 2019.

VIRTUAL PAYMENTS IN THE US/NORTH AMERICA

  • Number of non-cash transactions in 2015: 152.5 billion
  • Number of non-cash transactions in 2016: 161.1 billion
  • Number of non-cash transactions in 2017: 170.2 billion
  • Number of non-cash transactions in 2018: 180 billion
  • Number of non-cash transactions in 2019: 190 billion
  • Total transaction value for digital payment in 2019: $962.027 billion
  • The annual growth rate of the transaction value for digital payment from 2019 to 2023: 8.6%

MOBILE PHONE INITIATED PAYMENTS IN THE US

  • Number of people that use mobile payments in 2015: 23.2 million
  • Number of people that use mobile payments in 2016: 38.4 million
  • Number of people that use mobile payments in 2017: 48.1 million
  • Number of people that use mobile payments in 2018: 55.0 million
  • Number of people that use mobile payments in 2019: 61.6 million

DIFFERENCE BETWEEN MOBILE PHONE INITIATED PAYMENTS AND ONLINE PAYMENTS

  • E-commerce mobile orders increased from 29% in 2015 to 31% in 2016.
  • In 2017, 30% of all digital commerce transactions was made from mobile apps while 70% is from desktop and web browsers.
  • In 2017, mobile commerce accounted for 48% of all digital commerce sales and forecasted to reach 70% by 2022.
  • Mobile payments are expected to rise from 17% in 2018 to 28% in 2022.
  • In the US, almost 90% of consumers prefer to pay by cash, credit card or debit card over mobile alternatives.

ADDITIONAL GLOBAL INSIGHTS

  • Debit cards accounted for 46.7% of non-cash payments while credit cards accounted for 19.1%.
  • Non-cash transactions rose by 11.2% from 2014 to 2015.
  • WeChat has over 1 billion daily active users in 2019, making it the world’s biggest mobile payment platform.
  • Global transaction volume of mobile payment in 2015: $450 billion
  • Global transaction volume of mobile payment in 2016: $620 billion
  • Global transaction volume of mobile payment in 2017: $780 billion
  • Global transaction volume of mobile payment in 2018: $930 billion
  • Global transaction volume of mobile payment in 2019: $1,080 billion

Sources
Sources

Quotes
  • "The worldwide mobile payment revenue in 2015 was 450 billion U.S. dollars and is expected to surpass 1 trillion U.S. dollars in 2019."
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  • "People around the world are expected to make 726 billion transactions using digital payment technologies by 2020, according to a study released Monday."
  • "“Non-cash payments have increased in volume due to the rise in adoption of digital payment services across all market segments,” Christophe Vergne, cards and payment practice leader at Capgemini, told CNBC via email Monday."
Quotes
  • "The share of mobile orders (phone and tablet) out of all e-commerce had increased to 31 percent in November 2016, up from 29 percent in 2015."
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  • "Total transaction value is expected to show an annual growth rate (CAGR 2019-2023) of 8.6% resulting in the total amount of US$1,339,005m by 2023."
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  • "Mobile commerce accounts for 48 percent of digital commerce sales globally as of 2017, and is forecasted to reach 70 percent by 2022 (tripling to $4.6 trillion)."
Quotes
  • "55.0 million people in the US will use mobile payments, making up 20.2% of the population, according to eMarketer estimates."