In a world where convenience is king, mobile payments have become essential. With mobile payment stats showing a 24.4% adoption rate in the UK, if you ignore this trend, you’re risking falling behind.
Whether it’s a tap, scan or swipe, embracing mobile payments can transform your customer experience and boost revenue. Let’s look at the top mobile payment trends and stats in this article.
What are mobile payments?
Mobile payments refer to the use of mobile devices to process financial transactions online or at the point of sale. These payments are powered by advanced payment systems where they leverage technologies like NFC (near-field communication), QR codes and apps like Apple Pay and Google Pay.
Types of mobile payment methods
- Contactless payments: Using NFC technology, customers can tap their phones at compatible terminals to pay instantly.
- Mobile wallets: Apple like Apple Pay, Google Pay and Samsung Pay store credit card details securely, enabling quick and secure transitions.
- QR code payments: Scanning a QR code at the POS system to process payments is increasingly popular in cafes, retail stores and charity events in the UK.
- In-app purchases: Businesses integrate payment systems into their mobile apps for seamless purchases without redirection.
Key mobile payment statistics for 2025
Understanding the current condition of mobile payment trends is crucial for your business if you aim to stay ahead.
Global mobile payment statistics:
- In 2023, global mobile payment transaction volume reached $2.3 trillion/£1.8 trillion., which was a 16.6% annual increase (Business of Apps).
- Over 2 billion people used mobile payments in 2023 worldwide (Business of Apps).
- The global mobile payment market is expected to grow from $3.84 trillion/£2.99 trillion in 2024 to $27.81 trillion/£21.7 trillion by 2032, at a CAGR of 28.1%. (Fortune Business Insights).
UK mobile payment statistics:
- According to a survey, 26% of UK respondents said they had paid with their smartphone for everyday purchases in the last 12 months (Statista).
- UK’s digital payment market is expected to reach $11.5 trillion/£8.9 trillion in 2034 (Statista).
- UK’s total transaction value in the digital payments market is expected to show an annual growth of 9.52% from 2024 to 2028 (Statista).
Trends driving mobile payment adoption
The surge in the taking of mobile payments is propelled by several trends, both globally and within the UK. Let’s look at some of them.
1. Increasing smartphone penetration
- As of 2024, there are 7.2 billion smartphones, which amount to 90% of the total population in the world (Exploding Topics).
- The mobile payment market in the UK has reached more than 10 million users since the coronavirus (Statista).
2. Expansion of mobile wallets
- Digital wallets accounted for 49% of global e-commerce transactions in 2023 (Clealry Payments).
- In China, over 90% of consumers use digital wallets like AliPay and WeChatPay for daily purchases (Clearly Payments).
- Over half of the UK adults now use digital wallets, with services like Apple Pay and Google Pay (Reuters).
3. Growth of contactless payments
- Contactless payments are expected to reach $10 trillion/£7.8 trillion in transaction value by 2027 (Merchant Savvy).
- In 20222, 37% of all payments were made through contactless methods in the UK (Compare Banks).
- RBR Global forecasted that 81% of all credit cards will feature contactless payment technology by 2026 (NCFW).
4. Enhanced security measures
- Biometric technology will secure $2.5 trillion/£1.95 trillion in mobile payments by the end of 2024 (Juniper Research).
5. Adoption by small and medium enterprises (SMEs)
- 34% of UK adults used mobile contactless payments at least once a month in 2023 (UK Finance).
- Mobile wallets contributed 28.6% to the global POS transactions in 2021 (World Pay Global).
- 24% of UK consumers have a digital-only bank account. This is 50% for the people aged between 18 and 24 (Compare Banks).
- Mobile wallet transactions were valued at $188 billion/£146.6 billion in 2020 and will increase to $708 billion/£552.2 billion in 2025, in Europe (Merchant Savvy).
- E-commerce payments done by mobile wallets were recorded at 51.7% and that of POS payments at 33.4% (World Pay Global).
Mobile payment stats proving the benefits for businesses
Mobile payments have revolutionised the way businesses operate. They offer numerous advantages such as increased efficiency, better customer satisfaction and boosted revenue.
- 70% of millennials are happy about the discounts and rewards mobile payments offer (Monei).
- 78% of Americans want to use their mobile wallets anywhere they wish (Marqeta).
- 41% of consumers shy away from shopping at a store that is devoid of contactless payment support (USA Visa).
- 55.8 million Americans used Apple Pay in 2023, which is nearly a 10% growth from 2022 (Insider Intelligence).
- The adoption of Strong Customer Authentication (SCA) has reduced online payment fraud by 25% in the UK (Barclays).
Challenges and barriers to mobile payment adoption
While mobile payments offer numerous advantages, several challenges hinder their widespread adoption. Below are some key obstacles.
1. Safety
- 62% of consumers express worries about the safety of their sensitive information when using mobile payments (Go-Globe).
- 40% of U.S. internet users cite digital security as their main concern for online transactions (Wifi Talents).
2. Lack of consumer awareness
60% of consumers are still feeling shy about using contactless payments because they lack an understanding of the technology (Philadelphia Fed).
Mobile payment stats that show its growing rate of adoption
- The average transaction value of mobile shopping is expected to be around $120/£95 in 2024 (Wiser Notify).
- Mobile apps recorded a commerce sales conversion rate of 3.5% which is higher than the 2% conversion rate for mobile websites (Wiser Notify).
- In 2023, mobile e-commerce sales in the UK were £92 billion, up from £50 billion in 2019 (Statista).
- In 2023, about 66% of restaurants in the US and Canada accepted mobile payments (Touch Bistro).
- 30% of hotel bookings were made through mobile wallets in 2019 (Phocus Wire).
- 24% of consumers said they frequently use mobile wallets like Apple and Google Pay in the hospitality business (Zonal CGA).
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FAQs
China is the largest adopter of mobile payments. About 87% of the residents used contactless payment methods. India comes in second with 45.6%, and the United States is 3rd with 43.2%. This is the data recorded in 2021.
Disadvantages include security concerns like data breaches, reliance on mobile devices, limited infrastructure in some areas and potential technical issues. Battery dependency and lack of universal acceptance add to the barriers
People are using mobile payments globally for their speed, convenience and enhanced security features. They simplify transactions, reduce the need for cash or cards and integrate with mobile wallets like Apple Pay and Google Pay easily. Additionally, features like discounts and loyalty programs make them even more appealing to consumers.
