ncredibly popular for a quick and easy way to process payments without a card or cash, especially over the last two years. So much so that experts are saying this method is pushing us closer towards a cashless world. New stats say mobile payments are sweeping the globe at an unstoppable pace.
Adoption of Mobile Contactless Payments Worldwide
According to new data, worldwide retail e-commerce sales reached $4.92 trillion in 2021. Every single country that participated in a recent eMarketer survey reported that they experienced an increase in mobile contactless adoption over the past three years. China was by far the leader when it comes to mobile payments, with 87.3% of the population using contactless payment methods. All in all, the estimated annual growth rate of the global mobile payment market between 2021-26 is 23.8%.
UK Consumers Embrace Mobile Payments
The UK has also been affected and played its part in mobile payments sweeping across the globe. The circumstances surrounding the pandemic have been the main driving force behind UK consumers’ increasing use of this payment method. However, while there was a large increase of 25% in 2020, experts say growth in the UK will not be quite as drastic going forward.
The data went on to point out that Gen Z and Millennials are another factor beind the big push in mobile payments. Their increased use has played a huge role in the shift towards mobile payments in the UK – a continuing trend from previous years. In fact, according to the UK Finance’s report, nearly half of the Gen Z respondents used digital or mobile wallets in 2020.
Mobile Payment Processing for UK Merchants
It has been predicted that over a billion contactless transactions will take place every month in the UK. The pandemic has left its mark and created what appears to be a permanent shift to online shopping – and mobile payments. If your business has yet to make the leap to the digital world and set up mobile payment processing, now is definitely the time to do so.
Of course, finding a processor can be a challenge. The task is complicated even further if your business type and industry happen to be “risky” in the eyes of lenders and processors. The key is to research all your options, compare features, terms and services, and then choose a processor that will help you fuel growth. Just make sure the provider has a firm grasp on the latest trends, like mobile payments, and offers industry-leading experience and support.
Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of mobile payments. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.