2.1 Billion Consumers Will Use Mobile Payments By 2019

by MR Magazine Staff

Almost 2.1 billion consumers worldwide are expected to use mobile wallets for payments or money transfers by next year, representing growth of almost 30% over the 1.6 billion consumers who used mobile wallets last year, according to a new study from Juniper Research. PayPal was cited by Juniper as having “the greatest opportunities to develop a converged wallet on a worldwide basis” in the next five years, but China’s Alipay was mentioned as a close second for global market leadership, with WeChat Pay, Alipay’s rival in China, coming in third. The report also suggested that most markets around the world will see a mix of both QR code-based contactless mobile payment options — the type used by retailers such as Walmart and Starbucks — and NFC-based mobile payments. Read more at Retail Dive.