GITNUX MARKETDATA REPORT 2023

Must-Know Payments Industry Statistics [Current Data]

Facts about this Market Data Report

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Highlights: The Most Important Payments Industry Statistics

  • Global non-cash transaction volumes grew by 8.9% in 2017–2018, the highest in the past decade.
  • 57% of global consumers have used a mobile device to make a payment.
  • As of 2021, there are an estimated 1.06 billion digital payment users worldwide.
  • The US mobile payments market is predicted to hit $130 billion in 2020, more than a 200% increase in just four years.
  • The average U.S. consumer makes 41% of their payments with a debit card, 35% with a credit card, and 18% in cash.
  • Online transactions through mobile wallets increased 38.7% year-over-year as of Q2 2021.
  • Only about 7% of Americans use mobile payments daily.
  • The UK is Europe’s largest mobile payments market, with a transaction value of around $28.24 billion in 2020.
  • The total transaction value of digital payments in India is expected to reach $135.2 billion USD in 2023.
  • Credit card payment volume worldwide reached 202 trillion U.S. dollars in 2019.
  • Apple Pay currently has over 507 million users worldwide.

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In today's increasingly digital world, the payments industry has taken center stage, significantly changing the way businesses and customers operate. Navigating through the financial landscapes can often feel like stepping into a labyrinth of figures, charts, and trends. Therefore, understanding the underlying statistics becomes essential to gaining insights into this complex industry. This blog post aims to illuminate the current state of the payments industry by delving into enlightening statistics. We will dissect key trends, take a granular look at industry growth, and reveal consumer payment preferences. Join us as we embark on a numbers-led exploration into the world of payments – a realm where finance meets technology, innovation fuels growth, and data reigns supreme.

The Latest Payments Industry Statistics Unveiled

The global digital payment market size was valued at $58.3 billion in 2018, and is projected to reach $154.1 billion by 2026, growing at a CAGR of 13.7% from 2019 to 2026.

Diving right into the heart of the payment industry trends, the transformative trajectory from $58.3 billion in 2018 to an anticipated $154.1 billion by 2026 unlocks an understanding of the sheer growth potential lying within the digital payments sphere. Embarking on a trajectory of growth at a compound annual growth rate (CAGR) of 13.7%, it's clear the rate of adoption of digital payment solutions is not just rapid, but exponentially increasing. This surge is significant in shedding light on how consumer behaviour is evolving, noticeably leaning towards cashless transactions, and how businesses need to align their strategies to stay relevant in a fast-paced digital economy envisaged for 2026.

Global non-cash transaction volumes grew by 8.9% in 2017–2018, the highest in the past decade.

Undeniably, the surge in global non-cash transaction volumes by 8.9% in 2017-2018, the most substantial in the last decade, delivers an intriguing narrative in the context of the Payments Industry Statistics. This vivid upward trajectory underscores the dynamic shift towards a cashless society, a trend that's effectively rewriting the old payment paradigms and invigorating a transformation in the global payments industry.

In particular, its significance signals a fresh epoch, a digital revolution where consumers are embracing the convenience of non-cash methods like never before. This impressive progress is not merely a number but an emblem of technology's growing influence on our everyday transactions. Bearing in mind the accelerating pace of innovation, such a radical shift in trend could suggest a future where physical cash might become a relic of the past.

In essence, this statistics compellingly illuminates the undimmed enthusiasm for non-cash transactions, thereby offering intriguing insights into current market trends and consumer preferences, integral for understanding and envisioning the future landscape of the payments industry.

57% of global consumers have used a mobile device to make a payment.

Highlighting that a substantial 57% of worldwide consumers have engaged in mobile payment usage serves as a powerful testament to the global technology's reach and growth in the payments industry. As the pulse quickens and hands reach for mobile devices instead of wallets to complete financial transactions, this trend spotlights the mobile payment platform's increasing influence. In a blog post dissecting Payments Industry Statistics, these data paint a clear image of a payment landscape rapidly being reshaped by mobile technology, underscoring its significance as a critical point of discussion.

As of 2021, there are an estimated 1.06 billion digital payment users worldwide.

The palette of the payments industry landscape is splashed with a vibrant hue of 1.06 billion digital payment users globally, as of 2021, shedding light on how profoundly interconnected our economies have become. This seismic shift towards digital payments signifies the irreversible trend of choosing hustle-free, secure, and rapid transactions. No longer is physical cash the reigning necessity; the axioms of commerce have evolved. This considerable statistic is a clarion call to businesses everywhere that technology, security, user-friendliness, and innovation now sit at the very heart of consumer-first payment model. It’s an invaluable touchstone for entrepreneurs, retailers, and the wider finance industry, invaluable for shaping future strategies in payment solutions, refining user experiences, and breaking new ground in this digital age.

The US mobile payments market is predicted to hit $130 billion in 2020, more than a 200% increase in just four years.

In the realm of the Payments Industry, the projected leap of the US mobile payments market to a whopping $130 billion in 2020 unveils a fascinating narrative. The tale pivots on an astoundingly substantial growth of over 200% in a mere four years. The telling of this financial epic serves as tangible evidence of an explosive digital revolution that is radically redefining the ways in which we transact and interact. Looking beyond mere figures, the soaring numbers underscore the potential of innovative technology-enabled payment methods, setting the stage for a future where the tactile sensation of paper cash and tangible coins could be replaced by digital transactions executed with just a simple click or swipe. Thus, in the grand theater of the Payments Industry, these statistics don't merely occupy space - they command attention and illuminate a path towards a future that is increasingly mobile, electronic, and dynamic.

The average U.S. consumer makes 41% of their payments with a debit card, 35% with a credit card, and 18% in cash.

Diving into the realm of the Payments Industry Statistics, the statistic that 'an average U.S. consumer makes 41% of their payments with a debit card, 35% with a credit card, and 18% in cash' unfurls a fascinating tapestry of payment habits. Attuned to these numbers, it becomes evident that digitisation has tipped the scales in favor of card-based transactions, with debit cards leading the charge.

This information streaks a clear portrait of the evolving consumer behavior and payment preferences, thereby, fueling businesses and payment services providers to reboot their strategies. In the marathon to stay competitive, businesses ought to innovate their approach in line with these trends. Bridging this gap between user preference and business offerings could be the gold-rush for businesses thriving in the payments industry.

Moreover, the humble 18% share of cash transactions underscores the continued resilience of traditional currency in the midst of a digital leap, highlighting that cash is still deemed as king by a noteworthy portion of consumers. Therefore, any endeavors to overhaul payment systems should still account for good old cash.

Prima facie, these numbers seem a mere statistic, yet they are the lighthouse guiding businesses across the choppy waters of the ever-changing payment landscape towards safer shores.

Online transactions through mobile wallets increased 38.7% year-over-year as of Q2 2021.

Indulge me, if you will, on a virtual journey. Imagine a world where every tap, click, and swipe on our smartphones transforms into a financial transaction. That futuristic vision isn’t so distant anymore, given the astronomic rise of mobile wallet usage in the last year. As we delve into the depths of Payments Industry Statistics, a striking revelation greets us. The online transactions via mobile wallets surged by a compelling 38.7% year-over-year as noted in Q2 2021. It's as if our world of payments has taken a rollercoaster ride on an upward trajectory.

Peeling the layers of this staggering figure reveals that it marks a turning point, banking on consumer behavior shift and technological sophistication. This phenomenal surge underlines the consumers’ overwhelming trust in security, convenience, and the overall usability of mobile wallets.

For the payments industry, this shift is not merely a numerical game changer. It is a paradigm shift in itself. The proverbial bar has been raised. It's not just about enabling digital payments now; it's about creating a seamless, secure, and efficient user experience—a catalyst for all future innovations in the industry.

If these numbers continue their galactic journey at this pace, the days are not far when virtual money will outfloat the tangible, and mobile wallets will replace the traditional ones. Be it for shopping, utility payments, or money transfers; our smartphones are evolving as the new financial power tool, delivering a powerful statement on the future of the global payments ecosystem.

Only about 7% of Americans use mobile payments daily.

Painting a vivid picture of the American payments landscape, the bite-sized yet impactful revelation about just 7% of Americans utilizing daily mobile payments serves as a vibrant reminder. It underlines a rich opportunity for growth, nurtures the trace of a trend waiting to surge and unearths a section of user habits waiting to evolve. Grounding the blog post about Payments Industry Statistics, it adds validated threads of conversation around strategy, potential, and forecasts. In essence, it's a dial on the vast dashboard of the payments industry, hinting at the inertia to overcome and the miles yet to be conquered in the rush towards a digital, cashless economy.

The UK is Europe's largest mobile payments market, with a transaction value of around $28.24 billion in 2020.

Undeniably, the fact that the UK cornered Europe's largest mobile payments market with a staggering transaction value of around $28.24 billion in 2020 casts a significant spotlight on the transformative power of the UK's digital payments revolution. This titanic figure is not just a mere number; it is symbolic of the metamorphic journey the Payments Industry has embarked upon in the country. These figures not only demonstrate UK's preeminence in harnessing advanced payment technologies but also signify the magnitude of trust and convenience that these mobile platforms have generated amongst millions of users. This clearly lays a strong foundation for aspiring businesses, finance enthusiasts, and even policy makers, painting a clear picture of where the opportunities lie and how robust strategies can adapt to get a piece of this expanding pie.

The total transaction value of digital payments in India is expected to reach $135.2 billion USD in 2023.

In a digital age, where the world is unfurlingly onto online payments, it's fascinating to spotlight on India, a nation that is sprinting within the digital payments race. In the realm of payments industry statistics, India exhibits an impressive display, with its total transaction value of digital payments anticipated to rocket to $135.2 billion USD in 2023. This signifies a nucleus of glistening opportunity for digital payment providers as well as marketers alike, emphasizing the sheer potential of the Indian market. Furthermore, it details the magnitude of the shift from cash to digital transactions, highlighting the quicker acceptance and adoption of digital technology amongst Indian users. So, in a nutshell, this statistic serves as the compass guiding us to understand India's boundless growth and potential in its digital finance marathon, not just locally, but on a global pedestal.

Credit card payment volume worldwide reached 202 trillion U.S. dollars in 2019.

Understanding the exponential swath of credit card payment volume that touched a staggering 202 trillion U.S. dollars in 2019 presents a captivating context to assess the voracious growth and dynamics of the payments industry. Such an astounding figure underscores the monumental role of credit cards in energizing financial transactions globally, thereby fueling the frenetic pace of the industry's revolution. This figure serves as a testament to the ubiquitous acceptance of digital payments, reflecting on the shifting consumer behaviors and technological advancements powering the payments ecosystem. It places a spotlight on the potential opportunities, challenges, and evolving trends for businesses and individuals alike, painting an enticing canvas for the future of the digital payments realm.

Apple Pay currently has over 507 million users worldwide.

Apple Pay, boasting a staggering 507 million users worldwide, shines as a star performer in the galaxy of Payments Industry Statistics. This colossal number not only accentuates Apple Pay's dominant position within the digital payments battlefield but also reflects the rapid adoption of mobile wallets and contactless payments across the globe. It's an influential contributor to the paradigm shift in the consumer payment behaviour, progressively moving from traditional methods towards more streamlined and convenient digital solutions. This numerical testament reiterates the global reliance on developed technology and paves the footprint for emerging trends within the payment industry. As we explore this landscape, Apple Pay's statistic serves as a significant milestone on the roadmap of our discussion.

Conclusion

In summary, the Payments Industry is undergoing significant evolutionary phases, propelled by technological advancements, shifting consumer behaviors, and evolving regulatory landscapes. Statistics perfectly depict the magnitude of this growth and the key drivers shaping this industry's future. Looking ahead, trends like increased mobile payments, the rise of digital wallets, the prevalence of real-time payments, and a growing acceptance of cryptocurrencies are expected to shape this industry's pathway. However, the success within this realm will only be possible if businesses comprehend these trends, align their practices with these, and place customers’ needs at the heart of their services. Stay tuned in in understanding these vital statistics, as they are more than just numbers – they influence decisions, responses, and strategies in the dynamic Payments Industry landscape.

References

0. - https://www.www.digitalcommerce360.com

1. - https://www.www.alliedmarketresearch.com

2. - https://www.www.businessinsider.com

3. - https://www.www.cnbc.com

4. - https://www.www.macrumors.com

5. - https://www.www.fisglobal.com

6. - https://www.www.statista.com

7. - https://www.www.pymnts.com

Frequently Asked Questions

The payments industry involves all businesses that facilitate the exchange of goods or services for money. This comprises companies in credit and debit card processing, electronic and mobile payments, remittance services, payment gateways, point-of-sale systems, and other payment-related services.
Technology has significantly transformed the payments industry by introducing faster, more efficient, and secure payment options. These include contactless payments, mobile wallets, digital currencies, and peer-to-peer payment apps. Technology also has improved the level of security in transactions with advancements in encryption and tokenization.
The exact growth can vary based on specific market conditions, geographical location, and payment type. However, according to the latest estimations, the global payments industry is expected to grow at an annual rate of around 6% to reach over $2 trillion by 2025-2027.
Financial technology, or FinTech, has become a major player in the payments industry, disrupting traditional payment methods through innovative solutions. FinTech companies offer enhanced functionality, user friendliness, and cost-effectiveness across multiple segments including peer-to-peer money transfers, digital wallets, and mobile payment solutions.
The payments industry employs advanced security measures to protect transactions and sensitive customer data. These include encryption, tokenization, biometric authentication, and fraud detection algorithms. Also, the industry must adhere to various global security standards like PCI DSS (Payment Card Industry Data Security Standard) to ensure the maintenance of high security levels.
How we write these articles

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly. See our Editorial Guidelines.

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