MOBILE PAYMENTS
The mobile payment ecosystem Key players in the mobile payment ecosystem include digital wallets such as PayPal , Apple Pay and Alipay . PayPal leads the market in the US , with 36 % of users preferring it over other digital wallets .
Globally , however , Alipay and WeChat Pay dominate , particularly in China , where mobile payments are ubiquitous , with over 80 % of smartphone users making use of these services .
Nicholas Holt , Head of Solutions and Delivery at Marqeta , comments : “ Following the launch of Google Pay , Apple Pay and Samsung Pay , mobile payments have become increasingly popular .
“ The growing consumer demand for quick , seamless checkouts , especially since COVID-19 , has led to the widespread adoption of contactless POS machines by retailers and restaurants across the US , UK and Europe . Digital wallets have grown in popularity , simplifying banking and making purchases easier .”
The trend towards contactless payments is further noted by innovations such as Apple ’ s tap-to-pay feature , which eliminates the need for additional hardware by maximising the capabilities of their digital payment processing software .
Max Alexander , Co-Founder at Ditto , notes : “ One of the most impactful payment solutions in recent years has come from Apple .
“Digital wallets not only make for quick , contactless payments but also provide businesses with a route to ethically collect customer data ”
KEVIN CARSON SENIOR VICE PRESIDENT , FREEDOMPAY
100 July 2024