“ The evolution of Apple Pay has reduced the friction for customers , allowing them to make payments by simply tapping their phone , which increases the speed of transactions . The introduction of tap-to-pay directly on an iPhone without additional hardware or a payment terminal will simplify how businesses accept payments .”
Impact of the COVID-19 pandemic The COVID-19 pandemic significantly accelerated the shift towards mobile payments as consumers sought contactless and secure payment methods . In the US , for example , the percentage of people using mobile payments rose from 29 % in 2019 to 43 % in 2021 .
This trend is not only confined to developed markets ; in countries like Brazil and Nigeria , the adoption of mobile payments has also been notable . Brazil ’ s implementation of the PIX instant-payment system and Nigeria ’ s push towards a cashless economy have markedly reduced cash transactions , highlighting the rapid digital transformation occurring in these markets . fintechmagazine . com 101