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By 2028, more than half (50.2%) of US smartphone users will be proximity mobile payment users, accounting for 132.6 million people, per our March 2024 forecast. 39% of retailers in Australia, North America, and the UK plan to provide more payment options, such as BNPL, to stay competitive in 2024, according to a January 2024 report by Square. The prediction: 鈥滲iometric checkout has a lot of legs.

Consumer behaviors will be shaped by continued uncertainty, heightened in an election year, and cultural trends spilling over into commerce (think Krispy Kreme and Ozempic). Retailers that lean into tech advancements and get back to basics will win.

We expect Australian 4.7 million consumers in Australia will use proximity mobile payments this year, accounting for 21.2% of the country鈥檚 population. Apple鈥檚 opportunity: Tap to Pay is Apple鈥檚 first merchant-facing payments product. It lets the company capitalize on non-Apple Pay transactions, opening up a new revenue stream.

We expect 16.1 million people in Germany will use P2P mobile payments in 2023, growing 7.9% year over year (YoY) and representing 23.1% of the population, per our forecasts. France will have 13.1 million P2P mobile payment users in 2023, making up 24.5% of the population.

Buy now, pay later (BNPL) payment value will rise 14.8% annually from 2023 through 2027, as BNPL fintech leaders adapt to a maturing market by diversifying product offerings and harnessing demographic trends.

Dig deeper: Check out our US Proximity Mobile Payments Forecast 2023 and Apple in Consumer Finance reports for more information on how Apple is disrupting the payments landscape. This article originally appeared in Insider Intelligence's Payments Innovation Briefing鈥攁 daily recap of top stories reshaping the payments industry.

The digitization of the store鈥攔etail鈥檚 next megatrend鈥攚ill transform the shopper鈥檚 path to purchase and industry economics for retailers and brands.

It might appeal to mobile payment super-users who increasingly feel inclined to leave physical wallets at home. The bigger picture: More use cases for biometric payments are popping up, which increases the threat that this tech poses to legacy terminal providers. In China, WeChat debuted Wave-To-Pay, which lets customers checkout by waiving their palm over a scanner, per The Register.

Canada consumers lag Western leaders in adopting digital payments, but mainstream contactless usage has set the table for mobile payments to grow鈥攁nd certain demographic groups are leading the charge. Marketers can reach these groups by pinpointing demographic payment habits and digital preferences. Scroll on to learn:. The size of Canada鈥檚 consumer payments opportunity.

Proximity mobile payment adoption will continue to grow鈥攎ore than 4 in 10 smartphone users will be tapping or scanning to pay this year. And existing and new users alike will spend more, driving reliance on mobile wallets. Mobile peer-to-peer payments will continue maturing as customers replace cash and checks with digital alternatives.

Samsung Wallet could also grow its customer base, which in 2024 will include 12.9% of US proximity mobile payment users. The mobile wallet is expected to grow less than 1.0% compounded annually through 2027, per our forecasts, but an industry shakeup like this could change its growth trajectory. Should Apple be scared?

The number of US proximity mobile payment users is expected to reach 105.9 million in 2023, or 43.2% of smartphone users, per Insider Intelligence forecasts. By 2026, mobile wallet penetration will reach 48% of smartphone users. Future mobile wallet growth will be fueled by Gen Z鈥攖hese digital natives prefer to pay using mobile wallets and other contactless methods.

Looking ahead, mobile payments may become an increasingly important tool in helping unbanked and other cash-reliant consumers transition to digital payments. The number of US proximity mobile payment users is expected to hit 99.7 million by the end of 2022, per Insider Intelligence forecasts.

Adding mobile payment options could boost mcommerce adoption. This year, 150.8 million US consumers will use mobile wallets, representing 53.4% of the total population, per our forecast. To grow mcommerce adoption, retailers should include mobile wallet options in their checkout process, focusing on the most used services. These include PayPal, Apple Pay, and Venmo. 4.

SoftPOS is a form of mPOS that can turn any seller鈥檚 smartphone into a payment terminal.

In part two of this two-part podcast episode on the Google antitrust ruling, we discuss what this decision will actually mean for Google and which competitor is likely to benefit the most from whatever penalties get handed out. Tune in to the discussion with host Marcus Johnson, analyst Max Willens and vice president of content Paul Verna.

It may be an olive branch for Gen Zers and millennials who may be upset over its decision to stop accepting Amex. It鈥檚 a win for Venmo鈥檚 monetization journey

Proximity mobile payment penetration will hit a record-high 43.2% of smartphone users this year, according to our forecast. And per-user spending will exceed $5,000 for the first time, thanks to growing acceptance and user experience improvements.

We expect total proximity mobile payment transaction value to reach $552.41 billion in 2023, up 26.9% YoY, per our forecast. B2B digitization. B2B transactions are 鈥渢he largest component of new flows,鈥� according to McInerney. He noted that traditional issuance is the core of B2B, representing the majority of the $760 billion in commercial payments volume in the first half of fiscal year 2023.

This year, 35.6% of US adults will make proximity mobile payments, a figure that will increase to 42.6% in 2026. The more people adopt digital wallets, and the more those wallets work seamlessly for in-store and remote purchases, the faster mobile purchases will increase. Conversion rates. This one might seem obvious, but that doesn鈥檛 make it any less important.

Our view: Gen Z鈥檚 affinity for Apple-branded products and services put its mobile payment app at the top of their list. And now, with the launch of Apple Pay Later, it may become a fast favorite among teen buy now, pay later (BNPL) users. We forecast that the number of US Gen Z BNPL users will grow 16.1% this year to reach 26.3 million.

Gen Z isn鈥檛 taking the same financial services customer journey as older consumers. Our inaugural survey of US banking consumers unveils where the differences lie.

BNPL loans can be accessed at the point-of-sale (online or in-person), usually via a BNPL loan provider's branded app, via a merchant鈥檚 website or app, or via proximity mobile payment apps like Apple Pay and Google Pay. Examples include Affirm, Afterpay, Klarna, Zip, and PayPal鈥檚 BNPL service. Some short-term, no-interest loans can be accessed only at retailers. Examples include Bread Pay and SetPay.