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NFC access unlocks consumers鈥� most popular in-store mobile payment methods for US wallets and payment apps. Payment apps like PayPal, Venmo, and Cash App have had to rely on QR code payments to give customers an in-store iPhone payment option. But this method has not caught on: Only 2.4% of in-store mobile phone-based transactions were made via QR code in 2023, per the Federal Reserve Bank of Atlanta.

Proximity mobile payment transaction value will nearly double from 2024 to 2028. And smartphone user penetration will rise from 39.3% to 45.4% in that period, per our forecast. Thanks to growing acceptance, user experience improvements, and commerce feature enhancements, spend per user will also rise. Click here to view our full forecast for US proximity mobile payment transaction value.

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's website or app, or via proximity mobile payment apps like Apple Pay and Google Wallet. Examples include Affirm, Afterpay, Klarna, Zip, and PayPal's BNPL service. Some short-term, no-interest loans can be accessed only at retailers.

Mobile apps enhance omnichannel consumer journeys through key features, including providing real-time inventory visibility, product information, and in-store wayfinding; storing coupons and promos in a digital wallet; and enabling cashierless checkout technology such as scan-and-go and proximity mobile payments.

In 2022, four of the six Southeast Asian countries in our forecast will see double-digit growth in their number of proximity mobile payment users. Beyond delivering convenience to consumers, a host of other factors are driving adoption in the region.

Proximity mobile payment growth in Canada is stagnant, posing a challenge for providers. We expect them to counter this trend by boosting customer engagement rather than seeking out new users.

Low adoption and stagnating growth are driving peer-to-peer mobile payment providers to make their services more accessible and attractive to increase engagement within the existing user base.

As the mobile wallet ecosystem matures, US proximity mobile payment engagement gains are lapping user growth.

Shoppers are relying on their smartphones more, as enhancements in mobile payments, social media checkout, and retailer apps make purchases easier than ever. This year, US shoppers will spend $558.29 billion on their mobile devices, accounting for 44.6% of overall ecommerce sales, according to our November 2023 forecast. We delve into the consumer embrace of mcommerce, unpacking three key drivers.

Modern card issuers are turbocharging the issuer processor space by offering API-based, customizable card solutions for non-financial services companies. Mobile payment services, ecommerce marketplaces, and the gig economy are in their sights鈥攁long with $17.12 billion in issuer processing revenues.

It opened up its ecosystem and seemingly gave up its grand financial services ambitions. But it鈥檚 still a major payments player.

US adults are fairly evenly split on using mobile payment apps online versus in-store鈥攅xcept with PayPal, where 36% of users use the platform online most often, compared with 29% of users who use the app in-store, according to CivicScience.

Venmo is the dominant P2P payment app in the US, with 52.2% of all P2P mobile payment users in 2022.

Sezzle faces an uphill battle competing against larger players like Affirm and Klarna

But the solution may struggle to gain traction given consumers鈥� unreadiness to adopt the technology

US retail sales via mobile wallets are growing much faster than overall sales. To meet this demand, wallet providers must address consumer expectations and solve growth hurdles.

The company made major strategic moves during its transition year, but it may take longer for them to bear fruit

While it still faces hurdles, the company鈥檚 finances have improved markedly鈥攕etting it up for a strong IPO in 2025

This tie-up defies previous concerns about the viability of funding the BNPL industry

Social commerce is the fastest-growing US retail channel, and retailers will need to offer a seamless payment experience to maximize the opportunity. Understanding payment preferences will be key to ensuring conversion at checkout.

QSRs may need to evolve to better serve online orders: Pizza Hut and McDonald鈥檚 are both testing new store formats focused on digital and drive-thru customers.