Although mobile payments have come to our life to stay, their penetration has not been distributed in the same way in the different countries of the world. We tell you which regions lead this revolution.
Far away seem to be the moments of yesteryear in which the exclusive option to pay for products and services were money in cash. Today, technology has marked a before and after in commerce, and we already find everywhere biometric alternatives, preponderance of contactless payment and also an irreversible rise in mobile payment, the modality that allows transactions to be carried out wirelessly, comfortably and instantaneously just one click from our Smartphone.
China, the world leader in mobile payment
As the following content shows on TheForbiz.com, the mobile payment and its preponderance are not distributed uniformly across the globe, but its penetration is very changeable according to the area. China is the clear leader, as it is only in 2019 that more than 500 million Chinese consumers are expected to opt for the mobile payment modality at point of sale terminals, that is, that they use their Smartphone’s to pay bills in physical establishments.
The data is based on the estimates of the latest edition of the Statista Digital Market Outlook; the penetration rate of these digital payments in China will exceed 35% this year, being the highest on the planet. This study based on forecasts for February 2019, records payments at point of sale terminals through apps such as mobile wallets, NFC, QR or Bluetooth codes, showing the countries in which this modality has achieved greater success to date. .
In fact, in China, mobile payment is already threatening to make cash money obsolete. In the ranking of the ten countries with the highest adoption of this technology, India – with a penetration that borders on 30% of the population – and Indonesia – with 15.9%, although both with a value, also stand out in the first places average transaction per user very low-.
If we look at the value of transactions, US users lead the ranking, exceeding $ 3,000 per consumer, although mobile payment penetration is 8.8%. To find Spain you have to go down to seventh place in the list. In our country, penetration is 7.3% and the average value of the transaction is around 572 dollars.
Experts say that by 2020, 5 countries could assist the disappearance completely cash: in addition to China, complete the prediction Sweden, where already in 2016 only made 1% of cash payments- South Korea – with 8 out of 10 transactions carried out digitally-, United Kingdom and Somaliland.