China tops global mobile wallets usage

The country’s transaction value will hit $793.6b this year.

China is still the global leader in mobile wallets with its transaction value hitting $793.6b this year, according to a LearnBonds report.

The global mobile wallets market is set to become a trillion-dollar industry this year, ballooning 36.5% YoY, with the entire market reaching $2.1t in 2023.

Nearly 70% of Chinese use mobile wallets regularly and the country is expected to generate almost 80% of global mobile wallet revenues this year. WeChat Pay and AliPay dominate the Chinese market, with the former’s parent app WeChat the fifth-most used app in the country with 17% usage.

The United States ranks second globally but still far behind China with $116b worth of transactions this year. The United Kingdom placed third, expected to reach $14.9b this year. Apple Pay is the most used mobile wallet app in these countries with more than half (55%) of firms using this service. Android Pay is second with a 44% market share.

India is the fourth-highest ranking country with $9.6b in transactions and 54% of the population using mobile wallets in the last 12 months.

Photo courtesy of Wikimedia Commons.