Mobile Payments in Other Parts of the World
Mobile payments are becoming more popular as consumers use their smartphones for more everyday tasks. Every year, more shoppers are adjusting to the idea of using their phones to make a payment in a store, rather than their credit cards.
Based on the growth trends over the last five years, researchers have predicted the number of mobile payment users that can be expected in 2015 and 2016. The figures were broken up into six regions of the world.
North America saw massive increases in mobile payment adaptation, from 1.9 million in 2009 to 8.3 million in 2010. Those numbers continued to soar over the years, reaching 60.9 million in 2014. Projections for 2015 and 2016 are 75.7 million and 90.7 million, respectively.
Between 2009 and 2010, mobile payment users in Europe nearly doubled, from 5.5 million to 10.4 million. That number grew to 44.6 million in 2014 and is expected to reach 54.1 million by the end of this year. In 2016, the number should climb to 65 million.
Africa has been one of the one most adaptable regions to the mobile payment platform, starting at 16.6 million users in 2009. That number reached 80.5 million last year, which is more than Europe’s 2016 projection. Next year, Africa could reach 101.3 million mobile payment users.
Asia’s highly populated countries dominate in the world of mobile payment users, starting with 41.9 million users in 2009. That number hit 120.8 million in 2014 and is expected to reach 163.6 million by 2016. That’s almost as much as Africa and Europe combined for next year.
Latin America has seen modest growth in mobile payment users. In 2009, the region had approximately 4 million users. That number did not double until 2012 when it reached 8.5 million. There were 13.4 million users in 2014, with an estimated 22.3 million by 2016.
As you may expect, the Middle East is the region least adaptable to mobile payments. This area only had 0.2 million users in 2009, and it reached 3.4 million in 2014. Even by 2016, the region is not projected to be in the double digits. Researchers only expect 6 million mobile payment users for this area next year.
About Bill Hardekopf
Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.