Apple Pay, with 227 million users worldwide is estimated to be the leading digital wallet, up from 140 million users in 2018, according to UnivDatos Market Insights. In 2020, Samsung Pay and Google Pay are projected to both cross 100 million users globally, the research group adds.
Over the last couple of years, the digital payments market has witnessed heightened activity with four major shifts being observed in the global landscape. According to UnivSatos Market Insights, these four major shifts include:
° Digital and information technology revolution, which has led to the increased penetration of smartphones and Internet – Mobile Internet use is rising sharply. By 2020, the number of people using mobile Internet services is projected to hit 3 billion, representing 65% of the world’s adult population, compared to around 1.9 billion in 2015.
° Entry of several payment service providers including non-banking institutions, who now is offering payment services and solutions with lucrative offers – Apple Pay, Google Pay, Samsung Pay, PhonePay, PayTM, AmazonPay, Whatsapp Pay and Airtel among others are the non-banking institutions who are now providing digital payment services to consumers with several attractive offers. For instance: Apple Pay, with 227 million users worldwide is estimated to be the leading digital wallet, up from 140 million users in 2018. In 2020, Samsung Pay and Google Pay are projected to both cross 100 million users globally.
° Convenience at fingertip, consumers today are becoming more demanding and digital payment features one-touch payment solutions, which again attracts consumer.
° Digital payments offers instantaneous solutions with completely secured and regulated framework.
