Mobile payments have proven their value during the pandemic as a way to limit our risk to exposure instead of paying with cash or card. Last year, per our estimates, smartphone usage in the US surged to an average of 182 minutes daily (from 154 minutes pre-pandemic), which extended to payments.
A combination of new adoptees and increasing spend per user will keep growth of proximity mobile payment transaction values in the double digits through 2025, per our forecast. As the space matures, three key factors will help drive money into the ecosystem: the pandemic, "stickiness," and increased acceptance.
In 2020, overall spending—and particularly in-person spend—flattened amid pandemic-driven uncertainty, according to a November 2020 report from JPMorgan. But we saw mobile proximity payments buck this trend, posting major growth as adoption spiked and existing users increased usage on pace with infection concerns. By September 2020, 76% of consumers reported...
 | Report Preview  * This chart and data were pulled from The US Mobile Payments Forecast 2021 by Insider Intelligence. Purchase the report below for $1,995 for immediate access. | | | Mobile payments have proven their value during the pandemic as a way to limit our risk to exposure instead of paying with cash or card. Last year, per our estimates, smartphone usage in the US surged to an average of 182 minutes daily (from 154 minutes pre-pandemic), which extended to payments.
A combination of new adoptees and increasing spend per user will keep growth of proximity mobile payment transaction values in the double digits through 2025, per our forecast. As the space matures, three key factors will help drive money into the ecosystem: the pandemic, "stickiness," and increased acceptance.
In 2020, overall spending—and particularly in-person spend—flattened amid pandemic-driven uncertainty, according to a November 2020 report from JPMorgan. But we saw mobile proximity payments buck this trend, posting major growth as adoption spiked and existing users increased usage on pace with infection concerns. By September 2020, 76% of consumers reported... | | | Other Related Reports |  The pandemic accelerated payments industry digitization across the entire landscape, as merchants turned to ecommerce to keep doors open... ACCESS FULL REPORT |  After the coronavirus pandemic forced issuers to adapt rewards, enhance forbearance, and build out digital tools to cope with a volume hit in 2020... ACCESS FULL REPORT | | |  To learn more about Insider Intelligence and our Financial Services coverage, click below and fill out the form, and a member of our team will be in touch with you. | | | | |
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