Chinese customers can purchase their products through the WeChat store. Watsons, the largest personal care store in China opened an official WeChat channel. Give e-coupons that they can exchange in stores.Most of the revenue is generated from the small interchange fees that each vendor charges per transaction.There are three ways to market to consumers on WeChat: Mobile payments transaction volume reached $1.7 trillion in 2021 but is expected to slow down in 2022. India's most popular payments platform, responsible for 75% of mobile transactions in the countryįlipkart-backed mobile payments service, which has over 300 million users in India Money transfer service Wise has flipped the market on its head with super-cheap international transfers Second largest payments platform in China, which is the default payment method on WeChat The largest mobile payments platform in the world, processing $17 trillion transaction volume in 2019 Square's own payments super-app, which began life as an easy way to send friends money on mobileĪt a time when mobile payments were non-existent in the US, Venmo paved a way with its mobile appĪ collaborative effort by the major US banks to curtail Venmo and Cash App's growthĪ distant third in comparison to Apple and Google Pay, but relatively popular with Samsung mobile owners, especially in South Korea Online payments stalwart which recently launched a payments super-app, combining savings, crypto and deals Outside of China, Apple Pay has the largest transaction volume of any mobile payment serviceĪndroid's default mobile payments solution, with an annual run rate of $110 billion transaction value in 2019 Apple Pay was the most popular mobile payment service in the US.AliPay and WeChat Pay, the two Chinese mobile payment services, had the most users.Over two billion people used mobile payments in 2021.Mobile payments transaction volume reached $1.7 billion in 2021, a 27% annual increase.We have collected data and statistics on mobile payments. With mobile payment adoption expected to reach 4.8 billion by 2025, leaders in a specific country or region could see remarkable revenue growth, especially as a lot of these apps are heavily integrated into other financial services offered by the provider. Higher adoption of regional payment brands suggests that global brands, such as Apple and Google, may have a harder time in the near future outside of dominant markets, similar to how Uber struggled in Asia. Several regional mobile payments services have seen rapid growth in the past few years, including GrabPay (South-east Asia), SadaPay (Pakistan), Mercado Pago and PicPay (Brazil). PayPal, which made its mark in the eBay era, has built a super-app to compete with Cash App and other new mobile payments solutions. Paytm is the largest in terms of users and transactions, however, PhonePe and Google Pay process more UPI payments.Īpple Pay and Google Pay are the two global payment solutions, with Samsung Pay a distant third. In India, there is a three way competition for market share between Paytm, PhonePe and Google Pay. WeChat Pay is the default service for WeChat, the country’s most popular social app. The mobile ecosystem in China was integrated far more rapidly into the real world and QR codes are the primary form of payment solution.Īlibaba and Tencent, the two largest companies in the country, run the two primary payment services, AliPay and WeChat Pay.ĪliPay is the default service for Alibaba’s Tmall and Taobao, the two largest e-commerce platforms in the country. Outside of China and India, most mobile payment solutions mimic regular card readers, which use near-field communication (NFC) to send digital payments to card readers. Download the guide and start engaging your audience with a fantastic in-app mobile ad experience, including insights on unique formats, optimizing video, and more.
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