NEW YORK—It’s well-known the pandemic has accelerated the adoption of mobile payment platforms used at point-of-sale, but what may not be as clearly apparent is how dramatically the number of mobile payments is rising, according to one new analysis
eMarketer reported that end-of year data will show that in-store mobile payment app use hit a milestone in 2021, reaching 101.2 million among Americans ages 14 and older.
“This comes after 29% year-over-year growth in 2020. Usage is now on track to surpass half of all smartphone users by 2025,” eMarketer said.
“Many consumers tried mobile wallets at point-of-sale for the first time last year to avoid using paper currency and credit and debit cards,” said eMarketer forecasting analyst Oscar Orozco. “The largest amounts of new users were Gen Z and Millennials. We project that there will be around 6.5 million new mobile wallet users per year from 2021 to 2025, of which more than four million will be Gen Zers. Millennials will continue accounting for around four in 10 mobile wallet users, although that share will shrink.”