US mobile payment apps grew 29% in 2020

New Ideas in MarketingEssential news for marketers, summarised by YouGov
April 01, 2021, 2:44 AM GMT+0

eMarketer’s recent report, projects that half of all US smartphones users will use mobile payment apps by 2025.

With Americans preferring contactless services and retailers adopting mobile payment solutions, mobile payment apps grew 29.0% YoY in 2020, the report found. Further, usage of in-store payment apps is on-track to reach 101.2 million Americans aged 14 and older.

Oscar Orozco, eMarketer’s forecasting analyst notes Gen Z and millennials are the largest new mobile payment app users. 6.5 million new payment app users will be added up from 2021 to 2025, per year.

43.9 million consumers are using Apple Pay in 2021, and 14.4 million more will use the app between 2020 and 2025. Mobile wallet usage will boost average annual spend per user to 23.6% to $2,439.68 in 2021. By 2023, the figure will exceed $3,000.

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