US Mobile Proximity Payments Forecast 2024

How Wallet Integrations and Feature Innovations Are Driving Growth

Report by David Morris  | Jun 4, 2024
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Executive Summary
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Table of Contents
Executive Summary
Mobile proximity payments are entering the mainstream
Per-user mobile proximity spend will grow as users adopt digital wallet features
Apple Pay leads on engagement and features—but regulation looms
Google Pay holds its own
Samsung Wallet faces an uphill battle
What does it mean for payment providers?
Sources
Media Gallery
About This Report
Proximity mobile payments are on a growth tear, driven by strong spend per user. Here’s how providers are using wallet integration and new features to make proximity payments stickier.
Topics
Financial Services
Payments
US
Table of Contents
Executive Summary
Mobile proximity payments are entering the mainstream
Per-user mobile proximity spend will grow as users adopt digital wallet features
Apple Pay leads on engagement and features—but regulation looms
Google Pay holds its own
Samsung Wallet faces an uphill battle
What does it mean for payment providers?
Sources
Media Gallery

US proximity mobile payment transaction value is booming, as Apple, Google, and Samsung race to add wallet features that make paying via mobile wallet stickier. Payment providers will play a key role in developing features that put consumers’ commerce in one place.

Key Question: What factors are driving mobile proximity payment growth generally and among key wallet players?

Key Stat: Mobile wallets are becoming an in-store retail staple. US point-of-sale (POS) transactions made via these wallets will pass the $1 trillion milestone in 2027, per our forecast, with about half of smartphone users making these payments the following year.

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Table of Contents

  1. Executive Summary
  2. Mobile proximity payments are entering the mainstream
  3. Per-user mobile proximity spend will grow as users adopt digital wallet features
  1. Apple Pay leads on engagement and features—but regulation looms
  2. Google Pay holds its own
  3. Samsung Wallet faces an uphill battle
  1. What does it mean for payment providers?
  2. Sources
  3. Media Gallery

Charts in This Report

US Proximity Mobile Payment User Penetration, by Generation, 2024 & 2028 (% of internet users in each group)

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authors

David Morris