US Proximity Mobile Payments Forecast 2023

How Major Providers Are Making Wallets More Useful to Win Business as Growth Slows

Report by Jaime Toplin  | Jun 1, 2023
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A maturing mobile wallet ecosystem means wallet stakeholders must compete for users’ loyalty and dollars.
Proximity mobile payment user growth is entering a more mature phase as the technology finally mainstreams.
Existing users are engaging with wallets more—propelling spending growth.
Apple Pay’s robust feature innovation and sky-high brand loyalty put it on a stellar trajectory.
Google Pay’s success hinges on how well the brand can harness its dominance beyond mobile payments.
Despite attempts at innovation, Samsung Wallet is becoming a nonfactor in proximity mobile payments.
What’s next for three groups of providers in the space?
Insider Intelligence Interviews
Sources
Media Gallery
About This Report
Proximity mobile payments are finally reaching a critical mass of users, fueling spending growth. While it will slow in the coming years, providers are capitalizing on growth by building multifunctional ecosystems that expand their captive audience and tighten relationships.
Topics
Financial Services
Payments
US
Table of Contents
Report Snapshot
A maturing mobile wallet ecosystem means wallet stakeholders must compete for users’ loyalty and dollars.
Proximity mobile payment user growth is entering a more mature phase as the technology finally mainstreams.
Existing users are engaging with wallets more—propelling spending growth.
Apple Pay’s robust feature innovation and sky-high brand loyalty put it on a stellar trajectory.
Google Pay’s success hinges on how well the brand can harness its dominance beyond mobile payments.
Despite attempts at innovation, Samsung Wallet is becoming a nonfactor in proximity mobile payments.
What’s next for three groups of providers in the space?
Insider Intelligence Interviews
Sources
Media Gallery

Report Snapshot

As the mobile wallet ecosystem matures, US proximity mobile payment engagement gains are lapping user growth. The three largest wallets are having varying degrees of success in securing users and spending—but all are looking to build out their ecosystems and tighten relationships with consumers in the years to come.

Key Question: How are key wallets harnessing proximity mobile payment growth drivers?

US Proximity Mobile Payment Transaction Value, 2020-2027 (billions, % change, and % of retail & food services transaction value)
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KEY STAT: US proximity mobile payment spending growth will slow to the low double-digits by 2027—forcing wallets to compete for user loyalty and defeat fragmentation.

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    Table of Contents

    1. Report Snapshot
    2. A maturing mobile wallet ecosystem means wallet stakeholders must compete for users’ loyalty and dollars.
    3. Proximity mobile payment user growth is entering a more mature phase as the technology finally mainstreams.
    4. Existing users are engaging with wallets more—propelling spending growth.
    1. Apple Pay’s robust feature innovation and sky-high brand loyalty put it on a stellar trajectory.
    2. Google Pay’s success hinges on how well the brand can harness its dominance beyond mobile payments.
    3. Despite attempts at innovation, Samsung Wallet is becoming a nonfactor in proximity mobile payments.
    4. What’s next for three groups of providers in the space?
    1. Insider Intelligence Interviews
    2. Sources
    3. Media Gallery

    Charts in This Report

    US Proximity Mobile Payment Transaction Value, 2020-2027 (billions, % change, and % of retail & food services transaction value)US Proximity Mobile Payment Users and Penetration, 2020-2027 (millions, % change, and % of smartphone users)
    US Apple Pay Users, 2020-2027 (millions and % change)US Google Pay Users, 2020-2027 (millions, % change, and % of smartphone users)
    US Samsung Wallet Users, 2020-2027 (millions and % change)

    Interviewed for This Report

    Jenny Cheng
    Google
    Vice President and General Manager, Google Wallet
    Interviewed May 2, 2023
    Pieter de Villiers
    Clickatell
    Co-Founder and CEO
    Interviewed April 19, 2023

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    Download
    Report
    One-Pager
    Share
    Table of Contents
    Report Snapshot
    A maturing mobile wallet ecosystem means wallet stakeholders must compete for users’ loyalty and dollars.
    Proximity mobile payment user growth is entering a more mature phase as the technology finally mainstreams.
    Existing users are engaging with wallets more—propelling spending growth.
    Apple Pay’s robust feature innovation and sky-high brand loyalty put it on a stellar trajectory.
    Google Pay’s success hinges on how well the brand can harness its dominance beyond mobile payments.
    Despite attempts at innovation, Samsung Wallet is becoming a nonfactor in proximity mobile payments.
    What’s next for three groups of providers in the space?
    Insider Intelligence Interviews
    Sources
    Media Gallery
    About This Report
    Proximity mobile payments are finally reaching a critical mass of users, fueling spending growth. While it will slow in the coming years, providers are capitalizing on growth by building multifunctional ecosystems that expand their captive audience and tighten relationships.
    Topics
    Financial Services
    Payments
    US
    Table of Contents
    Report Snapshot
    A maturing mobile wallet ecosystem means wallet stakeholders must compete for users’ loyalty and dollars.
    Proximity mobile payment user growth is entering a more mature phase as the technology finally mainstreams.
    Existing users are engaging with wallets more—propelling spending growth.
    Apple Pay’s robust feature innovation and sky-high brand loyalty put it on a stellar trajectory.
    Google Pay’s success hinges on how well the brand can harness its dominance beyond mobile payments.
    Despite attempts at innovation, Samsung Wallet is becoming a nonfactor in proximity mobile payments.
    What’s next for three groups of providers in the space?
    Insider Intelligence Interviews
    Sources
    Media Gallery
    Download PDF

    authors

    Jaime Toplin

    Contributors

    Eleni Digalaki
    Principal Analyst
    David Morris
    Principal Analyst
    Oscar Orozco
    Director, Forecasting
    Melissa Rosenberg
    Senior Researcher