Though it is not the largest player when it comes to mobile POS, residents of the United States spend the most money on mobile payments, with Americans projected to spend more than $10,000 on mobile POS payments in 2024.
According to a report by AltIndex.com, Americans are projected to spend nearly $15,000 on mobile POS payments by 2028, twice as much as Europeans and three times more than the Chinese.
The United States has turned into the fastest-growing POS market globally, thanks to a shift in the payments landscape over the last five years. This change has seen consumers warming to more modern payment methods, like mobile wallets.
According to a Statista Market Insights survey, the total transaction value in the US mobile POS payments segment is expected to hit $787 billion this year, 21% more than in 2023. By 2028, this figure will jump by a massive 84% and hit over $1.4 trillion.
Although China undoubtedly generates the highest transaction value in the mobile POS payments segment, the Chinese market will see only half that growth. Statista expects mobile wallet payments in the country to grow by 40% and hit $2.4 trillion in the next four years. The European market follows with a 74% four-year growth and $1.1 billion worth of mobile POS payments by 2028.
The Statista survey also showed Americans will spend an average of $14,300 on mobile POS payments in 2028, four times more than the global average. Chinese and Europeans are far from this figure, with $3,900 and $6,400 in the average spending per user.
Americans love mobile POS payments because of their speed and convenience. For businesses, especially small and medium-sized ones, they provide the flexibility to accept payments anywhere, which expands business opportunities and improves customer service.
Furthermore, these systems use advanced encryption and tokenization to protect payment data, making transactions more secure. They can also be integrated with other systems and business tools, like inventory management and CRM software, making it easier for businesses to manage their operations efficiently. The combination of these factors makes mobile POS payments an attractive option for consumers and companies in the United States and will continue driving their growth.
According to a Statista survey, mobile POS transactions will make roughly 25% of all digital payments in the United States this year. By 2028, their market share will increase to 31%. Also, the number of Americans using mobile wallets is projected to grow by almost 40% and hit over 100 million in this period.
The full story and statistics can be found here: https://altindex.com/news/americans-spend-more-mobile-payments
See also: The Critical Role Of Safety And Security In The Consumer Electronics Industry
