For those of you that have been in a coma all week, Apple confirmed on monday the launch of Apple Pay in the UK next month.
The news should maintain the hype building around mobile payments. And hype is what it is, mostly.
The reality is that in-store mobile payments are a pin prick. Using the phone to buy something in a shop (rather than a card or cash) is something few of us do.
Before Apple Pay came along, the only service with any real traction (outside of Africa) was probably Starbucks’ barcode-based payment app (though honorable mention should go to efforts like Turkcell’s Yapi Credi).
But experts think the market is ready: the wallet could be the next object spun into the phone – like the camera, the map, the MP3 player and the alarm clock before it.
While the volume of mobile transactions in-store remains negligible, the volume of mobile online commerce just keeps on growing.
By some estimates, close to half of all online transactions are done on mobile or tablet.
Either way, the mobile payments space is full of possibility and promise.
Here are 25 worth checking out…
1. Mobile payments will reach $3 trillion in the next five years.
2. The number of mobile payment transactions is forecasted to be near 50 billion in 2015.
3. 185m European consumers are expected to use mobile payment apps this year.
4. Turkish users are the most advanced in mobile payments. 56 per cent of them have used a mobile payment app.
5. Brits will increase their spending via phones and tablets to £14.95 billion. That’s up 77.8 per cent year o year. PC based spending will rise just two per cent.
6. Put another way, Brits will spend £1 million on mobile devices every 35 minutes in 2015.
7. 27 per cent of global online transactions are now on mobile devices
8. In Q1 2015, 44.4 per cent of online payments in the UK were made using a mobile device
9. Kenyans made 911m transactions using M-Pesa in 2015
Source: Central Bank of Kenya
10. By the end of the year, five per cent of the base of the world’s 650 NFC phones will be used at least once a month to make contactless in-store mobile payments.
11. Mobile fintech firms have raised $1.1 billion across 58 financings in 2015. The first quarter alone marked a 238 per cent increase on the same quarter last year.
12. In 2011, 57 per cent of people conducted ‘some form of mobile banking’. This year the number was 69 per cent.
13. A third of the UK population believes mobile payments will overshadow credit and debit card payments by 2020
14. 19 per cent of Brits would consider paying for goods and services using voice authentication by 2020.
Source: Banking Moving Forward study
15. The mobile NFC payments market will hit $130bn by 2020
16. 254m users will make five NFC payments per month at around $9 per transaction
Source: Strategy Analytics
17. Just six per cent of iPhone 6 owners regularly use Apple Pay, and 85 per cent had never tried it – as of March 2015
18. UK consumers will spend £1.2 billion overall on mobile devices by 2020, with the average shopper expecting to spend £27 each week, £10 more than is spent today.
19. Starbucks has 16 million active users of its mobile app, making eight million mobile payments a week. That’s nearly 19 per cent of all transactions in US stores.
20. There are 261 live deployments and 102 planned deployments of mobile money services in growth markets
21. 41,016 investors have put money into the 1,100 mobile payments companies registered on the Angelist site
22. 2.7m UK customers aged over 70 are now registered to use internet banking, and more than 600,000 of these people are 80+.
23. Content paid for via mobile carrier billing will provide operators with more than $14bn in revenues over the next five years.
24. Charge to bill revenues will increase to $24.7 billion in 2019 from the $14.5 billion in 2014.
25. US in-store mobile payments will go from $3.2bn in 2014 to $487bn in 2020.