Mobile Contactless Payments May Be the Next Big Thing

One of the things that technology has changed most drastically is the manner in which we pay for things, and a big part of the reason why that is the case has to do with the fact that paying for things using a card or an online transaction is far more convenient than carrying wads of cash around. The rise of the mobile phone and its many conveniences lead to payments being incorporated in this technology as well. Mobile payments are now becoming more common than ever, and they might just become the next big thing in the tech industry.

Paying through your mobile is one thing, but the statistics indicate that contactless payments conducted through mobile are also on the rise. The average number of contactless payments done using a phone have increased in virtually every area around the world. However, North America and Europe have seen a slower increase as well as a slower overall percentage of usage among the general populace.

Both North and South America have their mobile contactless payments dominated by a single monopoly. In the case of North America, this main player is Apple Pay. Mercado Pago remains the top player in South America. Google Pay has seen some popularity in North America but not as much as Apple. With all of that having been said and out of the way, it is important to note that Google Pay has managed to penetrate South America to some extent as well, and Europe displays a unique scenario wherein both Google and Apple Pay seem to be vying for dominance with no clear winner as of yet in sight.

The Asia Pacific region, which includes India, Japan and Australia, seems to be a different story entirely. Neither Google nor Apple have managed to penetrate these markets as successfully as they have managed in North America and Europe, with the market being split between a variety of regional enterprises. This indicates that local competition will be tough, and international corporations will have their work cut out for them if they want to make their mobile contactless payments the norm in this region.

Take a look at these charts from Comscore for more insights:




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