* This chart and data were pulled from The Mobile Wallets in 2020 and Beyond report by Insider Intelligence. Purchase the report here to get immediate access to the full analysis. |
Mobile payments are swelling across three core segments — mobile commerce (m-commerce), mobile proximity payments, and mobile peer-to-peer (P2P) payments — which is dialing up competitive pressure among mobile wallet providers. US mobile payment volume is set to rise from an estimated $662.3 billion in 2019 to an estimated $1.33 trillion in 2023 across these three segments, according to eMarketer.
Eight providers serve as market-leading wallets that are thriving in the wake of convergence. Apple, Google, Samsung, Starbucks, Venmo, Zelle, Square Cash, and Amazon provide glimpses into how providers are tackling mobile payment convergence and what strategies have been effective in gaining volume. | | Apple Pay, which began as a proximity player in 2014 but has pushed into both P2P and m-commerce, counts the largest user base of any US wallet, perhaps because of its walled-garden approach that limits competition. |
| Google Pay launched in the US in 2015 and operates in all three areas of the mobile payments space. While it has the widest addressable base of any proximity-oriented provider, it lacks a large base of loyal users, which it needs to mobilize to achieve primary wallet status. |
| Samsung Pay, which tapped the US market in 2015, is only available to the 28% of the population that uses Samsung, but it... |
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| Other report highlights you don’t want to miss… | | | | This is just a preview of the information and insights you'll find in The Mobile Wallets in 2020 and Beyond Report report by Insider Intelligence. Purchase the report today for $495 to access the full analysis. |
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