Nov 12, 2019
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MOBILE PAYMENT ADOPTION: HAS BROKEN THROUGH IN CHINA, FATIGUE IN THE USA

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The use of the smartphone to pay grows rapidly in Asia, much less in the rest of the world

Very interesting data on mobile payment adoption have been released , revealing a reality in clear / dark.

User behavior in different areas of the world fluctuates with a truly impressive delta.

If it is true that in China 80% of smartphone users have used at least one mobile payment system, in the United States the adoption is instead at a level of about 10%, a growing but still limited share compared to Asian territories.

Why is Asia so far ahead?

China and India lead the list of countries with the highest adoption of mobile payments, because governments have stimulated them a lot to fight evasion and to have greater security for users.

More electronic payments are synonymous with less tax evasion and inevitable tax payments.

In the United States, however, the situation is very different.

PayPal much better than Apple Pay

PayPal’s adoption rate reaches 44%, while Apple Pay stops at 9%. The comparison with the cards is pitiless, because the adoption rate rises to 80%, identical to that of cash.

The reason is quite simple: the payment by credit card is already widespread and the jump towards payment on smartphones does not offer particular advantages, while in the countries that up to yesterday lived on cash, the difference is abysmal.

There is also the detail of the hardware: the spread of contactless POS in the US is more limited than in Europe and credit cards also have the advantages associated with prize operations, the so-called “rewards” which are a formidable glue for users.

It’s Italy?

Last year the figures were very low, we have already talked about it some time ago . But for us too the prospect of growth is interesting and it is expected that by 2021 the figures will start to become significant.

But the road to mass adoption is still long.

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Phones

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