By 2026, nearly 30% of US consumers’ average retail spending (excluding food and beverage sales and ticketing) will be made using proximity mobile payments, as providers look to build on the pandemic-driven adoption of the technology.
Proximity and peer-to-peer mobile payments are on the rise in the UK, thanks to high user adoption of mobile and banking. However, growth is slow, which means that wallet providers looking to crack the market will need to get creative.
Canadian mobile penetration and bank access have created a high-potential environment for both proximity and peer-to-peer mobile payments. But entrenched payment habits and monopolization have created a slow growth environment that will force providers to adapt.