Mobile proximity and peer-to-peer (P2P) payments have hit the mainstream, thanks to a pandemic-driven upswing in digital payments that is set to last. This trend is leading providers to diversify their offerings and compete for share of the market.

The pandemic accelerated payments industry digitization across the entire landscape, as merchants turned to ecommerce to keep doors open, consumers eschewed cash in favor of electronic and contactless payments, and payments technology providers rapidly developed and launched new solutions to keep up.

Cash has always been king in Japan—and continues to be the primary payment method used. But over the past year, the country has made inroads in becoming more of a cashless society with significant investments in the mobile payments space.

Though social commerce conversions will remain a challenge, the mid-funnel opportunity is growing. Instagram’s continued rollout of shoppable content features is helping brands and influencers spotlight product content and forge a better path to purchase. Pinterest has also introduced features to make it easier for retailers to upload and promote product content. And video-first platforms Snapchat and TikTok are both testing shoppable content features.

In 2019, we estimate that 577.4 million people in China made a purchase via proximity mobile payment within a six-month period. Those users account for 49.6% of the country’s population. Next year, more than half of the population will utilize this payment method, with that figure rising to 60.5% in 2023.

This report features our latest forecasts for proximity mobile payment users in Latin America, with breakouts for Argentina, Brazil and Mexico. It also examines emerging trends and key drivers fueling regional market movements.

Growth in proximity mobile payment use in the UK remains slow but steady. Against a strong headwind of contactless card use, mobile payments have struggled to take hold, though young consumer use offers a glimmer of hope.

Visual search is evolving rapidly from a niche tool to a more broadly offered and used tool for finding information. This report looks at how consumers use visual search and how marketers should utilize it.