Mobile Applications and Solutions for Social Inclusion by Sara Paiva

Author:Sara Paiva
Language: eng
Format: epub
Publisher: IGI Global

Table 5. Comparison of mobile payment in the USA, Western Europe, and China as of 2016

USA Western Europe China

Yearly transaction volume $154 billion $62 billion $5.5 trillion

Number of users 38.4 million 55 million 469 million

Number of users over population 12% 14% 35%

Another important mobile payment market is India. It is estimated that by 2020, its yearly transaction volume could reach $500 billion. Like China, India was traditionally a cash-based economy. With the increasing usage of smartphones, it is expected that its mobile payment could surpass cash as the major payment method in the next 5-10 years.

Globally, mobile payment is also growing rapidly (Lerner, 2013; Salmony & Jin, 2016; Phonthanukititithaworn et al., 2015). Figure 4 shows the number of mobile payment users of different regions from 2012 to 2016. It can be seen that in most regions, the number of mobile payment users at least doubled in past 4 years.

Figure 4. Worldwide mobile payment users

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