Mobile and digital wallets have been increasing in popularity in recent years, with PayPal initiating the trend and numerous companies following suit. According to PayPal, the total payment volume that it managed increased by 11% in the second quarter of 2023. While this is two points lower than the 13% growth rate seen in the second quarter of 2022, it still shows that PayPal is not showing any signs of slowing down.
It is important to note that PayPal is still the most popular mobile and digital wallet according to a survey conducted by CivicScience. 36% of consumers said that they prefer using it online, with 29% saying the same about in-store use. In both cases, PayPal had a considerable edge over all of its competitors.
Apple Pay came in second, with 18% preferring to use it online and 20% using it in-store. This was followed by Venmo, which received 15% in both categories with all things having been considered and taken into account. Google Wallet is lagging far behind its Apple created competitor, with just 9% using it online and 10% in-store. Finally, Samsung Pay only managed 5% apiece.
A massive chunk of this growth rate is likely coming from the widespread use of smartphones in ecommerce transactions. It is estimated that around half of all ecommerce transactions will be conducted through a smartphone by 2027, and it already comprises a whopping 90% of mcommerce in the present era.
What’s more, Gen Z is undoubtedly going to be the most tech savvy generation in history. As of 2023, there are approximately 45.5 million Gen Z buyers in the US. This number will increase to 61.1 million in the next four years, which will certainly push PayPal and other digital wallets to the next level. It will be interesting to see which of these platforms ends up coming out on top, since there is untold value in being the intermediary in such a high volume of transactions being conducted around the world.
Read next: Where Do Billionaire’s Donations Go?
It is important to note that PayPal is still the most popular mobile and digital wallet according to a survey conducted by CivicScience. 36% of consumers said that they prefer using it online, with 29% saying the same about in-store use. In both cases, PayPal had a considerable edge over all of its competitors.
Apple Pay came in second, with 18% preferring to use it online and 20% using it in-store. This was followed by Venmo, which received 15% in both categories with all things having been considered and taken into account. Google Wallet is lagging far behind its Apple created competitor, with just 9% using it online and 10% in-store. Finally, Samsung Pay only managed 5% apiece.
A massive chunk of this growth rate is likely coming from the widespread use of smartphones in ecommerce transactions. It is estimated that around half of all ecommerce transactions will be conducted through a smartphone by 2027, and it already comprises a whopping 90% of mcommerce in the present era.
What’s more, Gen Z is undoubtedly going to be the most tech savvy generation in history. As of 2023, there are approximately 45.5 million Gen Z buyers in the US. This number will increase to 61.1 million in the next four years, which will certainly push PayPal and other digital wallets to the next level. It will be interesting to see which of these platforms ends up coming out on top, since there is untold value in being the intermediary in such a high volume of transactions being conducted around the world.
Read next: Where Do Billionaire’s Donations Go?
