Americans to Spend Almost $15,000 on Mobile POS Payments by 2028, 3x more than Chinese and Twice as Europeans

June 22, 5:22 pm

Although China is undoubtedly the single largest player in the Mobile POS payments space, the country is far from the United States when it comes to market growth and the average amount of money people spend through mobile wallets each year. In 2024, Americans will spend more than $10,000 on mobile POS payments, much more than Chinese and Europeans, and this gap will continue growing.

According to data presented by AltIndex.com, Americans are expected to spend almost $15,000 on mobile POS payments by 2028, three times more than the Chinese and twice as much as Europeans.

Americans Spend 4x more on Mobile POS Payments than the Global Average

Americans have long been laggards when it comes to paying with a smartphone, with many preferring credit cards or cheques to pay for goods and services. However, the US payments landscape has undergone a massive change over the past five years, with many consumers warming to more modern methods, like mobile wallets. This shift has turned the United States into the fastest-growing mobile POS market globally, with the highest average spending per user.

According to a Statista Market Insights survey, the total transaction value in the US mobile POS payments segment is expected to hit $787 billion this year, 21% more than in 2023. By 2028, this figure will jump by a massive 84% and hit over $1.4 trillion.

Although China undoubtedly generates the highest transaction value in the mobile POS payments segment, the Chinese market will see only half that growth. Statista expects mobile wallet payments in the country to grow by 40% and hit $2.4 trillion in the next four years. The European market follows with a 74% four-year growth and $1.1 billion worth of mobile POS payments by 2028.

The Statista survey also showed Americans will spend an average of $14,300 on mobile POS payments in 2028, four times more than the global average. Chinese and Europeans are far from this figure, with $3,900 and $6,400 in the average spending per user.

Mobile POS Transactions to Make 31% of All Digital Payments in the United States by 2028, 6% more than this Year

Americans love mobile POS payments because of their speed and convenience. For businesses, especially small and medium-sized ones, they provide the flexibility to accept payments anywhere, which expands business opportunities and improves customer service.

Furthermore, these systems use advanced encryption and tokenization to protect payment data, making transactions more secure. They can also be integrated with other systems and business tools, like inventory management and CRM software, making it easier for businesses to manage their operations efficiently. The combination of these factors makes mobile POS payments an attractive option for consumers and companies in the United States and will continue driving their growth.

According to a Statista survey, mobile POS transactions will make roughly 25% of all digital payments in the United States this year. By 2028, their market share will increase to 31%. Also, the number of Americans using mobile wallets is projected to grow by almost 40% and hit over 100 million in this period.

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