The Most Popular Mobile Wallet in the U.S.
Accepted in more than 200 countries, PayPal has more than 348 million users worldwide — 100 million in the U.S. alone. PayPal is advantageous to merchants because is offers secure, fast, and contactless payments, which many customers currently enjoy.
PayPal’s versatility allows payments to be accepted globally in more than 100 currencies. Offering digital payment options is important because they can be preferred methods of payment for customers from around world for a variety of reasons, including convenience and the fact that payments can be made in a contactless manner.
Citcon offers one simple integration for all mobile payments — including PayPal and 100+ other mobile wallet providers, with free setup and easy onboarding.
Why Mobile Wallets?
- The global mobile wallet market is projected to reach $7.58 trillion by 2027, registering a CAGR of 28.2% from 2020 to 2027.
- In the U.S., the majority of people already using mobile payments are age 25-35, have an average yearly income of $70K, and spend nearly twice as much on retail as nonusers.
- 39% of U.S. consumers say they would use mobile payments more frequently if more stores and apps accommodated it.
- Tokenization makes mobile wallet transactions among the most secure payment transactions.
- Offering mobile payment methods can be an incentive for online shoppers to complete their eCommerce checkouts without abandoning their carts.
Why Contactless Payment Methods?
- COVID-19 has changed the payment landscape and the way people shop.
- 46% of global consumers have swapped out their top-of-wallet card for a card that provides contactless functionality.
- 74% of consumers said they will continue using contactless post-pandemic.
- Global contactless transaction values are forecasted to reach $6 trillion by 2024.
- In the United States alone, transaction values would grow to $1.5 trillion in 2024.
- PayPal is the leader mobile wallet with 76% of usage in the U.S.
- 26% of U.S. consumers find PayPal to be the safest payment option.
- You can do business in over 100 currencies and even offer local payment options for many regions.
- In Q2 of 2020, there were 346 million active PayPal accounts worldwide (325+ million consumer accounts), representing a 21% year-on-year growth.
- In Q2 of 2020, PayPal’s net payment volume amounted to 221.7 billion U.S. dollars, representing a 29% year-on-year growth.
Want to learn more?
Request a short, no-commitment demo with a member of the Citcon team today!