As soon as 3G was rolled out around the world, enabling widespread access to cell phones with access the internet, the way was pathed for mobile payment services to be developed and eventually revolutionize the way we make purchases.
By now, with 5G being implemented and 6G already on the horizon, mobile payment services such as PayPal, Google Pay and Apple Pay have attracted hundreds of millions of users. The Asian market however, where penetration rates are often higher than in other regions (China leads they way with an estimated 40 percent of POS payments made on mobile, followed by South Korea and Vietnam), is home to the market leader. As of 2021, Alipay had almost 1.7 billion users.
You can read more on the subject in Statista's new DossierPlus 'The business models behind mobile payments'.
