US Digital Payments Take Off, with Unexpected Winners and Losers

Executive Summary

In this report, we look at digital payments in the U.S., what‘s done well and not so well — and what consumer preferences tell us about the future of digital payments in the U.S. 

• Digital payments are growing quickly as consumers embrace noncash methods.
• Digital commerce payments are expected to grow to over $1 trillion by 2022 – a CAGR of 14.8%, while proximity mobile payments are expected to grow 31.6% a year to $365.5 billion.
• Old-fashioned credit and debit cards remain popular, with purchase volumes increasing more quickly than account growth.
• Contactless cards have so far not been popular among U.S. consumers. 
• The global mobile wallet market was worth $594.00 billion in 2016, and is expected to grow at a CAGR of 32% between 2017 and 2022, hitting over $3 trillion.