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Deep Dives

US Digital Payments Take Off, with Unexpected Winners and Losers

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Coresight Research

Key Points

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. 

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