Deep Dive 16 minutes Premium

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. 

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