The number of debit transactions completed using a mobile wallet in the US rose by 51% year-on-year to approximately 2bn in 2020, with “a noteworthy” 92% of those transactions being made with Apple Pay and just 5% with Google Pay and 3% with Samsung Pay, according to research published in the 2021 Debit Issuer Study.
The research also shows that “the rollout of contactless debit cards is well underway” in the US, “with contactless penetration jumping from 11% of all debit cards in 2019 to 30% in 2020”, and forecasts that nearly two-thirds (64%) of US debit cards will be contactless by the end of 2021.
However, the research adds, “while the number of contactless debit card transactions at tap-and-go terminals increased six-fold year-over-year in 2020, such transactions still make up less than 2% of all debit transactions.”
The US findings come as a report by VoucherCodes.co.uk and the Centre for Retail Research predicts that contactless payments will account for 47% of all retail purchases made in the UK by the end of 2022, making it the country’s most popular method for making retail payments.
Apple Pay used for more than 90% of US mobile wallet debit transactions in 2020 was written by Tom Phillips and published by NFCW.