China is currently the world leader in terms of mobile payments penetration according to a new report from consultancy PwC.
According to PwC’s Global Consumer Insight Survey 2019 86% of China’s population will make use of mobile payments in 2019, for the highest mobile payments penetration rate of any country in the world.
Thailand came in second place at 67%, followed by the Chinese Special Administrative Region of Hong Kong at 64%, Vietnam (61%), Indonesia (47%) and Singapore (46%).
According to the report eight of the world’s ten biggest mobile payments markets are situated in Asia, including China, Thailand, Chinese Hong Kong, Vietnam, Indonesia, Singapore, the Philippines and Malaysia.
The global mobile payments penetration rate stands at 34% – or around a third the rate for China, while the average rate of growth in mobile payments operations is 24%.