As a consultant helping small and medium-sized businesses succeed, I‘m always on the lookout for technologies that can help owners boost revenue. Mobile payment platforms like Google Pay should definitely be on your radar.
Google Pay adoption is skyrocketing around the world. This presents a huge opportunity for small businesses to attract mobile-savvy customers, increase checkout conversion rates, and lower credit card processing costs.
In this post, I‘ll highlight 10 must-know Google Pay statistics that reveal key trends and insights for 2024.
1. 150 million global users – and growing fast
- Google Pay has over 150 million users worldwide as of 2021. [1]
- This represents year-over-year growth of 63%.
- For context, the global population is about 8 billion. So Google Pay is used by nearly 2% of people worldwide.
This massive adoption shows that mobile payments are here to stay. As a small business owner, you need to take advantage of this trend.
2. 1 in 5 US mobile payments made with Google Pay
- Approximately 20% of all mobile device purchases in the US are made using Google Pay. [2]
- That means 1 in every 5 dollars spent via mobile phone flows through Google Pay.
With mobile commerce exploding, Google Pay has emerged as the payment option of choice for millions of US consumers.
3. Google Pay available at 3.5 million US merchant locations
- There are over 3.5 million merchant locations in the United States where you can pay in-store using Google Pay. [3]
- The vast majority (over 90%) of new point-of-sale terminals accept contactless payments like Google Pay.
As a small retailer, it‘s absolutely vital that you have the ability to accept Google Pay to cater to mobile-first consumers.
4. Over 41% of global e-commerce transactions via mobile wallet
- 41.5% of worldwide online transactions are completed using a mobile wallet, as of 2021. [4]
- This includes platforms like Google Pay, Apple Pay, Samsung Pay and others.
Mobile wallets clearly dominate online payments already. Implementing Google Pay checkout can help your e-commerce conversion rates.
5. 27% of all global in-store transactions via mobile wallet
- 27% of all in-store retail transactions worldwide are done using a mobile wallet. [5]
- So over a quarter of all brick-and-mortar spending goes through mobile payment platforms.
Contactless "tap and pay" is becoming the norm. As a small retailer, mobile wallet acceptance is now a necessity.
6. Mobile payments expected to hit $12.06 trillion by 2025
- The total global transaction value for mobile payments is forecast to reach $12.06 trillion by 2025. [6]
- This represents incredible growth from $2.07 trillion in 2019.
As a small business owner, you need to capitalize on booming mobile payments, and Google Pay provides the perfect way to do so.
7. Google Pay available in 42 marketplaces globally
- Google Pay can be used by consumers in 42 different country marketplaces around the world. [7]
- This includes most of Europe, North America, Brazil, Japan, Russia, India and others.
Google Pay‘s global footprint keeps expanding. This presents opportunities for small e-commerce businesses to attract international buyers by offering mobile payment options.
8. Adoption highest among Millennial users
- 30% of Google Pay users are Millennials, the highest of any demographic cohort. [8]
- Millennials (age 26-41) have over $2.5 trillion in spending power in the US alone. [9]
To attract high-spending Millennial customers, small businesses must cater to their preference for mobile payments.
9. Mobile payments projected to overtake cards by 2024
- eMarketer predicts that by 2024, 49.5% of worldwide in-store spending will be via mobile payment. [10]
- Cards will account for just 38.6% of transactions.
The takeover of mobile payments led by Google Pay will only accelerate in the next few years. Small businesses need to be ready.
10. 61% of US small businesses accept some form of mobile payment
- 61% of small businesses in the US accept mobile wallets and/or mobile card readers as a payment method. [11]
- Of those, 77% use a mobile card reader like Square or PayPal Here. 53% accept mobile wallets.
While over half of small businesses now take mobile payments, there‘s still room for expansion. Is your business ready for the mobile payment revolution?
As a consultant to entrepreneurs, my recommendation is clear – take steps to implement Google Pay at your business today. Catering to mobile-centric consumers is crucial for attracting younger demographics with heavy spending power. Contactless payments are becoming the norm.
Don‘t get left behind as shoppers rapidly adopt innovative technologies like Google Pay! Feel free to reach out if you need any assistance adding mobile payment options for your business.
