Mobile commerce is set to overtake desktop sales globally by 2023 while the UK’s market is expected to nearly double.
According to the latest Global Payment Trends report from Worldpay, mobile commerce sales are growing at an average of 16 per cent every year, well outpacing desktop sales growth of five per cent.
This growth is expected to rise to 19 per cent annually in the next five years, bringing the market’s total value to $2.29 trillion (£1.77 trillion) by 2022.
In the UK, the world’s third-largest mobile commerce market, it is expected to be worth $314.5 billion (£243.7 billion) by 2022, a rise of 55 per cent.
Mobile commerce’s global penetration is also expected to rise from 38 per cent to 49 per cent of total ecommerce sales in the next five years, but e-wallets like Alipay and WeChat Pay are due to become the most popular digital payment method in the same time period.
Meanwhile, cash continues to decline in popularity and is predicted to drop from 21.8 per cent of the offline point-of-sale market in the UK to just 9.9 per cent.
While the UK is predicted to remain the third-largest mobile commerce market, behind China on top and the US in second, France is due to take fourth place from Japan by 2022 with a total market worth of $62.3 billion (£48.3 billion).
Nigeria, Turkey and Columbia are set to see the fastest growth in their mobile commerce markets in the same period, increasing 34 per cent, 31 per cent 28 per cent respectively.