Mobile Payment Trends in 2019

The payments industry is one of the most dynamic sectors in financial services. It is continuously evolving as technology innovation develops at a rapid speed. Established players and newer financial technology firms are fighting for dominance in a transition stage where cash is becoming less popular around the world and more people are making the switch to mobile payments.

Let’s take a look at some of the mobile payment trends that are emerging in 2019.

Payments on every device

Payments were once tied to a location via merchant machines in store, however, technology now allows them to take place on most devices. This has meant that payments can be accepted anywhere on any enabled device. Companies like Stripe, Paypal and Square provide countless ways for businesses of all sizes to accept mobile payments anywhere provided there’s connectivity and a portable card reader. Mobile phone apps like PayNow for Stripe bring the card reader functionality to your mobile phone and allows everyone the convenience to be a merchant.

Advancement of the software code

Advancing digital payment technologies and software code are forging the way for greater security measures when it comes to mobile payments. As every credit card becomes software code rather than a physical card the adoption rates of mobile payment options is expected to increase as consumers become increasingly confident that it is more secure.

Digital wallet popularity grows

The overall uptake of the digital wallet has been considered slow given the love we all have with our mobile phones. However change is occurring as more payment players enter the market and seek to deliver increased value to consumers. Consumers are generally seeking a one stop app for payments and banking. states that 36% of smart phone users around the world currently make mobile payments. This number is inflated by China and India where usage is more common in a large population base. It is however expected in 2019 that 61.6m Americans will use mobile payments which is an increase from previous years and the projected numbers continue to show increased take up rates in future years.

Gen Z consumers

Gen Z are currently aged between 4 and 24 years and according to an Accenture report on the future of payments, Gen Z will make up 40 percent of all US consumers by 2020. Gen Z differs from previous generations as they have grown up in a completely digital age. Their lives revolve around being connected which is mostly driven by their mobile phone. They are the highest users of mobile banking apps and it is expected this generation will abandon traditional leather wallets and operate a digital wallet in its place. This will increase the importance of mobile payments in every aspect of life.

Rewards Revolution

Rewards programs are at the highest level in history. Consumers will switch companies just to gain more rewards and they are continuously seeking more personalized rewards, especially the Gen Z consumer. In the US the most popular mobile payment option is the one offered by Starbucks. reports that more than 23 million people pay for their coffee with the app verses 22 million who use Apple Pay. Starbucks has found the key by combining payment with rewards as clients can order ahead, make the mobile payment and collect points all using their device. It is noted that Google and Apple have been slower to incentivise its users in this way.

Overall the speed of evolution in the mobile payments area ultimately means being able to deliver a top class user experience that is both convenient and accessible. Existing and new mobile payment players in the market have a huge task ahead of them to balance the traditional generations who are slower to embrace technology of this type and the Gen Z users who will be the future consumers.

Jo Coveney is a passionate photographer and online marketing content creator. She loves following the latest developments in technology and design trends across the globe.