Consumer mobility is evolving as urbanisation, sustainability and growing technological savviness are driving demand for travel supported by dynamic payment solutions. Euromonitor International introduces the Digital Payments in Mobility Index to rank 29 countries across four key pillars: Market Potential, Digital Readiness, Payment Readiness and Consumer Potential. The index unveils the best and worst countries and offers a snapshot of their historic, and future performance.
This report comes in PPT.
Singapore was the leading economy on the Digital Payments in Mobility Index during 2022. The country’s highly urbanised and affluent consumers made it the best ranked economy according to the Consumer Potential pillar. It also has displayed strong market potential in mobility e-commerce, largely due to the high use of public transport and alternative mobility.
The top 10 ranked economies according to the index are developed economies. Affluence is positively correlated with better performance in the index which can be attributed to more pronounced access to digital devices and better overall payments infrastructure, that can be capable of handling smart payments.
Global demand for mobility saw recovery in 2022. By 2027, the industry is forecast to reach gross bookings of USD513 billion for online mobility purchases. Proximity e-commerce for transport is set to reach over USD95 billion by 2027. Growth will be largely driven by emerging markets, supported by increased disposable incomes and improved digital readiness.
With MaaS platforms offering digital solutions to converge city transport systems over a single platform, these are becoming increasingly attractive to governments, leading to public-private partnerships in the mobility space. Thus, as the development of MaaS ecosystems is offering payment infrastructure providers and technology companies large-scale opportunities for payment innovation, market potential for mobility e-commerce solutions is expected to rise.
The pandemic accelerated the adoption of card and digital payments, however financial inclusion and the digital divide remain important challenges for unlocking wider growth of digital payment solutions within the mobility industry. Strong public-private partnerships and payment solutions for unbanked populations will be important as mobility platforms integrate payment options.
All vehicles captured by Euromonitor's vehicle volume sales data, i.e. light vehicles -passenger cars and light commercial vehicles combined. Medium and heavy-duty trucks and buses are not covered.
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