By most accounts, consumer adoption of the mobile payments trend has increased steadily, as consumers grow to understand its value and their concerns about security are assuaged. While some analysts say that B2B and retail can be expected to embrace mobile payments in the greatest numbers in the years to come, companies across industries, including healthcare, have used 2017 to explore emerging mobile payments opportunities, capabilities and challenges.
Some recent stats on mobile payments:
- 83 percent: Percentage of U.S. consumers who owned a smartphone in June 2017 as compared to 79 percent in October 2016 (JPMorgan)
- 360.4 million: Number of mobile payments users in 2017; this is expected to nearly double by 2021 to 663.8 million users (Statista)
- $622.75: How much the average mobile payments user will have spent on mobile payments in 2017; this is expected to grow to $1,303.85 by 2021 (Statista)
- 41 percent: Percentage of consumers who are likely to try digital wallets in the next year (JPMorgan)
- 64 percent: Percentage of consumers who plan to use a mobile wallet in 2020 (Accenture)
- 61 percent: Percentage of consumers who welcome open access to their finances so they can see checking account or credit card balances when paying with any mobile app (Accenture)
- 25 percent: Percentage of U.S. retailers that currently have terminals that accept mobile payments. Apple Pay and PayPal are retailers’ two most widely accepted digital payment methods, though Android Pay is gaining in popularity with retailers and can be expected to overtake Masterpass by Mastercard within the next 12 months. (Statista)
- 83 percent: Percentage of healthcare providers who plan to meet the rise in patient consumerism with more retail-like technology solutions and practices (Black Book)
- 62 percent: Percentage of medical bills that were paid online in the first half of 2017 (Black Book)
- 95 percent: Percentage of consumers who would pay online if a healthcare provider’s website had the option (Black Book)
- 71 percent: Percentage of patients who say that mobile pay and billing alerts have improved their actual satisfaction with a healthcare provider (Black Book)
Mobile payments are likely to be critical to the future of healthcare benefits, as deductibles and out-of-pocket maximum costs rise, resulting in millions of dollars of unpaid medical bills. Through the WEX Health Cloud platform, members can streamline the funding, purchasing and payment processes required for informed healthcare financial decision making.
Want more? Read why consumers are turning to their smartphones for health information.