Digital Payments in Mobility Index 2022:Where to Play Next?

December 2022

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.

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This report comes in PPT.

Key findings

Singapore: The leading market

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.

Developed economies lead

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.

Mobility e-commerce: Half-trillion dollar market in 2027

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.

MaaS to further industry potential, though inclusive payment infrastructure remains a challenge

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.

Greatest improvement needed on payment readiness

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.

Key findings
Global mobility sector is undergoing major shifts supported by converging megatrends
Evolving consumer expectations and market gaps set mobility industry up for transformation
Four key elements are framing the future of mobility
The pandemic increased uptake of shared mobility and cashless payment solutions
Payment innovation is set to be central in the new mobility landscape
Digital Payments in Mobility Index assesses market potential across four pillars
Developed economies lead the Digital Payments in Mobility Index
Asia and Europe are the regional heavyweights
Singapore is the leading economy for digital payments in mobility during 2022
South Korea to push digital mobility services with its Mobility Innovation Roadmap
The UK’s high share of proximity payments supports the country’s large market potential
United Arab Emirates to reach among top five markets by 2027
Spain’s large market potential to help boost its appeal for digital payments in mobility
Saudi Arabia’s strong market potential sets the country to leap ranks
Canada’s weak digital readiness impacts its appeal for digital payments in mobility
Indonesia’s low payment and digital readiness and weak purchasing power reduce its appeal
Turkey’s changing economic climate and consumer behaviour supporting mobility platforms
Payments are integral part of new mobility ecosystem
Payment models and new payment products target consumer adoption and retention
Whim offers multi-modal subscription packages including payments
OMNY launches weekly fare cap to promote affordable transport
Umo addresses consumer payment needs and offers engagement through rewards
Bangkok’s MuvMi offers cashless payments via QR codes on electric vehicles
As MaaS platforms gain traction, inclusive payment infrastructures are key
MaaS provider UrbanThings partners with Littlepay to launch contactless payments
In the future mobility ecosystem, payment specialists have wider partnership opportunities
Emerging markets to make biggest strides in digital payments in mobility over next five years
Payment companies will find greater size of the opportunity in APAC and MEA
Shift to open loop payments needed to unlock mobility opportunity for payment operators
Tyne and Wear Metro introduces digital closed loop Pop card in Google Pay
Budapest transit agency to launch a pilot open loop system for its airport shuttle service
Edmonton, Canada launches a closed loop system for transit, with an open loop to follow
Digital Payments in Mobility Index to answer key questions for players across the value chain
Unlocking payments readiness is key to harness potential in digital mobility
Threat of cybersecurity and privacy issues remain key challenges for digital payments
New mobility is a shared opportunity
Methodology and data points
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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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