The State of Payment Apps

The State of Payment Apps

-- An Analysis of Payment App Market Trends and Top Apps in the U.S.

The State of Payment Apps:

Introduction

This report is an analysis of payment apps available on the App Store and Google Play. It includes download trends along with rankings of top apps from Q1 2018 through Q1 2021.

Payment apps are further broken out into following subcategories:

Digital Payment: Casual cash transfer apps that enable users to send

money to friends and family, as well as pay businesses for mostly zero fees.

Money Transfer: Apps that focus on international money transfer services,

and enable users to send money and remittances with service fees.

Payment Solution: Apps such as Klarna that offer "buy now, pay

later" (BNPL) installment payments after a purchase.

? 2021 Sensor Tower Inc. - All Rights Reserved

Table of Contents

04 - Market Overview: United States

09 - Digital Payment

19 - Money Transfer Apps

26 - Payment Solution Apps

33 - Conclusion

? 2021 Sensor Tower Inc. - All Rights Reserved

Market Overview: United States

-- An Overview of Payment Apps in the U.S.

Payment Apps Reached a Peak of 35 Million Installs in Q2 2020

U.S. quarterly downloads of top digital payment and money transfer apps

App Store Google Play 40M

35M

+22%

30M

+21%

14M

25M

13M

14M

16M

23%

11M

20M

10M

10M

9M

9M

9M

9M

15M

8M

8M

10M

21M

18M

18M

18M

13M

13M

14M

14M

15M

15M

16M

5M 10M

11M

0

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Market Overview U.S.

5

? 2021 Sensor Tower Inc. - All Rights Reserved

Top digital payment and money transfer apps saw record adoption in Q2 2020, surpassing 35 million downloads and soaring 53 percent year-over-year. As the first federal stimulus checks were issued in the U.S. in April 2020, money transfer services also saw high demand.

Despite the drop in adoption in Q3 2020, digital payment and money transfer apps saw consistent growth quarter-over-quarter. U.S. payment apps are on the rise, kickstarting 2021 with total installs of 34 million in Q1.

Note Regarding Downloads Estimates:

Download estimates are the aggregate downloads of the top 25 digital payment apps in the U.S. from 2018-2020.

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