Mobile payment technology has grown to be a multibillion-dollar industry, offering users unparalleled convenience through the use of mobile wallets. In 2017, transactions completed using the technology reached over US$3,104 billion worldwide, according to the information and comparison website Merchant Machine.

The website released number of users of leading global mobile payment platforms in 2017 and 10 countries with highest rates of mobile wallet usage, and also forecast the payment technology market transaction value worldwide in next few years. The value may reach over US$13 trillion by 2022.

Data shows that 64 percent of smartphone owners have used their mobile for at least one payment in the previous year; 39 percent have a mobile wallet application; and 5 percent make payments once a week or more.

The data also shows that different age groups have different attitudes to mobile wallets. Smartphone owners between the ages 18 and 34 are most likely to use their devices for payment.

The top 10 countries with the highest rates of mobile wallet usage are as follows:

10. Austria

Percentage: 16%