Tap Into the Mobile Payments Revolution
The trends and contenders that are shaping mobile payments.
Thanks to Purefunds Mobile Payments ETF (IPAY) for helping us put this together.
Yesterday, user-friendly payment processor Stripe announced a strategic investment and partnership from Visa that values the company at $5 billion. Other investors that participated are not unknowns either: Kleiner Perkins Caufield Byers, American Express, and Sequoia. It was only in December that Stripe was valued at $3.5 billion and in their previous financing, they were valued at just half of that. Stripe will use Visa’s international connections to help it expand beyond the 20 countries it currently services.
This type of story is not unusual in the payment space. Companies are scrambling to scale or adopt new technologies that integrate mobile and electronic features to make it easier, cheaper, and faster for customers to pay. The reason for this is that the payments ecosystem has always been more cumbersome and more expensive than it should be. In the United States alone, retail merchants that accept card-based payments were charged about $67 billion in fees. Add the rest of the world to that pie, and it makes it clear that the payments space is as ripe for disruption as any other.
Mobile and electronic payments allow customers to pay for goods with a tap of a phone or the press of a button. Two of every three Americans have a smartphone, and mobile payments can typically happen faster with less fees. The earliest adopters of mobile payments have a younger and affluent profile: they average just over 30 years old, have a higher annual income, and spend over 2x more on retail than unwilling non-users of mobile payments.
Big Data and the Developing World
One of the most attractive benefits of mobile payments is the integration of big data and predictive analytics. Retailers will have the capability to link purchases directly with location (GPS), consumer behaviour, purchase history, demographics, and social influence. Analyzing this information will allow companies to reach out to consumers with tailored offerings, loyalty programs, and rewards. Customers will be able to take action right from their mobile device.
The opportunities in payments are not just limited to in the United States or even the developed world. Perhaps one of the most interesting opportunities for the mobile payments space is in Africa, where bank penetration is extremely low at only about 25% and mobile phone penetration is higher at 60%. Kenya is a good example of a market where digitization has reached a large portion of the population, giving mobile payments an 86% household penetration.
Mckinsey did an analysis looking at the size of revenue pools for mobile payments if each market in Africa had the same penetration as Kenya, and it sees the pools more than doubling in places like Ethiopia and Nigeria. With the population in sub-Saharan Africa expected to balloon from 926 million to 2.2 billion by 2050, their appears to be even greater opportunity.
The earliest potential in the mobile and electronic payments market appears to be in areas such as micropayments, incidental payments, recurring bills, peer-to-peer money transfers, and cryptocurrency. However, in the long term, the concept can be applied to many different facets of commerce.
Mobile payments may continue to disrupt the big payments market because of several factors including a young and growing userbase, ease of use, faster transactions, cheaper costs, and increased adoption. As Smittipon Srethapramote, who covers the North American payments industry for Morgan Stanley, concludes in a summary on the subject: “Mobile Payments can expand the global revenue pie from $175 billion to $250 billion, including $45 billion in developed markets and $30 billion in emerging markets.”
The World’s Top 50 Influencers Across Social Media Platforms
Which influencers have the most total social media followers? We tally up follower counts across all major platforms, from Twitter to TikTok.
Visualizing the World’s Top 50 Influencers
In the modern digital world, social media reach is power.
The people with the most followers on Twitter, for example, have a massive platform to spread their messages, while those with large, engaged followings on Instagram are an advertiser’s dream sponsor partner.
Social media can also be an equalizer of power. It’s true that many celebrities boast large followings across platforms, but social media has also enabled previously unknown personalities to turn YouTube or TikTok fame into veritable star power and influence.
Who has the biggest reach across the entire social media universe? Instead of looking at who has the most followers on Instagram, Twitter, or other networks, we ranked the most-followed personalities across all major platforms combined.
Who Has the Most Overall Followers on Social Media?
We parsed through hundreds of the most-followed accounts on multiple platforms to narrow down the top influencers across social media as of April 2021.
Sources include trackers of the most followers on Twitter, Instagram, Facebook, YouTube, Twitch, and TikTok, verified directly on site and with social media tracker Socialblade.
The results? A top 50 list of social media influencers consisting of athletes, musicians, politicians, and other personalities.
|Rank||Name||Category||Total Followers||Biggest Platform|
|#6||Dwayne Johnson||Film & TV||342M|
|#16||Ellen DeGeneres||Film & TV||254M|
|#20||Will Smith||Film & TV||217M|
|#26||Kevin Hart||Film & TV||191M|
|#31||Vin Diesel||Film & TV||176M|
|#39||Whindersson Nunes Batista||Other||144M|
|#41||Akshay Kumar||Film & TV||140M|
|#43||Felix "PewDiePie" Kjellberg||Gaming||139M||Youtube|
|#46||Deepika Padukone||Film & TV||137M|
|#48||Salman Khan||Film & TV||134M|
|#49||Priyanka Chopra||Film & TV||129M|
Unsurprisingly, celebrities reign supreme on social media. As of April 2021, soccer superstar Cristiano Ronaldo was the most-followed person on social media with almost 500 million total followers.
But there are other illuminating highlights, such as the global reach of music. With large and diverse fanbases, artists account for half of the top 50 largest social media followings.
Also notable is the power of Instagram, which was the biggest platform for 67% of the top 50 social media influencers. This includes hard-to-categorize celebrities like the Kardashians and Jenners, which turned reality TV and social media fame into business and media empires.
Download the Generational Power Report (.pdf)
The Most Followers on Twitter, TikTok, and YouTube
However, it’s not only celebrities that dominate social media.
Personalities that started on one social media platform and developed massive followings include TikTok’s most-followed star Charli D’Amelio and YouTubers Whindersson Nunes Batista, Germán Garmendia, and Felix “PewDiePie” Kjellberg.
Politicians were also prominent influencers. Former U.S. President Barack Obama has the most followers on Twitter, and India’s Prime Minister Narendra Modi has more than 175 million followers across social media.
Former U.S. President Donald Trump would have also made the list with more than 140 million followers across social media before being banned from multiple platforms on January 8, 2021.
A Generational Look at Social Media Influence
While older generations have had to adapt to social media platforms, younger generations have grown up alongside them. As a measure of cultural importance, this gives Gen X, Millennials, and Gen Z a rare leg-up on older generations.
Millennials, in particular, hold the lion’s share of spots in this top 50 list:
|Generation||# of Influencers in Generation||Top Influencer in Generation|
|Gen Z||4||Kylie Jenner|
|Gen X||10||Dwayne (The Rock) Johnson|
|Baby Boomer||3||Ellen DeGeneres|
The average age of the top 50 influencers was just over 37.
In our Generational Power Index (GPI), which measures the share of power generations hold in various categories, digital platforms were a key area where Millennials derived their power and influence. Overall, Baby Boomers—and to a lesser extent, Gen X—still run the show in most areas of society today.
Social Media Influence, Going Forward
As most fans and advertisers know, not all social media accounts and followings are homogenous.
Many influencers with relatively small followings have more consistent engagement, and are often able to demand high advertising fees as a result.
Conversely, most social media platforms are reckoning with a severe glut of fake accounts or bots that inflate follower counts, impacting everything from celebrities and politicians to personalities and businesses.
Regardless, social media has become a mainstay platform (or soapbox) for today’s cultural influencers. Billions of people turn to social media for news, engagement, recommendations, and entertainment, and new platforms are always on the rise.
Which U.S. Generation Wields the Most Cultural Power?
Visual Capitalist’s first-ever Generational Power Index looks at which U.S. generation holds the most cultural influence in American society.
Which U.S. Generation Wields the Most Cultural Power?
This year, our team put together Visual Capitalist’s inaugural Generational Power Index (GPI), which looks at power dynamics across generations in America.
We considered three categories in our quest to quantify power: economics, political, and cultural. And while it turns out Baby Boomers dominate when it comes to economics and political factors—cultural influence is a different story.
Here’s a look at which U.S. generation holds the most cultural power, and how this power dynamic is expected to shift in the coming years.
Generations and Power, Defined
Before we get started, it’s important to clarify which generations we’ve included in our research, along with their age and birth year ranges.
|Generation||Age range (years)||Birth year range|
|The Silent Generation||76 and over||1928-1945|
|Gen Alpha||8 and below||2013-present|
Using these age groups as a framework, we then calculated the Cultural Power category using these distinct equally-weighted variables:
With this methodology in mind, here’s how the Cultural Power category shakes out, using insights from the GPI.
Share of Cultural Power by Generation
Overall, we found that Gen X captures the largest share of cultural power, at 36%.
|Generation||Cultural Power Share|
|The Silent Generation||8.8%|
*Note: figures may not add up to 100% due to rounding.
Gen X is particularly dominant in the film and TV industry, along with news media. For instance, over half of America’s largest news corporations have a Gen Xer as their CEO, and roughly 50% of Oscar winners in 2020 were members of Gen X.
Baby Boomers come in second place, capturing a 25% share of cultural power. They show particular dominance in traditional entertainment like books and art. For example, 42% of the authors on the NYT’s best-selling books list were Baby Boomers.
However, these older generations fall short in one critical category—digital platforms.
The Dominance of Digital
Why is digital so important when it comes to cultural power? Because digital media becoming increasingly more popular than traditional media sources (e.g. TV, radio).
In 2020, Americans spent nearly 8 hours per day consuming digital media, nearly two hours more per day than they spent with traditional media.
This divide is expected to grow even further over the next few years. With younger generations dominating the digital space, Gen X may soon lose its place as the top dog of the culture category.
Celebrity 2.0: The Social Influencer
As audiences flock to online channels, advertisers have followed suit—and they’re willing to spend good money to gain access to their target demographics.
In fact, spend on influencer marketing has steadily increased in the last five years, and it’s expected to reach $13.8 billion by the end of 2021.
This shift to social media advertising is redefining the notion of celebrity, and who reaps the financial benefits of content creation. For instance, six-year-old Vlogger Like Nastya made an estimated $7.7 million per month from her YouTube channel in 2020. And keep in mind, this estimate is purely based on YouTube revenue—it doesn’t even include corporate partnerships and/or merchandise sales.
With all these shifts occurring, culture as we know it is at a crossroads. And as we continue to move towards a digital dominant society, those who hold power in traditional realms will either adapt or pass along the torch.
Download the Generational Power Report (.pdf)
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