Tuesday, 31 July 2018 02:08

Growth explosion in global contactless payments market forecast: report

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Growth explosion in global contactless payments market forecast: report Image courtesy of Naypong at FreeDigitalPhotos.net

In-store contactless payments are estimated to reach US$2 trillion worldwide by 2020, with the global market driven by an explosion in the use of payment cards and mobile wallets.

The forecast for the growth of the payments market — representing 15% of global total point-of-sale transactions — comes from analyst firm Juniper Research which predicts that contactless payments will exceed the US$1 trillion mark for the first time in 2018, a year earlier than it previously anticipated.

And contactless transactions will continue to be dominated by card payments, according to Juniper, which says they will be driven by strong adoption in Europe as well as the Far East and China.

“Indeed, contactless card payments are the strongest across Far East and China and the rest of Asia Pacific, which together account for nearly 55% of global contactless card transaction values,” Juniper says in its market report.

The research — Contactless Payments: Payment Cards, OEM Pay & Mobile Wallets 2018-2023 — also finds that the mobile contactless payments market will be driven by Apple Pay, Samsung Pay, Google Pay and other OEM pay wallets.

Combined, Juniper says these OEM pay wallets users will reach 450 million by 2020, with Apple accounting for 1 in 2 OEM pay users globally.

“We believe that growth over the next five years will continue to be dominated by offerings from the major OEM players. Additionally, we now have the likes of Huawei Pay and Fitbit Pay launching in several markets; this is now included in Juniper’s contactless forecasts,” says research author Nitin Bhas.

Consequently, Juniper forecasts that OEM pay wallets will enable over US$300 billion in transactions by 2020, representing 15% of the total contactless in-store transactions.

Beyond in-store payments, the Juniper research forecasts rapid growth in contactless ticketing, especially in the European and North American markets where mobile wallets have been deployed.

Juniper forecasts nearly 10 billion mobile contactless ticketing transactions — i.e. tickets purchased or validated, by 2022 — with North America dominating the sector, followed by the Far East and China.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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