New data from Juniper Research shows that, driven by payment cards and mobile wallets, in-store contactless payments will reach $2 trillion by 2020, representing 15% of the total point of sale transactions. The research group predicts that the mobile contactless payments market will be driven by Apple Pay, Samsung Pay, Google Pay and other “pay wallets.”
Combined, users of these wallets will reach 450 million by 2020, with Apple accounting for 1-in-2 wallet pay users globally, according to Juniper. Contactless payments will exceed the $1 trillion mark for the first time in 2018, a year earlier than previously anticipated by the research group.
Juniper found that contactless transactions will continue to be dominated by card payments, 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 Rest of Asia Pacific, which together account for nearly 55% of global contactless card transaction value.