Report: Contactless Payments Value to Hit $6 Trillion by 2024
2-13-2020
Global contactless transaction value will reach close to $6 trillion by 2024, an increase of $4 trillion from 2020, a new report from Juniper Research forecasts.
The report, “Contactless Payments: Market Status, Vendor Analysis & Market Forecasts 2020-2024,” attributes this increase primarily to increasing use of contactless cards in the United States as well as improvements to China’s contactless point-of-sale infrastructure. Further, the report argues, increased share from mobile wallets from Google, Samsung and especially Apple Pay will account for higher value payments among contactless form factors.
The United States is set to account for $1.5 trillion in contactless transaction value by 2024, a significant growth from its current value of $178 billion in 2020. It also predicted that Apple Pay will account for 52 percent of OEM mobile wallet transaction values by 2024, up nine percent from 2020 due largely to growth in key regions including China and Europe.
Contactless payments will be a focus on the 2020 TRANSACT agenda. TRANSACT is the one show focused on the merchant acquiring industry, and attracts more than 3000 attendees and 200 exhibitors to showcase the future of payments innovation. Click here to learn more and register.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.
