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.
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The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $6 trillion in purchases in the US and deploying payments innovations to merchants and consumers. Learn more: www.electran.org.
