Digital Payments to Total $4.7 Trillion by 2019

June 26, 2014 –  Digital payments are on track to nearly double in transaction value and total $4.7 trillion by 2019, with emerging markers driving much of that growth, according to Juniper Research. The Juniper study expects combined smartphone and tablet payments to top desktop transactions for the first time this year, with tablets the favored media for users transitioning from PCs. Juniper also predicts Host Card Emulation-based NFC services will boost mobile payments.

The study projects that tablet-based purchases will account for 63 percent of all physical goods transactions in the U.S. by 2019, up from 25 percent now. “While we are now seeing contactless transactions scaling up in markets such as Australia, Poland, and the U.K., almost all current consumer usage is via the card,” observes Juniper analyst Windsor Holden. “However, with banks increasingly attracted to an NFC model in which they have full control of the customer, then we may well see some high-profile deployments in the medium term.”

More information on the report, Digital Payment Strategies: Online, Mobile & Contactless 2014-2019, can be found here.