1-in-3 In-Store Payments May be Contactless by 2020 | BankNews.com
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1-in-3 In-Store Payments May be Contactless by 2020

July 31 — New data from UK-based Juniper Research estimates that in-store contactless payments will reach $2 trillion globally by 2020. Driven by payment cards and mobile wallets, contactless will represent 15 percent of total point of sale transactions.

Contactless payments will continue to be dominated by card payments, not mobile wallets, the research found. Strong adoption in Europe and Asia currently accounts for nearly 55 percent of global contactless card transaction values.

Mobile wallets will still be driven by Apple Pay, Samsung Pay, Google Pay and other original equipment manufacturer mobile wallets. Combined, this payment method is expected to reach 450 million users by 2020, with Apple accounting for 1 in 2 OEM pay users globally.

“We believe that growth over the next 5 years will continue to be dominated by offerings from the major OEM players,” said research author Nitin Bhas. “Additionally, we now have the likes of Huawei Pay and Fitbit Pay launching in several markets …”

Due to these factors, Juniper forecasts that OEM pay wallets will enable more than $300 billion in transactions by 2020, representing 15 percent of all contactless in-store transactions.

Moving beyond in-store, the research predicts rapid growth in contactless ticketing, especially in Europe and North America, where mobile wallets have been deployed. Juniper forecasts that nearly 10 billion mobile contactless ticketing transactions (i.e., tickets purchased or validated) by 2022, with North America leading the way, followed by the far East and China.

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