Contactless payment transactions worth US$4.6 trillion ($6.6 trillion) in 2022 will jump US$10 trillion ($14.5 trillion) globally by 2027 as investment in the underlying contactless payment ecosystem such as contactless-enabled point-of-sale terminals and device-level support will drive contactless transactions value growth over the next five years, according to Juniper Research.
The research firm predicts that the push towards cashless societies will drive growth as countries look to decrease their reliance upon cash.
Mobile and wearable contactless payments are anticipated to grow by 221% between 2022 and 2027 attributed to the convenience that mobile and wearable payments offer consumers.
In comparison, contactless card payments are anticipated to grow by only 119% during the same period.
Furthermore, the report identified that point-of-sale (POS) terminals capable of accepting contactless payments is also fuelling this growth.
Accordingly, the research urges POS vendors to prioritise convenience when designing NFC solutions for the market, which can cater to the growing number of devices that offer NFC payment capabilities.
The research anticipates that contactless ticketing spend is set to grow by over 440% between 2022 and 2027.
Following the easing of pandemic-related restrictions, Juniper Research forecast that it will continue to rise over the next five years.
This growth will be further accelerated by the rapid deployment of NFC ticketing solutions across public transport networks, with the aim of reducing payment friction for customers.
In turn, the report urges vendors to foster adoption of their NFC ticketing solutions, targeting the public transport sector in developed regions that are seeking out ways to improve ticketing efficiencies.
This first appeared in the subscription newsletter CommsWire on 13 September 2022.
PROMOTE YOUR WEBINAR ON ITWIRE It's all about Webinars. Marketing budgets are now focused on Webinars combined with Lead Generation. If you wish to promote a Webinar we recommend at least a 3 to 4 week campaign prior to your event. The iTWire campaign will include extensive adverts on our News Site itwire.com and prominent Newsletter promotion https://itwire.com/itwire-update.html and Promotional News & Editorial. Plus a video interview of the key speaker on iTWire TV https://www.youtube.com/c/iTWireTV/videos which will be used in Promotional Posts on the iTWire Home Page. Now we are coming out of Lockdown iTWire will be focussed to assisting with your webinars and campaigns and assistance via part payments and extended terms, a Webinar Business Booster Pack and other supportive programs. We can also create your adverts and written content plus coordinate your video interview. We look forward to discussing your campaign goals with you. Please click the button below. MORE INFO HERE!
Kenn Anthony Mendoza is the newest member of the iTWire team. Kenn is also a contributing writer for South China Morning Post Style, and has written stories on Korean entertainment, Asian and European royalty, Millionaires and Billionaires, and LGBTQIA+ issues. He has been published in Philippine newspapers, magazines, and online sites: Tatler Philippines, Manila Bulletin, CNN Philippines Life, Philippine Star, Manila Times, and The Daily Tribune. Kenn now covers all aspects of technology news for iTWire.com.
Will the broad adoption of eSIMs provide more, or fewer, opportunities for scammers and thieves?
Actually, thank you very much for making me explain it. I was not trying to pull you up, just make[…]
Your usage scenario for usage scenario makes sense, as it seems to be the original term.It's a bit like being[…]
I'm being picky no one level, but it is hardly being picky on a technical level. The now adopted common[…]
Another environmental disaster in the making..Writing in The Conversation, University of Southern Queensland academics Brad Carter and Mark Rigby conclude[…]