Contactless mobile payment users to grow to over 760 mln by 2020
The number of mobile contactless users worldwide will exceed 760 million by 2020, up from an estimated 440 million in 2018, according to the latest forecast from Juniper Research. The market researcher expects Apply Pay to dominate, accounting for one in two of the estimated 450 million customers at OEM m-payment services.
According to the new research, the combined market share of Apple, Samsung and Google will reach 60 percent of global mobile contactless users by 2023, up from an estimated 50 percent in 2018. Other OEM pay users, including Huawei Pay, Xiaomi Pay, Fitbit Pay and Garmin Pay, will exceed 20 million by 2020. Meanwhile, well over 200 banks had deployed HCE-wallet services in 2017, which is expected to drive future growth in many markets.
Juniper noted that while contactless payments are growing rapidly, this is often led by contactless cards in many markets. These mean mobile options, such as the OEM services, may struggle to gain traction amongst existing users in such markets. On a global level, contactless card payments are strongest in the Far East & China and Europe, accounting for an estimated 78 percent of global transaction volume in 2018.
However, the research found overall contactless payment transactions, including payment cards, mobile and wearable devices, will reach a value of USD 1 trillion this year, a year earlier than previously anticipated by Juniper Research.
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