- Lenders provide 650,000 UK businesses with £27.5bn in finance through COVID-19 schemes
- UK lenders approve almost 1.5million payment holidays on credit cards and personal loans
- Scope says UK banks to manage through challenging times with regulatory encouragement
- Latest Lloyds Bank Business Barometer says business confidence falls to record low as economic shutdown continues
- Mastercard says 78% of all transactions across Europe are now contactless
- Research indicates 56% of consumers more likely to use contactless as their preferred spending method when thinking about future trips abroad
- Auriga's Mark Aldred comments on the future need for ATMs in the UK expired
- Reinhart appointed as the new Vice President and Chief Economist of the World Bank Group expired
- S&P Global publishes article headed "Islamic Finance And ESG: Sharia-Compliant Instruments Can Put The S In ESG" expired
- High-income households willing to take on riskier post-COVID-19 investments, says GlobalData expired
- Moneyfacts says fixed bond rate gap tumbles as one-year attracts expired
- Northpointe Bank named a top-performing bank in the US again by the ICBA expired
11th February 2020
Juniper Research new survey suggests contactless transaction values will reach nearly $6tr in 2024
New data from Juniper Research forecasts that global contactless transaction values will reach nearly $6tr in 2024, up from $2tr in 2020. It found that this increase will be driven by significant growth in OEM Pay and contactless card transaction values, especially in the US.
The new research, "Contactless Payments: Market Status, Vendor Analysis & Market Forecasts 2020-2024", identified the rollout of contactless cards in the US and improvements in China’s contactless POS infrastructure as key drivers of this increase, as well as strong growth from Apple Pay.
However, the research found that OEM Pay, payment options from smartphone manufacturers, will account for higher value payments over the forecast period, due to restrictive payment limits for contactless cards.
Juniper Research anticipates that contactless cards will experience significant growth in the US, with transaction values surpassing $1.5tr in 2024, rising from $178bn in 2020. The research found that growth will be fuelled by the promotion of contactless cards by major US banks, reductions in the costs associated with issuing contactless cards in the US and their increasing use in the ticketing space. The research recommends that US retailers and technology providers urgently prioritise improving contactless infrastructure to capitalise on this growing trend.
The research found that Apple Pay will account for a 52% share of OEM Pay transaction values, up from 43% in 2020. The expansion of Apple Pay’s user base in key regions, including Far East & China and Europe, will drive growth, as well as the extension of Apple’s reach outside OEM Pay through its Apple Card initiative. .
Research author Susannah Hampton comments “Apple is now leading the space, owing to its unified ecosystem. Competitors, including Google and Samsung, must continue to expand the reach of their services in order to make strides in the market”.