Specialists of the consulting company Juniper Research conducted a study of the contactless payment market, on the basis of which they made their own forecast regarding the development of this area in the future. According to them, by 2024, the volume of transactions made using the Apple Pay system will be $686 billion, or approximately 52% of the global contactless payment market.
The report says that by 2024 the global market for contactless payments will grow to $6 trillion, while this year this figure will be approximately $2 trillion. The forecast looks most promising for the Apple Pay payment system, which by 2024 may take more than half of the entire market. This will be achieved mainly due to an increase in demand for contactless payments, as well as an increase in the number of devices that support Apple Pay. In addition, an increase in Apple's user base in some regions, including the Far East and China, will have a positive impact.
The study took into account all forms of contactless payments, including card payments and OEM payments made through the use of payment systems of companies that are not banking organizations. We are talking about systems such as Apple Pay, Google Pay, etc. Part of the expected increase in the volume of transactions carried out using contactless payment systems is associated with the predicted growth in the popularity of wearable devices such as smart watches that support this technology.
Source: 3dnews.ru