Contactless retail payments to exceed $1 trillion in transaction value by 2019 — Juniper Research — “The global value of contactless transactions made via payment cards, mobile and wearables will reach $1.3 trillion by 2019, more than doubling from an estimated $590 billion in 2017 … contactless card levels will continue to dominate transaction values, accounting for 80% of total contactless transactions in 2019.”
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Of course, the numbers would be dramatically higher if the US issuers were issuing contactless cards. The high percentage of contactless mobile payments in the US is not because of any consumer preference for miobile payments but a dearth of contactless cards. Many of the contactless cards in the US will have been issued by non-US banks.
While I am a fan of mobile payments, and prefer not to carry any cards, it is tragic that American brands and isssuers were issuing slow contact EMV cards at the same time Europeans were issuing fast contactless cards. Compounding their error is that the EMV cards they are issuing carry the credit card number in the clear on a magnetic stripe, negating the security of EMV.