Global contactless transaction values will reach nearly US$6tn in 2024, up from US$2tn today, Juniper Research forecasts.
“This increase will be driven by significant growth in OEM Pay and contactless card transaction values, especially in the US,” the analysts say.
Improvements in China’s contactless POS infrastructure will also be a key driver of the increase, along with “strong growth” from Apple Pay.
“Apple Pay will account for a 52% share of OEM Pay transaction values, up from 43% in 2020,” Juniper forecasts.
“The expansion of Apple Pay’s user base in key regions, including Far East and China and Europe, will drive growth, as well as the extension of Apple’s reach outside OEM Pay through its Apple Card initiative.”
US contactless transaction volumes are forecast to exceed US$1.5tn in 2024, up from US$178bn in 2020.
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,” Juniper predicts.