What's New in Payments

Juniper forecasts mPOS transaction market

mPOS transaction values to exceed $1.9tn by 2024 — Juniper Research — “Juniper Research forecasts that mPOS (Mobile Points of Sale) transaction values will exceed US$1.9tn by 2024, up from $850bn in 2019. This growth will be driven by service adoption from new business users, including pop-up stores and street vendors, for whom the acceptance of card payments was previously inaccessible.”



Juniper forecasts rapid growth in mobile-first digital government IDs

Digital ID platforms to be used by 5bn people in 2024, as emerging economies go mobile-first — Juniper Research — “The number of people using government-issued digital identity credentials will grow by over 150% from an expected 1.7bn in 2019 to over 5bn in 2024… Mobile ID schemes take the lead over digital identity cards, with a third more users relying on apps compared to cards in the next five years.”


What's New in Payments

Digital wallets to be used by half the world’s population by 2024

Half the world’s population to use digital wallets by 2024 — Juniper Research — “A new study from Juniper Research has found that the number of people using digital wallets will increase from 2.3bn this year to nearly 4bn, or 50% of the world’s population, by 2024. This in turn will push wallet transaction values up by more than 80% to more than $9tn per annum.”


What's New in Payments

US consumers to pass on mobile payments?

Instore mobile contactless services used by only 14% of online US customers, Juniper survey finds — Juniper Research — “Time is running out for OEM Pay providers to establish a dominant position in the US… Our survey shows that the majority of users who have not adopted OEM Pay are more interested in services like contactless cards than mobile-based payments.”



What's New in Payments

Shoppers forecast to spend $45bn a year using self-checkout in stores

‘Just Walk Out’ shopping and other smart checkout tech to reach over $45bn transactions by 2023, as retailers strive to eliminate lines — Juniper Research — “Retail spend at frictionless payment stores like Amazon Go will grow from an estimated US$253m in 2018 to over US$45bn by 2023. Juniper expects most of these transactions to be in convenience and general stores, with an average transaction value around US$30 per visit… Self-scanning apps, an alternative to ‘Just Walk Out’ technologies, will be used by over 32 million shoppers by 2023.”


What's New in Payments

OEM Pays forecast to dominate mobile contactless payments market for next five years

Contactless payments to represent 1 in 3 in-store transactions globally by 2020 — Juniper Research — “Juniper forecasts that OEM Pay wallets will enable over $300 billion in transactions by 2020, representing 15% of the total contactless in-store transactions… OEM Pay wallet users will reach 450 million by 2020, with Apple accounting for one in two OEM Pay users globally… ‘We believe that growth over the next five years will continue to be dominated by offerings from the major OEM players.'”