Contactless payments transaction values to surpass US $ 10 trillion globally by 2027
A study from Juniper Research has found that the value of contactless payment transactions will reach US $ 10 trillion globally by 2027 ; from US $ 4.6 trillion in 2022 . It anticipates that investment in the underlying contactless payments ecosystem , such as contactless-enabled POS ( Point-of-Sale ) terminals and devicelevel support , will be the key driver of contactless transactions value growth over the next five years .
Transition to cashless society driving growth
The research predicts that the push towards cashless societies will drive growth , as countries look to decrease their reliance upon cash . Mobile and wearable contactless payments are anticipated to grow by 221 % between 2022 and 2027 . This growth owes to the convenience that mobile and wearable payments offer consumers , eliminating the need to carry and produce a contactless card , easing the burden of transitioning away from cash . In comparison , contactless card payments are anticipated to grow by only 119 % during the same period .
Furthermore , the report identified that the high growth of POS terminals capable
THIS GROWTH OWES TO THE CONVENIENCE THAT MOBILE AND WEARABLE PAYMENTS OFFER CONSUMERS . of accepting contactless payments is also fuelling this growth . Accordingly , the research urges POS vendors to prioritise convenience when designing NFC solutions for the market , which can cater to the growing number of devices that offer NFC payment capabilities .
Contactless ticketing set for strong growth
The research anticipates that contactless ticketing spend is set to grow by over 440 % between 2022 and 2027 . NFC ticketing has recovered strongly following the easing of pandemic-related restrictions and is forecast to continue rising rapidly over the next five years .
This growth will be further accelerated by the rapid deployment of NFC ticketing solutions across public transport networks , with the aim of reducing payment friction for customers . In turn , the report urges vendors to foster adoption of their NFC ticketing solutions ; targeting the public transport sector in developed regions that are increasingly seeking out ways to improve ticketing efficiencies . p