Apple Pay to account for one in two contactless mobile payments globally in 2020

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Analytics firm Juniper Research says Apple Pay will account for half of contactless mobile payment users in 2020.

Furthermore, the firm predicts significantly more people will use contactless payment solutions provided by their device’s manufacturer — ‘OEM Pay.’

By 2020 some 450 million people worldwide will use some form of OEM Pay. This includes solutions like Apple Pay, Google Pay and Samsung Pay. However, it also includes solutions like FitBit Pay and Huawei Pay.

Also in 2020, Juniper predicts that OEM Pay solutions will account for over $300 billion USD in transactions. In other words, about 15 percent of total contactless in-store transactions.

Card payments will continue to dominate contactless payments around the world. Contactless card payments are especially popular in parts of Asia, including China. Asia accounts for nearly 55 percent of global contactless card transactions.

Combined, all contactless payments in-store will reach $2 trillion by 2029 — about 15 percent of total point-of-sale transactions.

Additionally, contactless payments will exceed $1 trillion for the first time in 2018.

The interesting thing about these predictions is how many more people use Apple Pay despite Android’s dominance over the smartphone market. Likely this is due payment fragmentation — Apple doesn’t have manufacturers with their own payment systems.

Source: Juniper Research Via: TechCrunch