Contactless mobile payment users to top 1bn globally by 2024 - NFC World

The full fig of consumers globally making contactless mobile payments with a smartphone oregon different NFC-enabled instrumentality volition transcend 1 cardinal for the archetypal clip by 2024, rising from 782m successful 2022, according to a Juniper Research forecast.

Increasing concern successful contactless outgo acceptance infrastructure specified arsenic software-only point-of-sale (sPOS) solutions, user request and increasing smartphone ownership successful emerging regions volition beryllium cardinal drivers of this growth, the researchers say.

“Smartphone penetration rates among emerging regions specified arsenic Asia Pacific volition transcend 99% by 2024, enabling an further 67 cardinal individuals to follow mobile payments arsenic they volition person the indispensable hardware to behaviour NFC payments via their handsets,” the researchers explain.

“The probe predicts that expanding user request for convenient and frictionless outgo methods is besides accelerating this growth, arsenic consumers lone necessitate a smartphone oregon NFC-enabled instrumentality to usage contactless payments, frankincense eliminating the request to transportation aggregate outgo cards.

“The advent of softPOS, which enables smartphones to judge NFC payments, volition rapidly summation contactless acceptance infrastructure, owing to the little outgo associated with softPOS successful examination to accepted contactless POS, arsenic it eliminates the request for further hardware.”

Juniper Research forecast successful September that global contactless transaction values volition scope US$10tn by 2027.

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