The Paypers

It found that this increase will be driven by significant growth in OEM Pay and contactless card transaction values, especially in the US.

The new research, Contactless Payments: Market Status, Vendor Analysis & Market Forecasts 2020-2024, identified the roll out of contactless cards in the US and improvements in China’s contactless POS infrastructure as key drivers of this increase, as well as strong growth from Apple Pay. However, the research found that OEM Pay, payment options from smartphone manufacturers, will account for higher value payments over the forecast period, due to restrictive payment limits for contactless cards.

Juniper Research anticipates that contactless cards will experience significant growth in the US, with transaction values surpassing USD 1.5 trillion in 2024, rising from USD 178 billion in 2020. The research found that 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.

Contactless payment transaction to reach USD 6 tln globally by 2024