Contactless payment transaction values reach US$10 trillion by 2027 -Juniper Research

KUALA LUMPUR, Sept 12 (Bernama) -- The value of contactless payment transactions will reach US$10 trillion globally by 2027; from US$4.6 trillion in 2022,according to a new study from Juniper Research. (US$1 = RM4.497)

It anticipates that investment in the underlying contactless payments ecosystem, such as contactless‑enabled Point-of-Sale (POS) terminals and device-level support, will be the key driver of contactless transactions value growth over the next five years.

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 per cent 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 per cent during the same period, according to a statement.

Furthermore, the report identified that the high growth of POS terminals capable 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.

The research anticipates that contactless ticketing spend is set to grow by over 440 per cent 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.

-- BERNAMA