Contactless Card Transactions To Exceed $2 Trillion by 2021
6-30-2017
The value of contactless transactions made via payment cards, mobile, and wearables is forecasted to reach $1.3 trillion worldwide by 2019, more than doubling the 2017 estimate of $590 billion, according to a new report from Juniper Research. The firm also predicts that contactless transactions via debit and credit cards will total more than $2 trillion globally by 2021.
Types of contactless transactions vary by country, according to the researchers. In 2016, mobile wallets accounted for 90 percent of all contactless transactions in the United States; however, cards accounted for more than 90 percent of transactions in many European markets and Canada.
In non-U.S. markets where cards dominate, “it will be difficult for mobile wallet providers to gain existing market share from contactless cards,” reported research author Nitin Bhas. “It is therefore incumbent upon them to deliver innovative services through which the mobile wallet will become the default payment mechanism.”
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.