The value of contactless payment transactions is expected to reach $4.6trn by 2027, up from $4.6trn in 2022, according to data from Juniper Research.
It anticipates the investment into the underlying contactless payments ecosystem, such as contactless-enabled POS terminals and device-level support, will drive the value growth.
This finding comes in Juniper’s new report, ‘Contactless Payments: Key Opportunities, Emerging Trends & Market Forecasts 2022-2027.’
Its research predicts that the push towards cashless societies will bolster growth.
Mobile and wearable contactless payments are expected to grow by 221% between 2022 and 2027. This growth is a result of the convenience mobile and wearable payments offer consumers, eliminating the need to carry and produce a contactless card; easing the burden of transitioning away from cash.
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