Mobile Contactless User Market Sees Fast Growth but Trails Card Usage, Juniper Reports
Apple Pay has 140 million mobile contactless users worldwide, Juniper Research reported. The number of mobile contactless users is projected to grow from 440 million this year to more than 760 million by 2020, and OEM pay services including Apple…
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Pay, Samsung Pay and Google Pay will reach 450 million users by 2020. Those three will have 60 percent of mobile contactless users by 2023, up from 50 percent this year, with OEM pay players Huawei, Xiaomi, Fitbit and Garmin having more than 20 million users, it said. Contactless payments use rose rapidly, but that doesn’t mean higher growth for mobile contactless payments because contactless cards remain the most likely to have increased current and future usage by consumers, Juniper said. OEM pay options “may struggle to gain traction” among existing users in established markets, said the researcher. Contactless payment transactions done via all types of payment cards, mobile and wearable devices will reach $1 trillion this year, a year earlier than it had projected, it said.