Connect with us


Contactless payment transactions to hit $15.7 trillion by 2029

A new study by Juniper Research, the foremost experts in fintech and payments markets, found the value of contactless payment transactions will grow by 113% over the next five years, from $7.4 trillion in 2024.

The new research, featuring comprehensive market sizing and forecasts for both Contactless Payments and Digital Ticketing, found greater contactless payment availability for smaller businesses with Soft POS (Point-of-Sale) systems, is powering growth. As access becomes more widespread, users increasingly expect contactless payments; creating a virtuous cycle of increasing use.

The launch of Soft POS systems, where contactless payments can be accepted using a compatible smartphone, is breaking down cost barriers to small and micro-merchants’ adoption of contactless payments, increasing acceptance overall. Additionally, the study predicted that Apple’s recent announcement of Tap to Cash for person-to-person payments, and its extensive roll-outs of Tap to Pay on iPhone will further accelerate this transaction growth.

Contactless Ticketing Growing by Over 460%
The research found that the value of contactless ticketing transactions will increase by over 460% between 2024 and 2029; reaching $154 billion in 2029.

Contactless ticketing has gained significant traction within the transit space. Growth is particularly strong in the US, where it is experiencing widespread roll-out.

Research author Nick Maynard explained: “Current contactless-based open-loop systems are supported by account-based ticketing systems, which facilitate different access tokens and subscriptions. This means that cities that have deployed open-loop ticketing are typically well prepared for a future transition to full MaaS (Mobility-as-a-Service offerings). Under MaaS, access to transit will be seamless and multimodal; unlocking a superior user experience across a wider range of transit options.” Juniper Research

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Copyright © 2024 Communications Today

error: Content is protected !!