Contactless Payments Continue To Increase

The value of contactless payment transactions will reach $10 trillion globally by 2027, from $4.6 trillion in 2022, says a study from Juniper Research. The report anticipates that investment in the underlying contactless payments ecosystem, such as contactless‑enabled POS (point-of-sale) terminals and device-level support, will be the key driver of contactless transactions value growth over the next five years. As well, the push towards cashless societies will drive growth. 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 and 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.