The total number of users globally making contactless mobile payments will exceed one billion for the first time by the end of 2024, according to a new report. In Contactless Payments: Key Opportunities, Emerging Trends & Market Forecasts 2022-2027($), Juniper Research said about 782 million people around the world are making contactless payments now. Growth in emerging markets—where the contactless acceptance infrastructure is advancing rapidly—will drive the 60 percent increase in the payment method.
The U.K.-based consultancy said contactless in-store payments are growing alongside other digital options like Buy Now, Pay Later (BNPL) and providers must find a way to converge physical and digital offerings.
“NFC mobile payment vendors must maximize convenience by offering further payment options, such as BNPL (Buy Now, Pay Later), to encourage greater adoption,” said research author Jordan Rookes. “BNPL allows consumers to pay in several installments; making high-value purchases more affordable.