Global transaction volumes for contactless payments made using a mobile device will increase by 92% from 26bn in 2021 to 49bn in 2023, according to a forecast by Juniper Research.
This growth will “significantly exceed” that of contactless card transaction volumes, with contactless mobile transactions growing “twice as fast as contactless card transactions”.
“The enhanced security and increasing cross-channel payment capabilities of mobile contactless payments [will be] key drivers of growth,” the researchers say.
They also forecast that Latin America will experience the fastest growth rate in contactless mobile transaction volumes predicting that this will increase by more than 400% between 2021 and 2023.
“Latin America has seen rapid development in its digital infrastructure in recent years, shown by the increased investment in supporting digital transformation, as well as an increasingly favourable regulatory environment. This will further drive payment digitalisation in the region,” Juniper’s Susannah Hampton says.
Forecast: Contactless mobile payments to exceed 49bn globally by 2023 was written by Tom Phillips and published by NFCW.