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With a background in adventure tourism, events management and marketing, James Croll is a regular contributor to Australasian Leisure Management and Asian Leisure Business.
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The ongoing adoption of contactless payments across most economies will see cashless transactions reach $10 trillion globally by 2027 according to a recently released study from UK-based Juniper Research.
Growing from $4.6 trillion in 2022, the transition to cashless will be driven by ongoing adoption and technological advancements in contactless payments ecosystem, such as contactless‑enabled POS (Point-of-Sale) terminals and device-level support.
Juniper’s report Contactless Payments: Key Opportunities, Emerging Trends & Market Forecasts 2022-2027 predicts that as countries look to decrease their reliance upon cash, mobile and wearable contactless payments will grow by 221% between 2022 and 2027.
This growth will be based on the convenience that mobile and wearable payments offer consumers, eliminating the need to carry and produce a contactless card; easing the burden of transitioning away from cash.
In comparison, contactless card payments are anticipated to grow by only 119% during the same period.
In addition, the report identifies that the high growth of POS terminals capable of accepting contactless payments will also fuel this growth. Accordingly, the research urges POS vendors to prioritise convenience when designing NFC solutions for the market, which can cater to the growing number of devices that offer NFC payment capabilities.
The research also anticipates that contactless ticketing spend is set to grow by over 440% between 2022 and 2027, with NFC ticketing recovering strongly following the easing of pandemic-related restrictions.
This growth will be further accelerated by the rapid deployment of NFC ticketing solutions across public transport networks, with the aim of reducing payment friction for customers. In turn, the report urges vendors to foster adoption of their NFC ticketing solutions; targeting the public transport sector in developed regions that are increasingly seeking out ways to improve ticketing efficiencies.
Click here to view Juniper’s report Contactless Payments: Key Opportunities, Emerging Trends & Market Forecasts 2022-2027.
Image credits: Tappit (top) and Juniper Research (below).
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