A survey of the global payment market suggests future growth will be driven by contactless cards.
From Juniper Research’s Will Apple Pay Continue to Dominate Contactless Payments?
New data from leading fintech analysts, Juniper Research estimates the global number of mobile contactless users will exceed 760 million by 2020, up from an estimated 440 million in 2018. It forecasts OEM Pay services, including Apple Pay, Samsung Pay and Google Pay, will reach 450 million by 2020, with Apple accounting for 1 in 2 OEM Pay users globally.
Source: Juniper Research. Click to enlarge.
But these so-called “OEM Pay services” are not the only game in town, according to Juniper:
While contactless payments use has risen rapidly, this does not mean higher growth for mobile contactless payments. In many established markets, contactless cards remain the most likely to have increased current and future usage by consumers, and OEM Pay options may struggle to gain traction amongst existing users in such markets.
Source: Juniper Research. Click to enlarge.
My take: Color me confused. I was under the impression that the Chinese favored Tencent and Alipay and that QR codes were the dominant technology. Is anybody using the 1.3 billion contactless Chinese cards represented in this chart?
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