Apple, US and China power contactless payments boom

Global contactless transaction values will reach nearly $6 trillion in 2024, up from $2 trillion in 2020, according to Juniper Research.

The roll-out of contactless cards in the US and improvements in China’s contactless PoS infrastructure will be key drivers here, as will strong growth from Apple Pay. However, OEM Pay, payment options from smartphone manufacturers, will account for higher value payments over the forecast period, due to restrictive payment limits for contactless cards.

Juniper Research’s Susannah Hampton comments: “Apple is now leading the space, owing to its unified ecosystem. Competitors, including Google and Samsung, must continue to expand the reach of their services in order to make strides in the market.”