Contactless transactions to be worth '$10trn by 2027'

The value of contactless payment transactions will reach $10 trillion globally by 2027, according to a new study by Juniper Research.

Standing at $4.6 trillion in 2022, Juniper anticipates that investment in the underlying contactless payments ecosystem, such as contactless‑enabled POS (Point-of-Sale) terminals and device-level support, will be the key driver of contactless transactions value growth over the next five years.

The research also predicts that the push towards cashless societies will be a key driver of growth, as countries look to decrease their reliance upon cash.

Mobile and wearable contactless payments are anticipated to grow by 221 per cent between 2022 and 2027, according to the study. In comparison, Juniper anticipates that contactless card payments will grow by 119 per cent during the same period.

Juniper’s research also predicts that contactless ticketing spend will grow by over 440 per cent between 2022 and 2027. NFC ticketing has reportedly seen a strong recovery following the easing of pandemic-related restrictions and is forecast to continue rising rapidly over the next five years.

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