Report: Apple Pay to dominate contactless payments by 2020

Report: Apple Pay to dominate contactless payments by 2020 1

According to new data from [Juniper Research][1], in-store contactless payments are expected to account for one third of all in-store transactions by 2020, with Apple Pay being in the dominant position, account for one in two of all digital contactless payment users globally. The Juniper report adds that in-store contactless payments will reach $2 trillion by 2020, or about 15% of all point of sale transactions, and that the payment method is actually expected to surpass the $1 trillion threshold this year, earlier than previously anticipated. Juniper conceded, however, that digital payment solutions such as Apple Pay and Google Pay will still make up only a fraction of all contactless payments, which are still expected to be dominated by physical card payments, which while very rare in the U.S., are in much more common use in Canada, Europe, and the Far East and China. Still, Apple Pay is expected to account for over 200 million mobile payment users worldwide by 2020, and gain the lion’s share of the $300 billion in mobile payment transactions expected by that time. [via MacRumors]

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