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Contactless payment transactions to hit $15.7 trillion globally by 2029, as Soft Point-of-Sale & ticketing roll-outs accelerate growth

25 iunie 2024

A new study by Juniper Research found the value of contactless payment transactions will grow by 113% over the next five years, from $7.4 trillion in 2024. The research found that the value of contactless ticketing transactions will increase by over 460% between 2024 and 2029; reaching $154 billion in 2029.

The new research, featuring comprehensive market sizing and forecasts for both Contactless Payments and Digital Ticketing, found greater contactless payment availability for smaller businesses with Soft POS (Point-of-Sale) systems, is powering growth. As access becomes more widespread, users increasingly expect contactless payments; creating a virtuous cycle of increasing use.

The launch of Soft POS systems, where contactless payments can be accepted using a compatible smartphone, is breaking down cost barriers to small and micro-merchants’ adoption of contactless payments, increasing acceptance overall. Additionally, the study predicted that Apple’s recent announcement of Tap to Cash for person-to-person payments, and its extensive roll-outs of Tap to Pay on iPhone will further accelerate this transaction growth.

Contactless ticketing has gained significant traction within the transit space. Growth is particularly strong in the US, where it is experiencing widespread roll-out.

Research author Nick Maynard explained: “Current contactless-based open-loop systems are supported by account-based ticketing systems, which facilitate different access tokens and subscriptions. This means that cities that have deployed open-loop ticketing are typically well prepared for a future transition to full MaaS (Mobility-as-a-Service offerings). Under MaaS, access to transit will be seamless and multimodal; unlocking a superior user experience across a wider range of transit options.”

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Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?