As cards displaced cash, contactless payments are displacing card payments—though they have yet to achieve complete worldwide ubiquity. Many markets have hit a 90+% adoption rate, with places like the U.K. (93.4%), Australia (95%) and Singapore (97%) leading the charge.
Nearly 90% of U.S. consumers now use contactless payments, and this market is projected to grow at a 19.1% CAGR until 2030.
„At Symphopay we see an average of 94% for the contactless option (as of August 2024), out of which 57% are done through phone/watch. Fantastic trend!” said Daniel Nicolescu, CEO of Symphopay.
Serge Beck, the founder and CEO of Omniwire said: „Digital wallets are expected to account for over half of the U.S.’s e-commerce transaction value by 2025. By 2027, we can expect contactless payment transactions at $10 trillion globally from $4.6 trillion in 2022. Investment in the contactless payments ecosystem and embedded banking will likely grow contactless transaction value over the next five years.
Contact payment will continue to be integral. New technologies like wearables, biometric authentication and voice-activated payments will continue to emerge, and native apps will have basic banking features. Ultimately, the widespread adoption of contactless payments will drive innovation in related sectors, such as financial security, digital identity verification, artificial intelligence and even urban planning with smart cities.”
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:
