Mobile contactless payments set to nearly double by 2023

Date:
Tue, 05 Oct 2021 12:46:43 +0000

Description:
Number of mobile contactless payments will reach 49 billion within two years.

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Contactless payments made using mobile phones will almost double over the
next two years twice as fast as the growth of contactless card payments.

A study by Juniper Research found that the volume of mobile contactless transactions rill rise from 26 billion in 2021 to 49 billion in 2023, driven by enhanced security, convenience, and the increasing cross-channel payment capabilities on devices.

For example, its possible to make Apple Pay payments to retailers and service providers online as well as via a contactless terminal. These are the best business SIM-only deals around today And the best business broadband deals Here are the best business mobile phone deals Mobile payments

In Latin America, transaction volumes are set to rise by 400% as smartphone penetration and access to digital financial services increases.

Latin America has seen rapid development in its digital infrastructure in recent years, shown by the increased investment into supporting digital transformation, as well as an increasingly favourable regulatory environment. This will further drive payment digitalisation in the region, suggested Research author Susannah Hampton.

Analysts have urged mobile digital wallet providers to capitalise on this demand by offering value-added services, such as loyalty schemes, and
personal finance management that can be key differentiators in the market.

However, one barrier to adoption remains security. The report urges vendors
to increase support for biometric authentication to ease concerns.

Nearly all card transactions in the UK are contactless, according to Barclaycard, a trend driven by convenience and the need for more hygienic options during the pandemic. The government has reacted by increasing the limit to 100. Here are the best 5G phones around today



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Link to news story: https://www.techradar.com/news/mobile-contactless-payments-set-to-nearly-doubl e-by-2023/


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