Within the next five years, more than half of all global point-of-sale transactions are expected to be contactless, according to a new study from Juniper Research (Basingstoke, U.K.).
That compares to the fact that about 15 percent of the world’s point-of-sale transactions were contactless this year. Many of the contactless smartphone-based payments are currently made via Apple’s (Cupertino, Calif.) Apple Pay and take place across Europe, where contactless payment has been heavily promoted.
In the U.S., the amount of contactless payment is about 2 percent this year, but that number is expected to climb to 34 percent by 2022. According to Enterprise Innovation, more people are turning to contactless payment due to dissatisfaction at the slower speeds of chip-card transactions.