Science & Technology

Contactless Mobile Payments to Surpass 1 Billion Users for First Time in 2024: Research

Increased investment in contactless acceptance infrastructure, especially across emerging regions, will drive the growth of contactless mobile payments

Contactless Mobile Payments

Source: shutterstock.com

A new study from Juniper Research discovered that the total number of unique contactless mobile payment users will reach 1 billion globally by 2024. It will rise from 782 million in 2022, illustrating a growth of 60%. 

Over 200 million of the new contactless payment users will predominantly come from emerging economies, as those regions see increased investment in contactless acceptance infrastructure. 

For instance, smartphone penetration rates in Asia Pacific and similar regions will exceed 99% by 2024. That enables an additional 67 million individuals to adopt mobile payments with the necessary hardware.

In addition, increasing consumer demand for convenient and frictionless payment methods in developed economies will also drive this growth. For instance, the combination of NFC-enabled transactions with BNPL services maximises convenience and encourages greater adoption. Besides, the growth of SoftPOS solutions, which enable smartphones to accept NFC payments, will facilitate purchases for both customers and merchants. 

To capitalise on all high-growth markets, NFC mobile payment vendors should encourage consumers to switch from mobile money to NFC payments. It can be done by educating consumers on the benefits of such payments. Meanwhile, they must also work on improving NFC acceptance infrastructure such as SoftPOS.

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.