Strong growth of Apple Pay in China and the US is expected to drive the increase
According to Juniper Research forecasts, global OEM Pay (Original Equipment Manufacturer) transaction values will exceed $1 trillion in 2024, compared to $333 billion in 2020.
The research predicts that Apple Pay will gain the transaction value growth of 240% and keep dominating in terms of global availability.
What is more, OEM Pay providers should focus on bank partnerships to expand their reach, to challenge Apple’s dominance.
The study discovered that China will account for 33% of OEM Pay transaction values by 2024, up from 19% in 2020. Indeed, the country has an affinity for mobile payments, with rapidly increasing contactless acceptance at POS. All these factors mean that China will be an important driver of increased contactless usage.