The growth will be driven by the promotion of contactless cards by major US banks
Juniper Research forecasts that global contactless transaction values will reach nearly $6 trillion by 2024, up from $2 trillion in 2020. The increase will be driven by significant growth in OEM (original equipment manufacturer) pay and contactless card transaction values.
The data identified that the rollout of contactless cards in the US and improvements in China’s contactless POS infrastructure are key drivers of this increase.
Although, the study unveiled that OEM pay will account for higher-value payments over 4 years, due to restrictive payment limits for contactless cards.
Juniper Research forecasts that contactless cards will have significant growth in the US, with transaction values surpassing $1.5 trillion in 2024, compared to $178 billion in 2020.
The research found that Apple Pay will account for a 52% share of OEM pay transaction values, up from 43% in the current year.