Contactless mobile sales are on the rise around the world and will continue to increase in frequency to reach nearly half of transactions by 2024…
Well before the COVID-19 pandemic, contactless mobile payments were gaining global popularity. Now, the technological convenience and security is becoming more normal in day-to-day life. So much, that in just four short years, contactless mobile sales are predicted to reach nearly half of all transactions, according to a new report from NTT Data and payment consulting firm Accourt Limited.
Contactless Mobile POS to Account for Nearly Half of Digital Payments by 2024
The survey found that QR code goods and services transactions are on the rise. Meanwhile, mobile payments are generally expected to continue to strengthen over the course of the next few years and well beyond. In fact, mobile POS transactions are predicted to account for almost half of all digital payments by 2024. This represents approximately $4 trillion out of a total $8 trillion digital payment market.
Obviously, not all regions around the world are the same when it comes to contactless mobile payments. For instance, Asia is the leading adopter. In 2018, Chinese consumers spent $41 trillion this way, with 30 percent being QR codes. Over in Latin American and Africa, digital transactions are experiencing strong growth in the technology and usage. These forms of payments are also on the rise in North America and Europe, as well.