Stock Markets28 minutes ago (Aug 21, 2017 10:25AM ET)
© Reuters. Contactless payments expected to hit 53% in five years
- The percentage of global point of sale transactions occurring through contactless payments will grow to 53% within 5 years, according to a new POS study from Juniper Research.
- Contactless payments accounted for about 15% of transactions this year.
- Tailwinds will include increased promotion of the contactless payment systems, growing customer frustration at the slow speed of chip card transactions, and mandates from Visa and MasterCard that all mass market terminals accept contactless payments by 2020.
- According to Pymnts research, Apple Pay had the highest usage rate among those who could use contactless payment for a transaction.
- Contactless payment standings as of March: Apple (NASDAQ:) 5.5%; Walmart (NYSE:) Pay, 5.1%; Samsung (KS:) Pay, 3.3%; and Android Pay, 1.8%.
- Previously: Next iPhone could integrate facial recognition in Apple Pay (Aug. 3)
- Now read: IDC Sees Wearables Market Nearly Doubling By 2021
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