Leading OEM Pay Wallets
According to the new research, Contactless Payments: Payment Cards, OEM Pay & Mobile Wallets 2018-2023, the combined market share of Apple, Samsung and Google will reach 60% of global mobile contactless users by 2023, up from an estimated 50% in 2018. Other OEM Pay users, including the likes of Huawei Pay, Xiaomi Pay, Fitbit Pay and Garmin Pay, will exceed 20 million by 2020. Meanwhile, well over 200 banks had deployed HCE-wallet services in 2017, expected to drive future growth in many markets.
Contactless Payment Transactions to Exceed $1 Trillion in 2018
While contactless payments use has risen rapidly, this does not mean higher growth for mobile contactless payments. In many established markets, contactless cards remain the most likely to have increased current and future usage by consumers, and OEM Pay options may struggle to gain traction amongst existing users in such markets.
However, the research found that contactless payment transactions, conducted across all types of payment cards, mobile and wearable devices, will reach $1 trillion in value this year, a year earlier than previously anticipated by Juniper Research. “With contactless payments becoming the norm in many global markets, the attendant payment infrastructure is also becoming well established. Indeed, in markets such as Europe, contactless payments are becoming the preferred method of in-store payments”, added research author Nitin Bhas.
On a global level, contactless card payments are strongest in Far East & China and Europe accounting for 78% of global transaction volume in 2018.
MacDailyNews Take: Dominance.
Apple teams with Goldman Sachs on new ‘Apple Pay’ credit card due early next year – May 10, 2018
10% of young adult Americans have used Apple Pay in-store, well ahead of rivals – February 28, 2018
Apple Pay Cash international roll out begins – February 23, 2018
Apple Pay users more than double globally, but only 16% of iPhone users have activated Apple Pay – February 22, 2018
Apple Pay now accepted in 50 percent of U.S. stores and is the world’s most accepted contactless payment system – January 31, 2018
watchOS 4.2 delivers Apple Pay Cash to Apple Watch – December 5, 2017
Apple Pay now in 20 countries, takes 90% of all contactless payments where active – October 24, 2017
Apple Pay is proliferating, and the banks are scared – October 18, 2017
Apple Pay likely to get boost from Visa and Mastercard mandating contactless payment terminals – August 21, 2017
Apple Pay usage estimated to rise sharply in United States due to frustration with slow Chip-and-PIN cards – August 21, 2017