A new research from Juniper Research has shown that the volume of contactless transactions will reach $10 trillion in the world by 2027 compared to $4.6 trillion in 2022. According to forecasts the investment in the core ecosystem of contactless payments will be a key growth factor for contactless transactions over the next 5 years.
The company predicts the transition to the so-called cashless society, which will stimulate the growth of volumes. This is related to the desire of countries to reduce dependence on cash. Mobile and contactless NFC payments using wearable devices are expected to grow by 221% in the period from 2022 to 2027. This is due to the convenience that modern devices offer consumers, eliminating the need to carry a card with them and making the gradual refusal from cash easier. For comparison, as expected the growth of contactless card payments over the same period will be only 119%.
In addition, NFC sale of transport tickets is expected to grow rapidly, which has been hit hard by pandemic-related restrictions. The new wave of growth will be stimulated, including the rapid deployment of ticketing solutions using NFC technologies in public transport.
