The vast majority of contactless payments will continue to be made using cards, as mobile wallets are set to process just $400 billion of the $2 trillion of transactions made using contactless technology in 2020, Juniper Research said.
In its latest report, the analyst house predicted contactless mobile payment providers would continue to report figures behind those of card companies across major markets.
In 2020, it added, Apple Pay would account for half of all users of mobile wallets associated with handset manufacturers. Unsurprisingly, Samsung and Google were also cited as helping to drive that segment of the market.
During the same year, Juniper expects contactless payments – combining payment cards, mobile and other devices – to make up a third of all retail point of sale transactions, but only 15 per cent of the total funds processed.
Its “Far East and China” region, it noted, had “very strong” contactless card usage and made-up almost 55 per cent of global tap and pay card transaction value.