Juniper Research predicted growing investment in contactless mobile payment infrastructure would fuel user growth of more than 200 million over the next two years, citing emerging markets as key drivers of the rise.
In a report, the research company predicted mobile payment users will exceed 1 billion globally by 2024, up 60 per cent from 782 million users this year.
Juniper Research cited convenience as a key factor in the anticipated growth, alongside growing smartphone ownership. It predicted penetration rates for the devices in emerging markets will exceed 99 per cent in 2024, enabling an additional 67 million users to access cashless payments.
A growing availability of devices equipped with NFC was also cited as a factor, enabling users to eliminate cash or cards.
Research analyst Jordan Rookes, who headed the company’s study into the market, argued businesses involved in providing mobile payments through NFC “must maximise convenience by offering further payment options” citing buy now, pay later as an example because it “allows consumers to pay in several instalments, making high-value purchases more affordable”.