This will be the year that mobile transactions take over from those on desktops and laptops, according to a new report.
In its ‘Digital Payment Strategies: Online, mobile and contactactless 2014-19’ report, Juniper Research claimed the annual global value of digital payments will reach $2.5 trillion this year. As such, it could overtake desktop payments for the first time ever.
Looking ahead, the figure is to grow much further still – hitting $4.7 trillion by 2019, juniperresearch.com reports.
The reason for this growth is a predicted rise in consumers buying physical goods on their smartphones, tablets or even wearable technology. In addition, figures should be supplemented by growing trends in streaming services for music, film and TV, which will also help drive the rise.
Juniper did find, however, that contactless payments may not take off in quite the way that some had predicted. Instead, much of these transactions will still take place using credit or debit cards, with contactless being a minor feature in just some countries.
Commenting, a Juniper spokesperson told internetretailing.net: “While we are now seeing contactless transactions scaling up in markets such as Australia, Poland and the UK, almost all current consumer usage is via the card.
“However, with banks increasingly attracted to an NFC model in which they have full control of the customer, then we may well see some high profile deployments in the medium term.”