Contactless payments hit US$10tn globally by 2027

Global contactless transaction values will reach US$10tn by 2027, up from US$4.6tn in 2022, with contactless mobile and wearable payments expected to grow by 221% and contactless card payments by 119% over the same period, according to Juniper Research.

Contactless ticketing spend will increase by more than 440% globally between 2022 and 2027, with growing prominence and support for OEM pay solutions, such as Apple Pay, Google Pay and Samsung Pay.

The forecast identifies the US as the world’s leading market for NFC mobile payments by volume, with 4.4bn NFC mobile payments in 2022, rising to 8.3bn by 2027.