Contactless transactions at POS are increasingly displacing cash in multiple markets. The study found that the average value per contactless transaction will grow from under $19 in 2019 to over $23 in 2024, with mobile payments and increasing contactless card issuance in the U.S. driving transaction growth.
The global mobile banking market reached $715.3 million in 2018 and is projected to reach $1,824.7 million by 2026, growing at a CAGR of 12.2% from 2019 to 2026. The customer-to-business segment is the fastest growing.
According to the latest worldwide market study by Juniper Research, the total transaction value of the MFS market will exceed $1 trillion by 2024 — that’s rising from $580 billion of current transaction value in 2019.
“The past few days should be a wake-up call for everyone in financial services. For any firm, the time to power up digital and CX transformation work is here — the disruptors are at the gate, but it is not too late.”
“Over the past several years, fintech firms have disrupted traditional banking paradigms. By combining modern technology with a laser focus on improving consumer experiences, large and small fintech firms have brought unprecedented changes to the banking industry.”
via Financial Brand
Spending via digital wallets across Europe and North America will increase by 40 percent this year to nearly $790 billion, according to Juniper Research. The largest growth in 2019 will come from in-store payments, with mobile contactless payments more than doubling across these regions.