According to the Juniper assessment, the mobile contactless payments market will be driven by Apple Pay, Samsung Pay, Google Pay and other OEM Pay wallets. Combined, these OEM Pay wallets users will reach 450 million by 2020, with Apple accounting for 1 in 2 OEM Pay users globally.
The United States will see the largest blockchain investments and deliver more than 36 percent of worldwide spending throughout the forecast. Western Europe will be the next largest region for blockchain spending, followed by China and Asia-Pacific (excluding Japan and China).
Europe will be the second-largest investor in blockchain technologies. With a compound annual growth rate (CAGR) of 80.2% for 2017–2022, Europe will increase its spending from around $400 million in 2018 to $3.5 billion in 2022, helping it to close the gap with the U.S. market, the biggest blockchain investor.
Savvy leaders in the banking and financial services sector are already seeking a meaningful competitive edge that will position their organization for the future. Developing a substantive advantage will very likely focus on the execution of a compelling digital transformation agenda.
Regulatory scrutiny is increasing, but this isn’t slowing the pace of blockchain activity — if anything, it’s helping the industry mature. As financing methods shift and investors search for the killer app, we dive into eight trends shaping the future of blockchain technology.
In the U.S. market, no mobile wallet has emerged triumphant yet. The user base is split among operating systems and also fragmented across services like PayPal, bank-specific ventures like Chase Pay and retailer solutions like Walmart Pay.
The money transfer segment of the commercial financial services sector is vast, with transactions taking place on both a domestic and international cross-border basis. A recent Juniper Research market study found that global cross-border B2B money transfers totalled $136 trillion in 2017.