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.
According to the latest worldwide market study by Juniper Research, global international digital money transfer transaction volume will reach 2 billion by 2024 — that’s up from 1.1 billion in 2019.
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.
In financial services, digital disruptors are coming, impacting traditional banks and credit unions as well as consumers. With the promise of personalized solutions and improved experiences delivered on digital channels, the potential for major changes to the banking ecosystem appears imminent.
via Financial Brand
In recent years, cashless payment has become increasingly prevalent, whether using conventional methods or innovative and convenient financial services on mobile phones. This trend will make our economy and financial system more efficient.