Digital Payments to Nearly Double by 2019
- By Staff Writers
- Published: 2014-07-16
The total value of digital payments is on course to reach $2.5 trillion this year, and the figure is expected to rise to $4.7 trillion by 2019, according to a report by Juniper Research.
The biggest contributing factors to the rise are expected to be increased remote physical goods purchases and a surge in activity in emerging markets.
Also contributing to growth is the increasing popularity of tablets and smartphones. Tablet sales are expected to surpass PC sales over the next year.
“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,” said report author Dr. Windsor Holden. “However, with banks increasingly attracted to a near field communication [NFC] model in which they have full control of the customer, then we may well see some high-profile deployments in the medium term.”
Copyright © 2015 Association for Financial Professionals, Inc.
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