Mobile contactless payments set to nearly double by 2023

Day by day the use of contactless payments is growing like never before, most people now using smartphones to pay, and the report says contactless payments will almost double over the next two years which is almost twice as fast as the signs of progress of contactless cards payments.

According to the research of Juniper its found that the volume of contactless mobile transactions will rise from 26 billion in 2021 to 49 billion in 2023, driven by improved security, suitability, and the growing cross-channel payment capabilities on devices.

For instance, it’s now conceivable to make Apple Pay payments to vendors and service providers online as well as via a contactless terminal.

contactless payments

Mobile contactless payments are definitely a big success!

The report says, In Latin America, the transaction capacities are set to rise by 400% as smartphone infiltration and access to digit financial services upsurges.

According to the research of author Susannah Hampton- “Latin America has seen speedy growth in its digital infrastructure in recent years, shown by the increased investment into supporting digital renovation, as well as an progressively encouraging regulatory environment. This will further drive payment digitization in the region”.

Many analysts have advised mobile digital wallet providers to exploit this demand by proposing value-added services, like loyalty schemes and personal finance management that can be key differentiators in the market.

Though, one blockade to acceptance remains security. The report wishes sellers to raise support for biometric authentication to easiness worries

According to Barclaycard, now almost all of the card transactions in the UK are contactless, a trend driven by accessibility and the need for more germ-free options during the pandemic. The government has reacted by increasing the limit to £ 100.

So what’s your thought on contactless payment? Is it suitable for you? Let us know your view under the comment section.

Also Read: Microsoft Cloud for Financial Services release date announced



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