Study: Apple Pay to reach 200M users by 2020
The global number of mobile contactless users will exceed 760 million by 2020, up from an estimated 440 million in 2018, according to a new study from Juniper Research. It forecasts OEM Pay services, including Apple Pay, Samsung Pay and Google Pay, will reach 450 million by 2020, with Apple accounting for one in two OEM Pay users globally.
The combined market share of Apple, Samsung and Google will reach 60 percent of global mobile contactless users by 2023, up from an estimated 50 percent in 2018, according to the report. Other OEM Pay users, including the likes of Huawei Pay, Xiaomi Pay, Fitbit Pay and Garmin Pay, will exceed 20 million by 2020.
Meanwhile, well over 200 banks had deployed HCE-wallet services in 2017, expected to drive future growth in many markets.
Juniper said while contactless payments use has risen rapidly, it does not mean higher growth for mobile contactless payments. In many established markets, contactless cards remain the most likely to have increased current and future usage by consumers, and OEM Pay options may struggle to gain traction among existing users in such markets.
However, the research found contactless payment transactions, conducted across all types of payment cards, mobile and wearable devices, will reach $1 trillion in value this year, a year earlier than previously anticipated by Juniper Research.
"With contactless payments becoming the norm in many global markets, the attendant payment infrastructure is also becoming well established. Indeed, in markets such as Europe, contactless payments are becoming the preferred method of in-store payments," Nitin Bhas, Juniper research author, said in a press release about the results.
Companies: Juniper Research