The total value of digital payments is on course to reach US$2.5 trillion this year, and the figure is expected to rise to US$4.7 trillion by 2019, according to a report by Juniper Research.
The biggest contributing factors to the rise are expected to be through remote physical goods purchases and a surge in activity in emerging markets (EMs).
A further contributory factor will be organic growth due to the increasing popularity of tablets and smartphones.
According to report author Dr Windsor Holden: “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.
“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.”
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