Apple to Lead Contactless Payments Market Over the Next 4 Years
According to a new data by financial analytics firm Juniper Research, Apple is expected to dominate contactless payments market over the next 4 years, leading Samsung, Google and Others. The research predicts that the number of OEM-Pay contactless users, including Apple Pay, Samsung Pay, and Android Pay, will surpass 150 million by the end of this year.
The research forecasts that the combined market share of Apple, Samsung, and Google in OEM-Pay market will rise to 56% by 2021, as the trio’s combined user base exceeds 500 million. It also reveals that Apple Pay, and the alternative wallets that have followed in its wake, are set to establish themselves as the primary contactless mechanisms of choice in the US. However, the challenge is to ensure that the infrastructure is in place for consumers to make in-store payments.
“We believe that as contactless usage gains traction and consumers/merchants recognise the speed and convenience it offers, then, as in European markets, there will be a further and significant increase in availability at the point-of-sale”, added research author Nitin Bhas. Indeed, according to Apple, the proportion of US retailers supporting Apple Pay rose from 4% in 2014 to 35% in late 2016.
To learn more about the research, hit up this link.