The number of mobile contactless payments made by customers will exceed 760 million in 2020, up from 440 million in 2018.

According to a study from Juniper Research, OEM Pay services, like Google Pay, Apple Pay and Samsung Pay, will reach 450 million payments by 2020, with Apple accounting for half of all OEM payments globally.

The combined market share of Apple, Samsung and Google will reach 60% of global mobile contactless users by 2023, up from an estimated 50% in 2018.

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.

While contactless payments use has risen rapidly, Juniper argues that this does not mean higher growth for mobile contactless payments.

In many established markets, it writes, contactless cards remain the most likely to have increased current and future usage by consumers, and OEM Pay options may struggle to gain traction amongst existing users in such markets.

Data from LoupVentures indicated that Apple Pay adoption is experiencing a sharp rise in the US. The total number of these retailers supporting Apple Pay online now ranges between 14% and 24%.

Globally, the number of banks supporting the Cupertino payment platform has increased by 41% over the past year. 2,707 banks are now compatible with it.

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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