Digital payment transactions comprising online, mobile and contactless payments are expected to hit $4.7tn mark by 2019, up from just over $2.5tn in 2041, according to a report by Juniper Research.
Titled, "Digital Payment Strategies: Online, Mobile & Contactless 2014-2019", the report highlights the dramatic growth in digital payments activity in emerging markets including China.
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The study points out that Chinese online retailer Alibaba accounted for 20% of global B2C (business to consumer) and C2C (consumer to consumer) eRetail in 2013 across the globe.
Combined transactions on mobile handsets and tablets would exceed those on desktops and laptops for the first time during 2014 due to increased purchases on tablets and mobiles, according to the study.
Juniper Research’s data shows that contactless activity will mainly be boosted by card purchases rather than mobile; however, it argued that mobile transactions should be derived by Host Card Emulation (HCE)-based Near Field Communications (NFC) services.
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."
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By GlobalData"However, with banks increasingly attracted to an NFC model in which they have full control of the customer, then we may well see some high-profile deployments in the medium term."
