Contactless POS transactions closing in on $500bn by 2017

contactlessThe global value of contactless POS (point of sale) terminal transactions, conducted in-store via cards, mobile and wearables, will approach $500 billion per year by 2017, from an estimated $321 billion this year, according to a new study from Juniper Research. The low value nature of contactless payments means that their value will only represent 5 percent  of the total value of all POS transactions in 2017.

The survey showed that the surge in contactless-enabled POS terminals in 2015, is likely to prompt an upsurge in migration to contactless payment, boosted by retailer obligations to card companies in many markets, ensuring that all terminals will be contactless ready by 2020. For example, Visa announced more than 3.2 million contactless terminals in Europe as of April 2016, up 23 percent from 2.6 million at the end of April 2015.

Contactless terminals now account for a significant minority of terminals in many regions (and in a majority in several national markets) and, as of the end of 2015, numbered 15.3 million, or nearly 20 percent of all POS terminals worldwide. These numbers will increase sharply over the next 5 years, with contactless accounting for more than 2 in 3 POS terminals by 2021.

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Categories: Contactless Payments

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