Contactless Payments May Represent 1/3 of U.S. Transactions in 2022
Contactless payments are projected to represent 34% of transactions in the United States in 2022, according to a study from Juniper Research. That is a significant increase from the 2% of contactless transactions this year.
Mobile wallet payments, like those made with Apple Pay and Samsung Pay, are expected to cover 53% of global transactions in 2022, up from 15% this year. Apple CFO Luca Maestri recently told Mac Rumors that Apple Pay makes up 90% of all NFC transactions worldwide. The wallet is strong in international markets. Three out of every four Apple Pay transactions happen outside of the United States.
Juniper researchers believe one of the biggest appeals for contactless payments is the fast transaction times in comparison to chip card readings. Earlier this year, LowCards conducted a chip card usage survey to find out how consumers felt about the transition to EMV technology. 55% were concerned about slow transaction times. While many chip card transactions are less than 10 seconds long, American Express cards average 20 seconds per transaction.
Small businesses are expected to be a driving force in the mobile payment industry. Square recently launched in the UK, and Juniper said that “would provide an added stimulus to that market.”