A new forecast predicts that 450 million people worldwide will be using contactless mobile payment solutions within the next two years and 50% of them will be using Apple Pay.
Juniper Research also said that ‘OEM’ pay wallets, also including Android Pay, Samsung Pay and other online wallet providers such as Huawei and Fitbit, will be responsible for over $300 billion in transactions by 2020 which will be 15% of all total contactless in-store transactions. The majority will still be tap-to-pay transactions using credit and debit cards.
Rapid Growth
They also forecast a rapid growth in contactless ticketing especially in Europe and North America where mobile wallets are active. Nearly 10 billion ticketing transactions including purchases and validations will be completed by 2022.
Apple Pay already lets users store bus and train tickets, boarding passes for flights as well as movie tickets, store loyalty cards and exclusive promotions from big name brands such as Adidas, Oakley, Reef and The North Face with more partners joining the platform every month.
Apple Pay to “Revolutionize Industry”
In a speech earlier this year Jennifer Bailey, Head of Apple Pay, said that Apple Pay is “the world’s most accepted contactless payment technology” and that they aim to create a new shopping experience focusing on “application, settlement, loyalty programmes and collaboration between stores and mobile”. Specifically, how Apple intends to revolutionize the retail industry for customers and businesses.
She said: “Physical stores are an important place where you can engage with customers face-to-face, you can focus on engagement with customers by making applications more efficient…We can discover and purchase services and products in a new way, from pickups to recommended personalized products, and we will continue to develop. We are ourselves a retailer and we share the opportunities and challenges of retailing”.