Report: Online Transactions Will Double By 2019

According to a recent report, online, mobile and contactless payment transactions will hit $5 trillion in just four years. The research in question is called, Digital Payment Strategies: Online, Mobile & Contactless 2014-2019, and claims that online transactions will jump from $2.5 trillion in 2014 to $4.7 trillion by 2019.

The report also showed that increased purchasing on tablets and mobile led to organic growth in the overall transaction level. Additionally, a significant proportion of tablet usage represented migration from desktop activity. For the first time this year, according to the research, the combined transactions on mobile handsets and tablets will be greater than those on desktops and laptops.

The report’s author, Dr. Windsor Holden commented on the findings in a statement.

“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,” Holden said. “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.”

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