Digital payments are expected to rise to $4.7 trillion by 2019—nearly doubling their current value of $2.5 trillion, according to new research released by Juniper Research.
“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. 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,” notes report author Windsor Holden.
According to the report, the biggest contributing factors to meteoric rise of digital payments project for the next five years to the rise are expected to be driven by two main areas. The first is increased remote purchase physical goods purchases and a surge in activity in emerging markets.
The growth is also partially organic and pushed by the ever-increasing popularity of tablets and smartphones. That popularity is also forecasted to be on the rise, according to experts, as tablet sales are expected to displace PC sales within the next year. While researchers do not believe that desktop based eCommerce will drop dead, most forecast an overall uptick in digital commerce activity, which Juniper’s latest numbers confirm.
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