Contactless payment transactions are set to reach $10 trillion across the globe by 2027, according to a study from Juniper Research.

The figure will rise rapidly from the $4.6 trillion value of contactless payments this year.

In order to drive the figures up, Juniper recommends that investing in the underlying contactless payments ecosystem, such as contactless enabled PoS terminals and device level support.

Mobile and wearable contactless payments are anticipated to grow by 221% between 2022 and 2027, the study revealed.

By contrast, contactless card payments are anticipated to grow by only 119% during the same period.

The increased growth in PoS terminals capable of accepting contactless payments is fuelling this growth, Juniper claimed.

The company has urged PoS vendors to place convenience at the top of the list when designing NFC solutions for the market.

Contactless ticketing spend is also set to grow by over 440% between 2022 and 2027.

NFC ticketing has recovered strongly following the easing of pandemic related restrictions, and is forecast to continue rising rapidly over the next five years, the study revealed.

Rapid deployment of NFC ticketing solutions across public transport networks with the aim of reducing payment friction for customers is expected to further accelerate the number.

Juniper Research has said it recommends vendors target the public transport sector in developed regions that are increasingly seeking out ways to improve ticketing efficiencies.

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