About the author
James Croll
With a background in adventure tourism, events management and marketing, James Croll is a regular contributor to Australasian Leisure Management and Asian Leisure Business.
Click here to view his LinkedIn profile.
Asia's leisure industry news and information platform - from Saudi to Sapporo, Bali to Beijing
The ongoing adoption of contactless payments across most economies will see cashless transactions reach $10 trillion globally by 2027 according to a recently released study from UK-based Juniper Research.
Growing from $4.6 trillion in 2022, the transition to cashless will be driven by ongoing adoption and technological advancements in contactless payments ecosystem, such as contactless‑enabled POS (Point-of-Sale) terminals and device-level support.
Juniper’s report Contactless Payments: Key Opportunities, Emerging Trends & Market Forecasts 2022-2027 predicts that as countries look to decrease their reliance upon cash, mobile and wearable contactless payments will grow by 221% between 2022 and 2027.
This growth will be based on the convenience that mobile and wearable payments offer consumers, eliminating the need to carry and produce a contactless card; easing the burden of transitioning away from cash.
In comparison, contactless card payments are anticipated to grow by only 119% during the same period.
In addition, the report identifies that the high growth of POS terminals capable of accepting contactless payments will also fuel this growth. Accordingly, the research urges POS vendors to prioritise convenience when designing NFC solutions for the market, which can cater to the growing number of devices that offer NFC payment capabilities.
The research also anticipates that contactless ticketing spend is set to grow by over 440% between 2022 and 2027, with NFC ticketing recovering strongly following the easing of pandemic-related restrictions.
This growth will be further accelerated by the rapid deployment of NFC ticketing solutions across public transport networks, with the aim of reducing payment friction for customers. In turn, the report urges vendors to foster adoption of their NFC ticketing solutions; targeting the public transport sector in developed regions that are increasingly seeking out ways to improve ticketing efficiencies.
Click here to view Juniper’s report Contactless Payments: Key Opportunities, Emerging Trends & Market Forecasts 2022-2027.
Image credits: Tappit (top) and Juniper Research (below).
21st July 2022 - Ungerboeck launches new integrated payment solution to modernise events industry
22nd June 2022 - The importance of high-tech, low-touch payments
19th April 2022 - Singapore’s Sistic ticketing agency partners to deliver new payment options
8th February 2022 - Melbourne rooftop bar now accepting cryptocurrency as payment option
25th January 2022 - Ezypay passes milestone of 25 years of subscription payments
6th December 2021 - Guest experience platform ROLLER partners with payments solution business Adyen
26th October 2021 - Viva Leisure launches Transactional Payment Gateway division
1st October 2021 - Embed provides Integrated Cashless Solutions to Planet Royale in Perth
30th November 2020 - Raffles Hotel Singapore introduces Adyen payment solution
17th November 2020 - Intercard announces increased sales of cashless technology during COVID pandemic
21st October 2020 - GlobalData highlights need for card payments in Thailand
22nd July 2020 - VenueShield protocols, staff sharing and cashless payments help venues deliver economic stimulus for Western Australia
1st July 2020 - Vivaticket announces partnership with digital payment provider Skrill
2nd June 2020 - The Sydney Tower Eye to reopen with lower capacity limits and cashless operations
22nd May 2020 - Ticketek integrates Afterpay as payment option
18th May 2020 - MPower MSL announces partnership with EPOS and mobile payment software supplier Kappture
27th November 2019 - New Centaman Entrance Control gate takes customer payments
16th November 2019 - Legoland Malaysia goes cashless
16th September 2019 - RFID solutions company relaunches and expands as Cashless Events
30th July 2019 - Education and payment partnership to benefit education industry and students
5th March 2019 - tappit announces three-year partnership with the Australian F1 Grand Prix
28th January 2019 - Sentosa Singapore launches cashless initiative to entice Chinese tourists
18th January 2019 - Japanese stadia to introduce new cashless smart venue concept