The number of consumers using NFC contactless payment services is predicted to reach 516 million by the end of 2019.
According to the latest findings from Juniper Research, the convenience of contactless payments will continue to prove popular, causing its usage to increase fivefold over the next five years.
This will only be spurred, they believe, by the continuous introduction of new contactless technology, for example the most recent Apple Pay, which will help drive further acceptance amongst consumers using it in their daily routine.
Similarly, the research firm has highlighted the importance of banks in the adoption of contactless payments, with many investing in NFC technology that uses host card emulation (HCE) to launch new services to its customers.
The availability of contactless payments will also be improved by the growing presence of the technology in smartphones, with the research also suggesting that three quarters of the world’s devices will contain an NFC controller chip, allowing its user to access the service whenever they please.