HAMPSHIRE, United Kingdom (3/2/16)--The number of consumers making contactless payments through their mobile devices will reach 148 million this year, and financial institutions are expected to play a key role in the widespread growth, according to new data from Juniper Research.
The increase will be driven by Apple and Samsung, which together will account for nearly 70% of new customers.
It is anticipated that smartphones enabled with near-field communication would be the primary initial driver of contactless payments in the United States.
With nearly one in five point-of-sale terminals in the United States now contactless-capable, the infrastructure is now in place for that market to experience traction, according to Juniper.
The research also anticipated that models based on host card emulation (HCE) would be widely deployed by financial institutions. It noted that HCE--where credentials and other sensitive data are stored in the cloud--had already been deployed by more than 50 financial institutions.