LONDON—Are mobile payments finally making their long-awaited big breakthrough?
In a report on mobile wallet adoption, Juniper Research estimated that consumer spending through digital wallets would rise 40% this year in North America and Europe to $790 billion in 2019, Mobile Payments Today reported.
Juniper analysts said the increase is due to a continued migration from consumers using cash, the transition by major banks to contactless cards—a trend CUToday.info has reported—as well as a surge from Millennials and younger consumers who are increasingly using the iPhone.
Juniper estimates that one-third of the iPhones are being used to make contactless purchases, Mobile Payments Today said.