Mobile And Wearable Payments To Reach $100 Billion By 2018

Mobile payments including pay by your phone (Android, iPhone), pay by your watch (Apple Watch) and other wearables are on the rise. The contactless payments market is expected to hit $100 billion by 2018, according to Juniper Research, a leading analyst house in the digital commerce and FinTech sector.

According to the report, the contactless payments will grow from $35 billion in 2015. Today, most contactless payment is done via smartphones and only 2 percent accounts from wearables but this number is expected to rise by 2018, when wearables will become more popular.

Among NFC payments leaders, Apple is leading the group, followed by Samsung in mobile payments. Other players, including Xiaomi, ZTE, and Lenovo, are expected to launch their services as well.

In a separate report published on eMarketer, mobile payments will triple in the U.S. in 2016 and one out of five smartphone users will use mobile payments by this year's end. Last year, the transaction value of mobile payments was $8.71 billion; that is expected to grow to $27 billion by this year's end and by $210 billion by 2019.