Digital wallets are gaining momentum and Apple Pay looks set to be the most popular platform as contactless payments are projected to hit $2 trillion within two years.
As spotted by TechCrunch, Juniper Research put out a new report today with the prediction that Apple Pay will account for 50% of global mobile wallet users by 2020. The data took into account competition from Samsung Pay, Google Pay, Huawei Pay, and Fitbit Pay.
The firm believes 2020 will see 450 million users taking advantage of mobile wallets with Apple making up for 225 million of those users. Specifically, Juniper predicts mobile wallets will make up for 15% of the $2 trillion total contactless spending by 2020.
With recent Apply Pay expansions like the release in Poland, Apple’s platform has been shown to be growing much more rapidly than competitors like Google Pay.
Apple is also continually adding more banks to supported countries and is rumored to offer an Apple Pay-branded credit card next year.
Meanwhile, regular Apple Pay promotions with discounts from a variety of retailers have been consistent over the last several months.