By Tom Phillips[1] • • Updated • nfcw.com[2]
The number of debit transactions completed using a mobile wallet in the US rose by 51% year-on-year to approximately 2bn in 2020, with “a noteworthy” 92% of those transactions being made with Apple Pay and just 5% with Google Pay and 3% with Samsung Pay, according to research published in the 2021 Debit Issuer Study[3].
The research also shows that “the rollout of contactless debit cards is well underway” in the US, “with contactless penetration jumping from 11% of all debit cards in 2019 to 30% in 2020”, and forecasts that nearly two-thirds (64%) of US debit cards will be contactless by the end of 2021.
However, the research adds, “while the number of contactless debit card transactions at tap-and-go terminals increased six-fold year-over-year in 2020, such transactions still make up less than 2% of all debit transactions.”
The US findings come as a report by VoucherCodes.co.uk and the Centre for Retail Research[4] predicts that contactless payments will account for 47% of all retail purchases made in the UK by the end of 2022, making it the country’s most popular method for making retail payments.
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