Juniper propels mobile payment users to top 1 billion by 2024

Juniper Research has predicted that growing investment in mobile contactless payment infrastructure will fuel user growth of more than 200 million over the next two years, citing emerging markets as the main drivers of the rise.

In a report, the research firm predicted that mobile payment users will surpass one billion users worldwide by 2024, up 60% from 782 million users this year.

Juniper Research cited convenience as a key driver of projected growth, alongside growing smartphone ownership. It predicts that device penetration rates in emerging markets will exceed 99% in 2024, enabling an additional 67 million users to access cashless payments.

A growing availability of NFC-equipped devices has also been cited as a factor, allowing users to eliminate cash or cards.

Research analyst Jordan Rookes, who led the company’s market research, argued that companies involved in providing mobile payments via NFC “must maximize convenience by offering alternative payment options“. citing buy now, pay later as an example as it “allows consumers to pay in installments, making high-value purchases more affordable”.

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Elaine R. Knight