Annual digital payments to reach $4.7 trillion by 2019
A new report from Juniper Research (http://www.juniperresearch.com) finds that the annual transaction value of online, mobile and contactless payments will reach US$4.7 trillion by 2019, up from just over $2.5 trillion this year.
The report says that the largest net increase in spend would occur through remote physical goods purchases. However, while there was organic growth in the overall transaction levels due to increased purchasing on tablets and mobile, a significant proportion of tablet usage represented migration from desktop activity, according to Juniper Research. Combined transactions on mobile handsets and tablets will exceed those on desktops and laptops for the first time this year.
The report also notes that there's accelerating migration from physical format (DVD, CD) to digital (stream, download) across all core content sectors. These included a marked trend towards VOD (Video On Demand) from players such as Lovefilm and Netflix at the expense of DVD, with online VOD services in commercial deployment in most European markets.
Juniper Research notes that contactless activity will primarily be driven by card purchases rather than mobile, although mobile transactions should be boosted by HCE (Host Card Emulation)-based NFC (Near Field Communications) services.