Apple Pay and other mobile payments will count for 1 in 3 deals in store by 2020

The future of purchase transactions may look a lot like Apple Pay. In-store contactless payments are expected to reach $ 2 trillion by 2020, a third of total transactions, according to a Juniper Research report on Monday. According to the press release, contactless payments will for the first time exceed $ 1 trillion in 2018, a year earlier than Juniper

. transactions, depending on the version. The Far East and China, as well as the rest of the Asia-Pacific, account for the majority (55%) of contactless card transactions globally, the publication continued.

SEE: Digital Transformation: A Guide for CXOs (Tech Pro Research)

OEM Pay portfolios, in particular, are expected to account for 15% of total contactless store transactions, accumulating more of 300 billion dollars of transactions by 2020,

Juniper found that the most used mobile card payment platforms were Apple Pay, Samsung Pay, Google Pay and other OEM wallets Pay. Users of the OEM Pay portfolio are expected to total 450 million by 2020, with Apple being very active – accounting for one in every two OEM users worldwide, according to the publication.

The use of Apple Pay has exploded in recent years, transforming the retail industry. While discussions of digital transformation in retail are a hot topic, mobile transactions are a major contributor.

Mobile payments are forcing retailers to rethink their transactions and do business, supporting Apple Pay's turnaround. The main point of support for Apple Pay is security because mobile wallets eliminate the magnetic stripe on credit and debit cards that store sensitive information.

"We believe that growth over the next five years will continue to be dominated by" The main strengths for technology leaders:

• Contactless payments in stores are on the rise and are expected to reach $ 2 trillion in 2020 – Juniper, 2018
• OEM payment portfolios, particularly Apple Pay, which influence the retail sector, are at the forefront of the contactless payment movement. – Juniper, 2018