New Report from DECTA Highlights the Importance of Contactless Payment Technologies for the Growth of Other Niches alongside the Popularity of Digital Wallets

LONDON, Oct. 11, 2022 /PRNewswire/ -- Global payment processing company DECTA has recently released a comprehensive industry report discussing the role of contactless payments for the security of financial transactions in the future. The report claims that contactless payment technologies will not only make digital wallets more popular, but also boost the growth of new niche industries.

In its report, DECTA reveals several key figures related to the rapidly growing popularity of contactless payments:

• Almost half (48.6%) of the e-commerce payments made globally in 2021 were via digital wallets. FIS projects that this transaction value is likely to increase to 52.5% by 2025.
• Compared to 2019, contactless payments surged by 12% in the UK in 2020. Contactless payments accounted for 27% of all UK payments in 2020.
• By the end of 2020, 32% of the UK's adult population was registered to utilise mobile payments, which meant an increase of 7.4 million people compared to the previous year.
• More than 50% of individuals in the age group of 16 to 34 years were using mobile payments as opposed to just 11% for those over the age of 65.
• After the pandemic, 8 out of 10 transactions in Europe involve contactless payments. This indicates a 25% rise compared to pre-pandemic levels.
• In the US, over 80% consumers made contactless payments in 2021.

The report by DECTA suggests that payment tokenization will be critical to the growth of several other niches. By connecting payments to digital wallets and ensuring safety via tokenization, it is possible to turn every device into a secure payment method. 

DECTA believes that e-commerce sector can benefit immensely by using tokenization technology. One-click payment is another convenient feature that allows merchants to provide an option to their customers to pay for a product/service by clicking on a single button utilizing tokenization technology. Contactless ticketing is another application of tokenization that has already proven to be a game changer, particularly in the UK. Another future application of tokenization could be in the hotel industry, for the safe storage of sensitive guest data. 

The just released report from DECTA is now available at https://www.decta.com/company/media/transaction-security-amid-growing-demand-for-contactless-payments