Global digital payments to hit $3.6 trillion in 2016

The annual transaction value of online, mobile and contactless payments is expected to reach $3.6 trillion this year, up from $3 trillion on 2015, resulting in a 20 percent increase, according to new figures from Juniper Research.

The study said that the recent increase in contactless payments would continue, powered by further scaling up of infrastructure rollout and bigger card payment limits in key markets, according to the report.

The research firm said that while cards will account for 90 percent of contactless payments over the next five years, the deployment of NFC payments by tech firms such as Apple and Samsung would boost consumer awareness and usage of smartphones to fulfil transactions.

Juniper Research also said that social media firms would also play an increasing role in digital commerce. Facebook, Pinterest and Instagram, have already unveiled 'buy' buttons, allowing users to make purchases directly from the companies' mobile apps.

"Facebook has already rolled out a P2P service linked to its Messenger service in the U.S., and we would expect additional deployments in other core markets over the next year or so," Dr. Windsor Holden, the report's author, said in a statement.