The Contactless Payment Market is expected to reach US$ 5882 Billion. during the forecast period at a 20% CAGR.
Contactless payment offers consumers a fast, secure and convenient way to pay, providing merchants with significant opportunities to reduce queuing and improve the in-store payment experience, while offering brands a host of new loyalty opportunities. It also enables a significant reduction in the use of cash, as seen in several early adopting countries. Additionally, contactless payment paves the way to multi-application, as the same device such as card, mobile handset or wearable which can also be used for transit or access control.
The global Contactless Payment market size is predicted to grow at a significant CAGR over the forecast period. This can be ascribed to the growing adoption AI, IoT enabled devices in retail, hotels, Managed Services and Multi-Channel Payment. In addition, the number of contactless-enabled terminals is increasing. Point of Sale (POS) schemes mandating the activation of contactless functionality for cards and other devices are proliferating around the world and also paving the way for the next-generation of digital and mobile payments.
Consumers like the speed and convenience of contactless payments. They no longer need to swipe their cards or carry cash for lower value transactions. With contactless payments, financial institutions can increase transaction volumes by capturing transactions typically made using cash. In addition, they can differentiate themselves with innovative new form factors to enhance loyalty and retention.
Contactless Payment Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2029||US$ 5882 Billion.|
|Growth Rate||CAGR of 20 % during 2021-2029|
|Segment Covered||by Type, by Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Verifone, Ingenico Group SA, Gemalto, Visa Inc., Giesecke & Devrient GmbH, Heartland Payment Systems, Inc., Thales Group, Wirecard AG, On Track Innovations Ltd., IDEMIA|
Key Segments of the Global Contactless Payment Market
Type Overview, 2015-2028 (USD Billion)
- Smart Cards
- NFC Chips
- Point of Sale Terminals
- Mobile Handsets
- Other Devices
Application Overview, 2015-2028 (USD Billion)
- Managed Services
- Professional Services
- Multi-Channel Payment
Regional Overview, 2015-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Contactless Payment Market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global Contactless Payment Market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Contactless Payment industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on Type, Type, Application, and Application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Contactless Payment Market. The report will benefit:
- Every stakeholder involved in the Contactless Payment Market.
- Managers within the Tech companies looking to publish recent and forecasted statistics about the global Contactless Payment Market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global Contactless Payment Market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
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Based on type, the Smart Cards segment of the market is projected to grow at the highest CAGR from 2019 to 2025, owing to the extensive use of smart devices and applications in processes resulted in an exponential rise in adoption for payment across retail stores. Contactless payment cards are backed by the major payment brands such as American Express, Discover Network, MasterCard and Visa. In addition, several other methods such as NFC, and POS terminals are also widely used for fast payment.
Application segment is comprised of managed services, professional services, and multi-channel payment. The Managed Services segment is expected to lead the market from 2019. The growth of this segment can be attributed to the increasing focus on automation with Smart Cards across hospital industry. In addition, the increasing adoption of AI and IoT enabled devices across Multi-Channel Payment is likely to accelerate the adoption of digital transformation contactless payment. Further, the growing use of NFC Chips in major payment gateways across retail stores is also projected to fuel the market growth.
In various regions across the globe, the global Contactless Payment market is experiencing steady growth. With regard to the regional outlook, Asia Pacific is projected to rank higher in terms of market share than other regions of the global market for Contactless Payment. Growing demand for fast payment, reduction in the use of cash across the developing countries such as India and China in Asia Pacific is projected to witness a prolific growth in the coming years. The growth of North America's global Contactless Payment market may also be influenced by Increased customer spending, increased frequency of purchases, increased loyalty in the region. The implementation of Contactless Payment in the North American region is motivated by rising need for fast, easy and secured payment especially for low value purchases.
The global market for Contactless Payment is made up of a large number of influential players. Market players such as America Express Co, Gemalto N.V., Giesecke & Devrient GmbH, Heartland Payment Systems, and Ingenico Group dominate the worldwide Contactless Payment market. Some of the few other players include Inside Secure, MasterCard, Microsoft, Oberthur Technologies Sa, On Track innovations, Opus Software Solutions and Paypal Inc.