According to the latest report by IMARC Group, titled "Contactless Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global contactless payment market size reached US$ 13.6 Billion in 2022. Contactless payment refers to a secure and convenient mode of payment that enable customers to make transactions by simply tapping or waving their contactless-enabled cards, smartphones, or wearable devices near a payment terminal. This technology utilizes advanced technologies to facilitate quick and seamless transactions. Additionally, it provides a higher level of convenience, allowing customers to make purchases swiftly, particularly for low-value transactions. It can streamline operations, reduce cash handling costs, and provide valuable data insights for analyzing customer behavior and preferences. It is gaining traction across the globe as it offers numerous benefits to businesses, including improved transaction speed, enhanced customer experience, and increased operational efficiency.
Global Contactless Payment Market Trends:
The global market is primarily driven by the growing popularity of convenience among the masses. Coupled with the rising demand for secured methods of payments that protect customer information and mitigate fraud risks, this is providing a boost to the market. Moreover, consumers are embracing digital and mobile technologies for everyday activities, including payment transactions, which is impacting the market favorably. Also, the widespread utilization of smartphones and wearable devices, on account of rapid digitization, has created a favorable environment for contactless payments, thereby contributing to the demand on the global level. Furthermore, governments and regulatory bodies across countries are actively promoting the adoption of contactless payments to drive financial inclusion, reduce cash usage, and enhance transaction transparency. These initiatives include setting up infrastructure, promoting interoperability, and implementing regulatory frameworks that are encouraging the growth of contactless payment systems across the globe. The market is further driven by continual technological advancements that have played a significant role in driving the contactless payment market. The widespread availability of NFC-enabled devices, improvements in payment terminal infrastructure, and the integration of contactless capabilities in various form factors, such as cards, smartphones, and wearables have made contactless payments more accessible to businesses and consumers. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 26.7 Billion by 2028, exhibiting a CAGR of 11.8% during 2023-2028.
- On the basis of the technology, the market has been categorized into near field communication (NFC), radio frequency identification (RFID), infrared (IR) and others.
- Based on the device, the market has been segmented into smartphones and wearables, point-of-sale terminals and smart cards.
- On the basis of the solution, the market has been segregated into payment terminal solution, transaction management, security and fraud management, hosted point-of-sales and payment analytics.
- Based on the application, the market has been divided into BFSI, retail, transportation, healthcare and others.
- Region wise, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Giesecke & Devrient GmbH, Heartland Payment Systems (Global Payments Inc.), IDEMIA (Advent International), Ingenico Group (Worldline S.A.), On Track Innovations Ltd., Pax Technology, Setomatic Systems, Thales Group, Valitor, Verifone Systems Inc. (Francisco Partners) and Visa Inc.
|Base Year of the Analysis
||Technology, Device, Solution, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Giesecke & Devrient GmbH, Heartland Payment Systems (Global Payments Inc.), IDEMIA (Advent International), Ingenico Group (Worldline S.A.), On Track Innovations Ltd., Pax Technology, Setomatic Systems, Thales Group, Valitor, Verifone Systems Inc. (Francisco Partners) and Visa Inc.
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