Global Contactless Payment Market Size & Share Report 2021–2028 | Growth Market Reports

The global contactless payment market size is expected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing incorporation of contactless payment technology in smartphones and mobile headsets along with growing awareness of plastic money and smart cards among the buyers.

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Contactless payment refers to a transaction procedure to make a secure payment from the electronic devices such as tablets, smartphones, computers, and other portable devices. This technique uses radio-frequency identification or biometrics for making secured payments. Furthermore, contactless payment system enables users to make secure purchases without any further need of different cards or signatures. Moreover, consumers can wave or tap their smart cards, key fobs, or portable gadgets over a reader at a point of sale (POS) terminal with inbuilt chip and antenna in transaction devices.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing government initiatives and rising technological advancements in networking infrastructure are the major factors propelling the market growth.
• Ongoing awareness campaign conducted by governments to encourage merchants to adopt advanced payment solutions is expected to fuel the market expansion.
• Rising digitization in developing economies and growing number of internet users globally are boosting the market growth during the forecast period.
• Increasing financial frauds along with arising technical glitches while making online payment are key challenges hindering the market expansion.
• Rising strict rules & regulations imposed by banks towards the online payment is another major factor limiting the market growth.
• Introduction of innovative security features such as blockchain is anticipated to offer lucrative growth opportunities in the global contactless payments market in the coming years.

Market Segment Insights

Retail segment is expected to grow at a rapid pace

Based on applications, the global contactless payment market is segmented into transportation, government, retail, healthcare, hospitality, and others. The retail segment is expected to grow at a rapid pace during the forecast period owing to the growing adoption of innovative technology such as cloud computing, big data analytics, digital stores, and social networks.

Smartphones & wearables segment is projected to expand at a considerable CAGR

On the basis of devices, the market is segregated as smart cards, smartphones & wearables, point-of-sales terminals, and others. The smartphones & wearables segment is projected to expand at a considerable CAGR during the forecast period due to the growing adoption of smartphones & wearable devices among the youngsters across countries.

Payment terminal solution segment is estimated to gain a large revenue share

Based on payment solutions, the global contactless payment market is divided into analytics, transaction management, payment terminal solution, security & fraud management, and hosted point of sales.

Europe is anticipated to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is anticipated to constitute a key market share during the forecast period owing to the rising electronic money transactions and developing advanced payment solutions enabled by real-time & biometric.

Competitive Landscape

Some of the major players competing in the global contactless payment market are Heartland Payroll Solutions, Inc.; Gemalto N.V.; Wirecard AG; Giesecke & Devrient GmbH; Visa Inc.; Verifone Systems Inc.; On Track Innovations (OTI) Ltd.; Thales Group; Ingenico Group SA; and IDEMIA.

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