IMARC Group, a leading market research company, has recently released a report titled “Contactless Payment Market Report by Technology (Near Field Communication (NFC), Radio Frequency Identification (RFID), Infrared (IR), and Others), Device (Smartphones and Wearables, Point-of-Sale Terminals, Smart Cards), Solution (Payment Terminal Solution, Transaction Management, Security and Fraud Management, Hosted Point-of-Sales, Payment Analytics), Application (BFSI, Retail, Transportation, Healthcare, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global contactless payment market trends, share, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global contactless payment market size reached US$ 15.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 38.1 Billion by 2032, exhibiting a growth rate (CAGR) of 10.4% during 2024-2032.
Global Contactless Payment Market Trends:
The increasing consumer demand for hygienic payment options, particularly in response to public health concerns such as pandemics, is aiding the market growth. In line with this, contactless payments minimize physical contact at checkout counters, offering a safer and more sanitary alternative to traditional payment methods supporting the market demand. Besides this, the expansion of smart city initiatives, where urban centers integrate contactless technologies into public services like transportation, parking, and municipal payments, is providing an impetus to the market growth.
Furthermore, this integration enhances urban efficiency and convenience, encouraging widespread adoption of contactless payment methods among residents and visitors alike thus strengthening the market demand.
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Factors Affecting the Growth of the Contactless Payment Industry:
· Convenience and speed of transactions:
Contactless payments allow consumers to complete transactions quickly and efficiently by simply tapping their cards or mobile devices on a point-of-sale (POS) terminal. This convenience is especially valued in high-traffic environments like retail stores, public transportation, and fast-food outlets, where speed and efficiency are paramount. The seamless user experience of contactless payments eliminates the need to enter personal identification numbers (PINs) or swipe cards, reducing transaction times and enhancing customer satisfaction. As consumers increasingly prioritize convenience in their payment experiences, businesses are adopting contactless payment technology to streamline operations and cater to evolving consumer preferences for frictionless transactions, impelling the market growth.
· Enhanced security measures:
Contactless payment technologies incorporate advanced security features such as tokenization, encryption, and dynamic data authentication to protect sensitive payment information from fraud and unauthorized access. Unlike traditional magnetic stripe cards, which can be susceptible to card skimming and cloning, contactless cards and mobile wallets generate unique transaction codes for each payment, reducing the risk of fraudulent activities. Consumers and businesses alike value the enhanced security provided by contactless payments, contributing to their widespread adoption and trust in the technology.
Regulatory standards and industry initiatives also play a crucial role in promoting secure contactless payment practices, ensuring compliance with data protection regulations is bolstering consumer confidence in using contactless payment methods.
· A global shift towards digital and mobile payment solutions:
As smartphones become ubiquitous and internet connectivity expands globally, consumers are increasingly embracing digital wallets and mobile payment apps that support contactless transactions. Mobile payment platforms like Apple Pay, Google Pay, and Samsung Pay enable users to store multiple payment cards securely on their smartphones and make contactless payments using near field communication (NFC) technology. The convenience of paying with a mobile device, coupled with the integration of loyalty programs and rewards, further drives adoption among tech-savvy consumers and businesses seeking to enhance customer engagement and loyalty.
Moreover, the COVID-19 pandemic accelerated the adoption of contactless payments as consumers and businesses prioritized hygiene and minimized physical contact during transactions, contributing to the market expansion.
Contactless Payment Market Report Segmentation:
By Technology:
· Near Field Communication (NFC)
· Radio Frequency Identification (RFID)
· Infrared (IR)
· Others
Based on technology, the market is divided into near field communication (NFC), radio frequency identification (RFID), infrared (IR), and others.
By Device:
· Smartphones and Wearables
· Point-of-Sale Terminals
· Smart Cards
Based on the device, the market is segmented into smartphones and wearables, point-of-sale terminals, and smart cards.
By Solution:
· Payment Terminal Solution
· Transaction Management
· Security and Fraud Management
· Hosted Point-of-Sales
· Payment Analytics
Based on solution, the market is classified into payment terminal solutions, transaction management, security and fraud management, hosted point-of-sales, and payment analytics.
By Application:
· BFSI
· Retail
· Transportation
· Healthcare
· Others
Based on the application, the market is bifurcated into BFSI, retail, transportation, healthcare, and others.
Regional Insights:
· North America
· Asia-Pacific
· Europe
· Latin America
· Middle East and Africa
Based on the region, the market is segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
Competitive Landscape with Key Players:
The competitive landscape of the contactless payment market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These 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.
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Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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