Contactless payment is a payment method where secure payment is done by using technologies such as radio frequency identification (RFID), near field communication (NFC), Bluetooth, and infrared. Contactless payment can take one-tenth of the time as compared to other conventional payment methods. Contactless payment mainly provides more convenient way to do payment without having cash, card or other identity details. Moreover, contactless payment has become an important part of the payment process in various industries. Consumers along with businesses are accepting ways that are highly safe by making use of NFC and RFID technology. Increasing the frequency of purchases, rising awareness regarding plastic money, and rising need for fast transactions without any inconvenience are expected to drive the market growth during the forecast period.

The Global Contactless Payments Market was valued at US$ 12,316.5 Mn in 2021.

Market Dynamics

The global contactless payments market is expected to grow significantly during the forecast period, owing to increasing internet penetration in developed and emerging economies. For instance, according to Coherent Market Insights’ analysis, internet penetration reached 4.9 Million in 2020. People are now preferring digital payment and contactless payment method as it is more convenient, easy to use, and also minimizes the check-out time. Smartphone manufacturers are developing contactless payment methods such as google pay, Samsung pay, Apple pay, and others. Moreover, with increasing penetration of the internet, people are adopting new technologies and have become more technology-oriented. Various applications such as Samsung pay, google pay, apple pay, and others are driving the market growth by providing ease of use, fast transaction, security, rewards, quick money transfer, and a lot of other perks. Hence, these factors are expected to drive the market growth during the forecast period.

Moreover, major global players across different regions are focusing on developing new products with new features and latest technologies to gain competitive edge in the market. Industries are developing contactless payments with new features to cater to the demand from the end users. For instance, in January 2020, Visa Inc. announced a partnership with SAMSUNG to innovate tap to phone program. Through this partnership, tap-to-phone enable sellers to accept payment through an android smartphone.

Key features of the study:

• This report provides an in-depth analysis of the global contactless payments market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022-2030), considering 2021 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by the leading market players
• It profiles leading players in the global contactless payments market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, market capital, key developments, strategies, and future plans
• Companies covered as a part of this study include Thales Group, Infineon Technologies AG, Ingenico Group, Wirecard, VeriFone, Inc., Giesecke+Devrient GmbH, IDEMIA, Track Innovations LTD., Identiv, Inc., CPI Card Group Inc., Setomatic Systems, Valitor, PAX, PINPAD, Mobeewave, alcineo, and Paycor, Inc.
• Insights from this report would allow marketers and management authorities of companies to make informed decisions regarding future product launches, product upgrades, market expansion, and marketing tactics
• The global contactless payments market report caters to various stakeholders in this industry including investors, suppliers, managed service providers, third-party service providers, distributors, new entrants, and value-added resellers
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global contactless payments market

Detailed Segmentation

• Global Contactless Payments Market, By Product Type:
  • Smart Cards
  • Smartphones
  • POS
  • NFC Chips
  • Others
• Global Contactless Payments Market, By Function:
  • Solutions
  • Services
    • Consulting
    • Integration and Deployment
    • Support and Maintenance
• Global Contactless Payments Market, By End User:
  • Retail
  • Hospitality
  • Energy & Utilities
  • Transportation & Logistics
  • BFSI
  • Others
    • Government
    • Telecommunication
    • Education
• Global Contactless Payments Market, By Region:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
• Company Profiles
  • Thales Group*
    • Company Overview
    • Product Portfolio
    • Financial Performance
    • Key Strategies
    • Recent Developments
  • Infineon Technologies AG
  • Ingenico Group
  • Wirecard
  • VeriFone, Inc.
  • Giesecke+Devrient GmbH
  • IDEMIA
  • Track Innovations LTD.
  • Identiv, Inc.
  • CPI Card Group Inc.
  • Setomatic Systems
  • Valitor
  • PAX
  • PINPAD
  • Mobeewave
  • Alcineo
  • Paycor, Inc.