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 growth of the contactless payment market is also driven by the expansion of e-commerce, which has increased the demand for efficient and secure online payment methods. Additionally, strategic partnerships between technology firms and financial institutions have facilitated wider acceptance and innovation in contactless payment solutions.

Moreover, the rise of the gig economy and freelance work is driving contactless payment growth, as these workers prefer quick, secure payment methods. Apart from this, global travel's resurgence demands seamless, cross-border payment solutions, making contactless options essential for convenience and efficiency in diverse economic environments.

Request to Get the Sample Report: 

https://www.imarcgroup.com/contactless-payment-market/requestsample

Factors Affecting the Growth of the Contactless Payment Industry:

·         Technological advancements:

The evolution and adoption of technologies such as near-field communication (NFC) and radio frequency identification (RFID) have been pivotal in driving the contactless payment market. NFC technology, in particular, allows for secure and fast transactions between a contactless card or a mobile device and a payment terminal. The widespread integration of NFC chips in smartphones and other devices has made contactless payments more accessible to consumers.

Additionally, the development of tokenization technology, which replaces sensitive payment card information with a unique identifier or token, has enhanced the security of contactless transactions, reducing fraud and increasing consumer trust. These technological innovations have significantly improved the convenience, speed, and security of contactless payments, making them an attractive option for both consumers and merchants.

·         Consumer behavior shifts:

Consumer preferences and behaviors have been shifting towards more convenient and hygienic payment methods, especially in the wake of the COVID-19 pandemic. The desire for quick and seamless payment experiences has increased the popularity of contactless payments, which offer the advantage of not requiring physical contact with payment terminals. This is particularly appealing in high-traffic environments like public transportation, retail stores, and restaurants. The pandemic has also heightened awareness of hygiene and safety, leading consumers to favor contactless options over cash or traditional card payments that require PIN entry.

Furthermore, the increasing penetration of smartphones and digital wallets has contributed to the growth of contactless payments, as consumers become more comfortable with using their mobile devices for everyday transactions. The convenience of integrating multiple payment methods within a single device or app has further fueled this shift in consumer behavior.

·         Regulatory support:

Governments and regulatory bodies worldwide have recognized the benefits of contactless payments and have implemented policies and frameworks to support their adoption. For instance, many countries have raised the transaction limits for contactless payments, allowing for higher-value purchases without the need for PIN entry. This has made contactless payments more practical for a wider range of transactions.

Additionally, regulatory initiatives aimed at promoting financial inclusion and reducing the use of cash have encouraged the adoption of digital payment methods, including contactless payments. Regulatory support for secure and interoperable payment infrastructures has also been crucial in facilitating the widespread acceptance of contactless payments by merchants and consumers alike. Initiatives such as the European Payment Services Directive (PSD2) have aimed to create a more integrated and efficient payment ecosystem, further promoting the use of contactless technologies.

Contactless Payment Market Report Segmentation:

By Technology:

·         Near Field Communication (NFC)

·         Radio Frequency Identification (RFID)

·         Infrared (IR)

·         Others

On the basis of the technology, the market has been categorized 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 has been 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

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.

By Application:

·         BFSI

·         Retail

·         Transportation

·         Healthcare

·         Others

Based on the application, the market has been divided into BFSI, retail, transportation, healthcare, and others.

Regional Insights:

·         North America

·         Asia-Pacific

·         Europe

·         Latin America

·         Middle East and Africa

On a regional basis, 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, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the 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.

Ask Analyst for Customized Report:

https://www.imarcgroup.com/request?type=report&id=3514&flag=C

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.

About Us

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.

Contact Us:

IMARC Group

134 N 4th St

Brooklyn, NY 11249, USA

Website: imarcgroup.com

Email: sales@imarcgroup.com

Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800