According to Precedence Research, the global contactless payment market size will attain $ 4.60 trillion by 2027, growing at a CAGR of 20.01% from 2020 to 2027.
Contactless payment is a method that permits users to pay by means of credit and debit cards deprived of truly making contact with others. This is completed with the help of near-field communication or radio frequency identification technologies. The most general methods are tapping card on a PoS terminal, however, smartphone manufacturers have made NFC-based systems such as Samsung Pay and Apple Pay who are qualified as contactless payment systems.
Contactless payment is the safe process for the transaction of the payments via credit cards, debit cards, smartphones, key fobs, and others. The embedded technology is utilized in the employment of the IC chip and antenna to deliver contactless payment mode. This action itself, deprived of the input of a PIN, will be sufficient to be competent to complete the transaction. There are numerous benefits of utilizing such system as contactless payment such as ease of use, convenience than outdated payment approaches plus it upsurges the overall competence in the payment mode.
The global contactless payment market report provides a Point-by-Point and In-Depth analysis of global market size, regional and country-level market size, market share, segmentation market growth, competitive landscape, sales analysis, opportunities analysis, strategic market growth analysis, impact of domestic and global market key players, value chain optimization, trade regulations, recent developments, product launches, area marketplace expanding, and technological innovations. Global contactless payment market study covered in the report spans a forecast period from 2020 to 2027.
The study offers a comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales in the contactless payment market across the globe.
A comprehensive estimate on the contactless payment market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of contactless payment during the forecast period. Price point comparison by region with global average price is also considered in the study
Market Size Evaluation
The contactless payment market has been analyzed for each market segment in terms of volume (kilo tons) and value (US$ Bn).
Market estimates at global and regional levels for contactless payment are available in terms of “US$ Bn” for value and in “kilo tons” for volume. A Y-o-Y growth contrast on prominent contactless payment market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global contactless payment market.
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- Out of different application segments, retail segment held the prevalent market share. On account of swelling number of retail shops and outlets in the metropolitan geographies.
- The solution segment is expected to garner bigger market share in terms of revenue due to escalated growth of Payment Terminal Solution. Further, these solutions are engaged in the implementation of POS terminal as they are progressively installed in hospitality, banking and retail sectors among other.
- Global contactless payment market is dominated by Europe and is highly fragmented due to dependency on multi-languages and multi-currencies.
One of the prime benefits of contactless payment is that users can promptly complete transactions with the hit of a card. This surges the promptness of transactions, creating contactless payment even further proficient. With the growing integration of contactless payment technologies in smart phones and mobile handsets the requirement for contactless payment solutions has full-fledged extremely across all the nations.
The escalation in the proliferation of smartphones has safeguarded that NFC is made available to growing number of users. On the other hand, producers of smartphones and other suppliers have established contactless payment applications such as Google Pay and Samsung Pay among others. The upsurge in the attentiveness of these applications and services plus the availability of NFC has augmented the reception of contactless payments and has aided the marketplace to flourish considerably. However, concerns about theft and safety have generated lack of trust among the consumers. The lack of pin facility throughout the transaction further multiplies this concern. Furthermore, contactless cards are established at only few locations than magnetic stripe cards. This has hindered the growth and adoption of contactless payments market across the globe to a noticeable extent.
Europe led the global of contactless payments market in terms of revenue share in 2019. Europe has observed a high usage of contactless payment on account of higher developments in the smart tip technology and upsurge in the inclination for making digital payments over smartphones. The rise in the number of smartphones with NFC technology and escalation in the consciousness with a sense of trust among people for contactless payments has led to augmented implementation of contactless payments across various countries in Europe.
Top Players contending in the Market:
- Ingenico Group SA
- Visa Inc.
- Giesecke & Devrient GmbH
- Heartland Payment Systems, Inc.
- Thales Group
- Wirecard AG
- On Track Innovations Ltd.
Segments Covered in the Report
This research report includes complete assessment of the market with the help of extensive qualitative and quantitative insights, and projections regarding the market. This report offers breakdown of market into prospective and niche sectors. Further, this research study calculates market revenue and its growth trend at global, regional, and country from 2016 to 2027. This report includes market segmentation and its revenue estimation by classifying it on the basis of solution, application, device and region as follows:
- Security and Fraud Management
- Payment Terminal Solution
- Transaction Management
- Hosted Point-of-Sales
- Point-of-Sales Terminals
- Smartphones & Wearables
- Smart Cards
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Latin America
Regional Segment of contactless payment Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
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