Contactless Payment

Contactless Payment Market Size Expanding US$ 4.60 Trillion by 2027

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The contactless payment market size is estimated to reach US$ 4.60 trillion by the end of 2027, registering a CAGR of 20.01% from 2020 to 2027. The report provides the overall revenue of the global contactless payment market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.

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 There are numerous benefits of utilizing such system as contactless payment such as ease of use, convenience than outdated payment approaches plus it upsurges the overall competence in the payment mode.

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Report Highlights

  • 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.

Growth Factors

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.

Report Scope of the Contactless Payment Market

Report Coverage Details
Market Size USD 4.60 Billion by 2027
Growth Rate CAGR of 20.01% from 2021 to 2027
Largest Market Europe
Fastest Growing Market North America
Base Year 2021
Forecast Period 2021 to 2027
Segments Covered Solution, Application, Device, Region Type
Companies Mentioned Verifone, Ingenico Group SA, Gemalto, Visa Inc., Giesecke & Devrient GmbH, Heartland Payment Systems, Inc., Thales Group, Wirecard AG, On Track Innovations Ltd., IDEMIA

Key Players & Strategies

As transactions completed via contactless payments are prone to frauds because of which users have become more alert about making use of these systems. Noticeable contactless technology suppliers such as Visa Inc. and Gemalto are constantly upgrading their security protocols to augment the safety management of the contactless payments. Such superior security systems and product improvements have insisted users to accept contactless payments.

Market leaders in the contactless payments domain stay intense on staying forward of their competitors by accomplishment of partnerships, collaborations, mergers, acquisitions, and innovation and alliances in terms of solutions. For illustration, Visa Inc. collaborated with Samsung in order to innovate the tap to phone program in January 2020. Tap to phone technology allows micro-seller to receive payments by means of Android smartphones deprived of any supplementary hardware. With this collaboration, Visa Inc. would be incorporating its pilot tap to phone application into Samsung’s Galaxy XCover Pro device. This deal would support Visa, Inc., in extending the tap to phone technology throughout different sectors such as retail, logistics, manufacturing and healthcare among others.

Some of the substantial players in the contactless payment market include:

  • Verifone
  • Ingenico Group SA
  • Gemalto
  • Visa Inc.
  • Giesecke & Devrient GmbH
  • Heartland Payment Systems, Inc.
  • Thales Group
  • Wirecard AG
  • On Track Innovations Ltd.
  • IDEMIA

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:

By Solution

  • Security and Fraud Management
  • Payment Terminal Solution
  • Transaction Management
  • Hosted Point-of-Sales
  • Analytics

By Application

  • Government
  • Healthcare
  • Retail
  • Transportation
  • Hospitality

By Device

  • Point-of-Sales Terminals
  • Smartphones & Wearables
  • Smart Cards

By Regional

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Middle East & Africa
  • Latin America

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

Why Buy this Report?

The purpose of Precedence Research’s contactless payment market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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Precedence Research

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. Email: sales@flairinsight.com

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