Global Contactless Payment Market

Contactless Payment Market Insights

The global contactless payment market is estimated to witness a high CAGR during the forecast period (2019-2026). Growing digitization, smart cities, and increasing awareness of plastic money among the buyers are some of the major factors driving the market. Contactless payment is the mode where technologies such as bluetooth, radio frequency identification (RFID), infrared, and near-field contact (NFC) are used in secure payment transactions. Moreover, smartphones manufacturers are coming out with contactless payment methods as they provide ease and faster transaction times. High cost of deploying contactless payment technologies, and security concerns in digital payment are likely to hamper the market growth during the forecast period.

Contactless Payment Market: By Technology

On the basis of technology, the global contactless payment market is segmented into radio frequency identification, near field communication, and host card emulation. The near field communication technology is expected to hold the largest market share during the forecast period. Growing awareness about digital transactions among consumers is the major factor driving the market for near field communication technology. Near Field Communication (NFC) technology enables contactless payment by utilizing standard wireless communication technology for information sharing between 2 peripheral devices, by moving your smartphone near a label enables the NFC to immediately open a web page without installing a specific app. Furthermore, NFC is used in mobile wallet for safe money transfers and ticketing transactions. Radio Frequency Identification (RFID) technology is expected to grow at a significant CAGR during the forecast period. The unique characteristics of solvent based technology include radio waves or magnetic field to identify nearby objects.

Contactless Payment Market: By Payment Mode

On the basis of payment mode, the market is segmented into smartphones, and smartcards, among others. Smartphones segment is expected to hold a significant market share during the forecast period. The Secure Element chip, an NFC chip that holds data for secure transactions, such as the Secure Element Identifier (SEID). This chip is usually used in smartphones and other devices with NFCs. Growing adoption of smartphones across the globe is expected to drive the smartphones market during the forecast period.

Contactless Payment Market: By Vertical

On the basis of vertical, the contactless payment market is segmented into retail, BFSI, healthcare, hospitality, energy and utilities, transportation and logistics, among others. The retail sector is expected to hold the largest market share, in terms of revenue, during the forecast period (2019-2026). Growing adoption of innovative technologies such as digital stores, and social networks are the major factors driving the contactless payment demand during the forecast period. Mobile purchases at retail outlets helped to improve the checkout phase and decrease counter queues.

Contactless Payment Market: By Region

North America is expected to witness considerable growth in the contactless payment market during the forecast period. North America has emerged as the leading service provider of contactless payment. Growing internet penetration is one of the major factor driving the contactless payment market growth. Moreover, Europe is expected to hold the largest market share in terms of revenue due to increasing smart card rollouts and technological advancements during the forecast period. Growing use of contactless cards and development in transport and retail industries in economies such as Germany, the UK, and Poland are the major factors propelling the market growth in this region.

Contactless Payment Market: End Use Landscape

The end-user landscape entails a list of current and prospective consumers prevailing across the regions. This section briefs you about company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase. The key end-users of the markets are Amazon, and Walmart, among others.

Contactless Payment Market: Vendor Landscape

The report contains a chapter dedicated to vendors operating in the contactless payment market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.

Contactless Payment Market Share & Competitor Analysis

Some of the key players operating in the contactless payment market are Gemalto, Infineon, Ingenico, Wirecard, Verifone, Giesecke+Devrient, Idemia, On Track Innovations, Identiv, Cpi Card Group, Bitel, Setomatic Systems, Valitor, Pax Global Technology, Mypinpad, Mobeewave, Alcineo, Castles, Sumup, and Paycore, among others.

In March 2020, Wirecard expanded its e-commerce offering for WeChat Pay and enables European merchants fast access to the Chinese market.

In January 2020, CPI Card Group launched its dual interface metal cards which uniquely combine high-quality design and contactless capabilities.

Please note: This is not an exhaustive list of companies profiled in the report.

Check the Press Release on Global Contactless Payment Market Report