Market Scope

Market Research Future (MRFR)’s latest study confirms that Global Contactless Payment Market is expected to register a CAGR of 18.4% during the review period, 2022-2030. We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak. 

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Key Players:

The Global Contactless Payment Market is characterized by the presence of several regional and local providers. Some of the key players in the market are,

·         Gemalto NV (Netherlands)

·         Infineon Technologies (Germany)

·         Idemia (France)

·         Verifone Holdings Inc (US)

·         CPI Card Group (US)

Top Boosters and Main Barriers:

The COVID-19 outbreak has affected almost every sphere of the global economy. People are now practicing social distancing following the lockdown imposed across countries, in conjunction with multiple corporate workers now working from home. Although SARS-CoV-2 has been a dreadful event for many of the worldwide industries, the contactless payment market seems to be doing quite well, since the fear of the novel coronavirus disease has steered people’s focus on secure payment modes. The rising use of smart phones, the expanding internet infrastructure, and the remarkable surge in the app-based economy have also compelled innovators to opt for digital payments, and in particular, for contactless payments. In the past few years, the dependency on cash as well as traditional means of banking has gone down, in turn, driving the demand for contactless payments.

The chaotic environment induced by the pandemic has also brought contactless payment to the forefront, especially with the rising use of radio frequency identification (RFID) technology or near-field communication (NFC). The expanding worldwide urban population has boost the need for convenient but faster transaction modes, with even higher demand for enhanced customer experiences, which is yet another reason for the rising popularity of contactless payments. Another plus point of contactless payments, especially in these uncertain times, is it that people from different fields are still able to perform commercial activities without being exposed to SARS-CoV-2.

Government, banks and other financial institutes are coming up with various features that integrated into contactless payments to further mitigate the COVID-19 impact. For instance, in June 2020, BNP Paribas added the biometric authentication feature to contactless payments to address the problems induced by the novel coronavirus. The French bank has started offering a Visa card that has the ability of storing fingerprint information. Customers will now able to make contactless payments of higher-value with this new card.

Market Segmentation:

The Contactless Payment industry has been considered for sections such as technology, component, payment mode along with vertical.

The key technologies covered in the market study are near field communication, host card emulation and radio frequency identification.

The component-wise market sections can be solution, service and hardware. 

Payment modes studied in the report include smartcards, smartphones, and more.

Vertical-wise market segmentation comprises healthcare, BFSI, transportation & logistics, media & entertainment, hospitality & travel, retail, and more.

Regional Insight:

South America, Asia Pacific/APAC, the Middle East & Africa, North America and Europe are the primary markets for contactless payment.

Europe can emerge to be the market leader in the coming years, backed by the huge number of renowned vendors like Ingenico, Valitor and Wirecard present in the region. Europe is a fragmented market, which is governed by multi-languages as well as multi-currencies. There is a diverse range of nations, among which the technologically and economically ones are Germany and the UK. In these countries, the overall contactless spending is quite significant, along with the surge in the use of contactless cards as well as terminals by the card vendors like Mastercard and Visa, which has made contactless payment a thriving market in the region.

The APAC market’s expansion in the following years can be at the fastest rate, presumes MRFR. The report cites the rising use of electronic payment technologies to be a chief growth booster in the market. APAC consists of some of the fastest developing nations like India and China, in addition to the promising South East Asian economies like Singapore, Philippines, Indonesia, and others that are rapidly taking up the latest technologies to keep pace with other economically advanced countries in the world. Moreover, the region is a significant testing ground in terms of contactless payment, given its penetrable and expanding financial infrastructure, which could be a massive growth enhancer for the contactless payment market.

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Contactless Payment Industry Developments:

January (2023): Mastercard and Visa announce plans to increase the contactless payment limit in the United States from $50 to $100.

February (2023): The European Commission proposes a new regulation that would require all new payment terminals in the EU to be contactless-enabled by 2024.

March (2023): Apple Pay expands to India, making it the first major mobile wallet to be available in the country.

April (2023): Google Pay launches a new feature that allows users to make contactless payments with their watches.

May (2023): Samsung Pay adds support for the new Ultra Wideband (UWB) technology, which allows for faster and more secure contactless payments.

June (2023): The contactless payment market is expected to reach $1.8 trillion by 2025.

These are just a few of the many contactless payment industry developments that are taking place in 2023. As the demand for contactless payments continues to grow, we can expect to see even more innovation in this space in the years to come.

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About Market Research Future (MRFR):

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.

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