The global contactless payment market was estimated to USD 7,150 million in 2018 and expected to grow at a considerable CAGR of 15.5% during the forecast period 2019-2025. Contactless payment services are being adopted rapidly in order to make the financial transaction easy and fast. Contactless payment has evolved with the emergence of digital payments over the last decades. Fintech sector is responsible for development in digital payment services. The sector is revolutionizing the payment services in the potential region of Asia-Pacific due to increasing demand for digital platforms for the financial sector. Contactless payments work on the RFID (Radio Frequency Identification) or NFC technology. Contactless payment is effectively adopted in sectors dealing with a huge number of financial transactions such as BFSI (Banking, Financial Services, and Insurance), supermarkets, shopping centers, transportation, and various other sectors. Additionally, with the ease of operation, consumers are inclined to contactless payment services. Government initiatives for the adoption of digital financial services in order to develop a digital economy and to curb unaccounted money is augmenting the value for global contactless payment market.
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Global contactless payment market is segmented on the basis of devices into smartphones, smart cards, PoS terminals, and others such as wearable devices. On the basis of end-user, the market is segmented into retail, telecommunication, BFSI, and others such as healthcare. The retail sector is estimated to increase the adoption of contactless payment services in order to reduce payment time for costumers and ease the process.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
The Report Contactless Payment Market – Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
The report covers:
- Comprehensive research methodology of the global contactless payment market .
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global contactless payment market.
- Insights about market determinants which are stimulating the global contactless payment.
- Detailed and extensive market segments with regional distribution of forecast revenues.
- Extensive profiles and recent developments of market players.
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