Contactless payment market is anticipated to grow at a considerable CAGR of 20.1% during the forecast period (2023-2030). The market is expected to increase due to the increasing usage of innovative payment technologies such as host-based card emulation (HCE) and near field communication (NFC) for contactless payments. Additionally, a huge surge in digitization and e-commerce platforms throughout the globe is propelling the contactless payment market forward. According to Thales Group, a company that designs and develops electrical systems, there will be more than 2.6 billion contactless payment cards in circulation by 2023, owing to the technology’s quick acceptance in areas such as South Asia, the US, and Brazil.
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The global contactless payment market is segmented by payment type and application. Based on payment type, the market is sub-segmented into smartphone based and card based. Based on application, the market is sub-segmented into retail, healthcare, transportation, and hospitality. Among payment types, the smartphone based segment is expected to hold the largest market share. As the customer preference for smartphone-based payment methods such as contactless payment methods at POS systems grows, card and financial service providers are either delivering their own solutions on smartphones or through third-party vendors.
- 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
Market Segmentation
Global Contactless Payment Market by Payment Type
- Smartphone Based
- Card Based
Global Contactless Payment Market by Application
- Retail
- Healthcare
- Transportation
- Hospitality
Regional Analysis
- North America
- US
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Com
- Com, Inc.
- American Express Co.
- Apple Inc.
- CPI Card Group
- Gemalto
- Giesecke+Devrient GmbH
- Infineon
- Ingenico
- Mastercard
- PayCore
- Paypal Holdings Inc.
- PayU
- SumUp
- Thales Group
- Visa Inc.
The Report Covers-
- Market value data analysis for 2023 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global contactless payment market. Based on the availability of data, information related to new product launches and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who stands where’ in the market.
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