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 based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the rest of the world (the Middle East and Africa and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among the regions, the Asia-Pacific region is expected to generate the highest market share, followed by the European market. The growth of the market in Europe is attributed to increased number of contactless payments. For instance, according to a report published by the Swedish Trade Federation in 2021, in Sweden, contactless payments accounted for 85% of all in-store transactions in 2020.
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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
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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