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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Owing to its rising population and emerging nations, the Asia-Pacific region dominates the market. Asia-Pacific has a population of more than 4.9 billion people, according to Worldometer figures for 2023. The region’s high population density means that it has a large number of consumers. The region also has a large number of smartphone and internet users who prefer online shopping, which increases the demand for contactless payments. Additionally, the existence and concentration of key mobile wallet providers such as Alipay, Paytm, Phone Pe, Google Pay, and other digital banking service providers give a great deal of potential for the Asia Pacific contactless payment industry. For instance, according to the PBOC Digital Currency Research Institute, about 140 million Chinese people had established a digital yuan account as of October 2021, with total transactions surpassing 62 billion yuan ($9.7 billion) since its debut. Furthermore, excellent economic circumstances and the proliferation of mobile wallets in different retail applications generate more expansion prospects, which enhance Asia-Pacific market growth.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Contactless Payment Market by Payment Type
- Smartphone Based
- Card Based
Global Contactless Payment Market by Application
- Retail
- Healthcare
- Transportation
- Hospitality
Regional Analysis
- North America
- US
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Com
- Com, Inc.
- American Express Co.
- Apple Inc.
- CPI Card Group
- Gemalto
- Giesecke+Devrient GmbH
- Infineon
- Ingenico
- Mastercard
- PayCore
- Paypal Holdings Inc.
- PayU
- SumUp
- Thales Group
- Visa Inc.
The Report Covers-
- Market value data analysis for 2023 and forecast to 2030.
- Annualized market revenues ($ 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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