The global contactless payment market revenue was around US$ 2.4 trillion in 2022 and is estimated to reach US$ 10.8 trillion by 2031, growing at a compound annual growth rate (CAGR) of 18.3% during the forecast period from 2023 to 2031.
Contactless payment is a method to make purchases without physically giving a card to another person or swiping it through a machine. It utilizes near-field communication (NFC) and radio frequency identification (RFID) technology to process transactions where possible. Contactless payment is accomplished by tapping a contactless card or a payment-enabled wearable or mobile device over a contactless-enabled payment terminal.
Market Driving Factors
The increase in the adoption of mobile and contactless payment by businesses and merchants is boosting market expansion. More service providers, retailers, restaurants, and other businesses are accepting and offering mobile and contactless payment, to attract and retain consumers, grow sales, and lower costs. Furthermore, they are financing new and enhanced payment systems, software, and terminals to integrate and enable mobile and contactless payment with their marketing, operations, and customer service.
The surge in the potential of cashless payments worldwide and an increase in demand for wearable devices along with contactless payment for safer and secure payment transactions are boosting the market growth. Additionally, during the COVID-19 pandemic, the payments industry saw immediate adoption of contactless payments in many nations. Furthermore, major players in the market adopted different strategies such as partnerships and product launches during the pandemic to enhance their product portfolio and deliver contactless payment methods to stay protected from the virus spread.
The increase in data privacy and safety issues while conducting payments constrain the market.
Regional Analysis
Europe dominates the market during the forecast period. This is because of the surge in the adoption of technologies, which has transformed consumer behaviour toward booking lodging, taxis, entertainment, and others. Additionally, the launch of easy-to-use and unique contactless applications, such as Apple Pay, Samsung Pay, and Google Wallet, has accelerated the use of contactless payment by consumers, especially in pharmacy and drug stores. These main elements drive the market growth in the region.
Asia-Pacific is expected to dominate the market. This is due to the many consumers adopting contactless payment for daily transactions, surge in government support toward investment in technologies is becoming a main growth factor in the region.
Segmentation Insights
Device Type Insight
The smartphone and wearable segment dominated the market. This can be attributed to the increasing penetration of smartphone devices utilized for making payments among the youth population across the world. The usage of digital wallets for making contactless payments through smartphones has raised the usage of smartphones in daily activities and tasks. Furthermore, wearables innovations, such as payment watches for making contactless payments, are estimated to drive the segment growth.
The smart cards segment is estimated to dominate the market. This is because increasing adoption of contactless cards, such as debit and credit cards for making payments in sectors such as transportation, BSFI, retail, and hospitality.
Prominent Companies
Segmentation Outline
The global contactless payment market segmentation focuses on Device Type, Application, and Region.
By Device Type
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL CONTACTLESS PAYMENT MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: CONTACTLESS PAYMENT MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL CONTACTLESS PAYMENT MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL CONTACTLESS PAYMENT MARKET, BY DEVICE TYPE
5.1 OVERVIEW
5.2 SMARTPHONES AND WEARABLES
5.3 SMART CARDS
5.4 POS TERMINALS
6 GLOBAL CONTACTLESS PAYMENT MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 FOOD AND GROCERIES
6.3 PHARMACY AND DRUG STORES
6.4 RESTAURANTS AND BARS
6.5 CONSUMER ELECTRONICS
6.6 MEDIA AND ENTERTAINMENT
6.7 OTHERS
7 GLOBAL CONTACTLESS PAYMENT MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL CONTACTLESS PAYMENT MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 APPLE INC
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 THALES
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 AMAZON.COM INC
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 MASTERCARD
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 VERIFONE INC
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 SQUARE INC
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 AMERICAN EXPRESS COMPANY
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 PAYPAL INC
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 INGENICO
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 VISA INC
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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