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Contactless Payment Market Size, Share, Trends, Growth Outlook

The Global Contactless Payment Market Size is estimated to register 20.2% growth over the forecast period from 2023 to 2030.

 

Contactless Payment Market Overview

The market is driven by the increased adoption of contactless technology, which is on the rise globally. Contactless payments are extending beyond traditional cards and smartphones to include wearables such as smartwatches and fitness trackers. Technologies such as tokenization and biometrics are being integrated to enhance transaction security and build consumer trust. Some regions and governments are actively supporting the adoption of contactless payments by implementing policies and regulations that encourage their use. Financial institutions and card issuers are actively issuing contactless-enabled credit and debit cards.


Contactless Payment Market 2023-2030

 

Market dynamics


Market Trend: The increasing acceptance of contactless technology is a powerful force driving the market's momentum.

The increased adoption of contactless technology has emerged as a powerful driver in propelling the market forward. Moreover, the global nature of this trend underscores its impact on the market. The adoption of contactless technology is not confined to specific regions but has a widespread, cross-cultural appeal. the increased adoption of contactless technology is driving the market by reshaping consumer behavior, fostering business integration, and establishing a global norm for efficient and convenient payment methods. As the trend continues to gain momentum, it is likely to further shape the trajectory of the market.

 

Market Driver: The swift adoption of contactless payments amid the COVID-19 pandemic has had a lasting influence on consumer behavior and the dynamics of the market.

 The acceleration of contactless payments during the COVID-19 pandemic has left a lasting impact on consumer behavior and market dynamics. The emphasis on safety and hygiene, coupled with the efficiency of contactless transactions, continues to propel the market forward, establishing contactless payments as a prominent and enduring feature in the evolving landscape of modern payment methods. This transition was driven by the inherent advantages of contactless transactions in minimizing physical contact and the potential spread of germs, aligning with public health guidelines and safety precautions.

 

Market Opportunity: The rising acknowledgment and adoption of contactless payments among merchants and businesses are driving significant momentum in the market.

The increasing acceptance of contactless payments by merchants and businesses has emerged as a pivotal driver in propelling the market forward. The strategic decision of businesses to embrace this payment method has played a crucial role in shaping the expanding landscape of the market. Moreover, the broader availability of contactless payment options at retail locations, restaurants, and other points of sale fosters more widespread adoption of this payment method. The role of merchant acceptance extends beyond consumer convenience; it also contributes to the overall growth and maturity of the contactless payment market. Businesses that upgrade their point-of-sale systems demonstrate a commitment to staying technologically current and meeting the preferences of their customer base.

 

Market share analysis: The popularity of smartphone-based payments has experienced a notable increase in recent times.

Smartphone-based payments have gained popularity in recent years across card based and smartphone based. Also known as mobile wallets, these payments utilize near field communication (NFC) technology for contactless transactions. Prominent examples of mobile wallets include Apple Pay, Google Pay, and Samsung Pay. Users can store their credit, debit, and loyalty cards on their smartphones and initiate payments by tapping their phones on NFC-enabled payment terminals. Smartphone-based payments are particularly favored among younger generations.

 

The retail sector is widely recognized for its efficiency in utilizing contactless payments.

Retail is considered the most efficient in utilizing contactless payments across Retail, Transportation, Healthcare, Hospitality and Others due to the high volume and frequency of transactions in retail settings. This makes contactless payments a time-saving and convenient solution for both customers and merchants. Retail settings typically experience high volumes of transactions, with customers making numerous small purchases throughout the day. Contactless payments significantly reduce checkout times by eliminating the need for physical card swiping or cash handling. This efficiency translates into shorter queues, faster customer turnover, and increased sales for retailers.

 

Contactless Payment Market Segmentation

By Type

  • Smartphone Based Payments
  • Card Based Payments

By Application

  • Retail
  • Transportation
  • Healthcare
  • Hospitality
  • Others

By Region

  • North America (United States, Canada, Mexico)
  • Europe (Germany, France, United Kingdom, Spain, Italy, Others)
  • Asia Pacific (China, India, Japan, South Korea, Australia, Others)
  • Latin America (Brazil, Argentina, Others)
  • Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)

 

   Contactless Payment companies

  • MasterCard
  • Apple Inc
  • Thales
  • Visa Inc
  • Giesecke & Devrient GmbH
  • PayPal Holdings Inc
  • American Express Company
  • PayU
  • Amazon.com Inc
  • Alibaba.com

 

*List not exhaustive

Contactless Payment Market Outlook 2023

1 Market Overview

1.1 Introduction to the Contactless Payment Market

1.2 Scope of the Study

1.3 Research Objective

1.3.1 Key Market Scope and Segments

1.3.2 Players Covered

1.3.3 Years Considered

 

2 Executive Summary

2.1 2023 Contactless Payment Industry- Market Statistics

3 Market Dynamics

3.1 Market Drivers

3.2 Market Challenges

3.3 Market Opportunities

3.4 Market Trends

 

4 Market Factor Analysis

4.1 Porter’s Five Forces

4.2 Market Entropy

4.2.1 Global Contactless Payment Market Companies with Area Served

4.2.2 Products Offerings Global Contactless Payment Market

 

5 COVID-19 Impact Analysis and Outlook Scenarios

5.1.1 Covid-19 Impact Analysis

5.1.2 post-COVID-19 Scenario- Low Growth Case

5.1.3 post-COVID-19 Scenario- Reference Growth Case

5.1.4 post-COVID-19 Scenario- Low Growth Case

 

6 Global Contactless Payment Market Trends

6.1 Global Contactless Payment Revenue (USD Million) and CAGR (%) by Type (2018-2030)

6.2 Global Contactless Payment Revenue (USD Million) and CAGR (%) by Applications (2018-2030)

6.3 Global Contactless Payment Revenue (USD Million) and CAGR (%) by regions (2018-2030)

 

7 Global Contactless Payment Market Revenue (USD Million) by Type, and Applications (2018-2022)

7.1 Global Contactless Payment Revenue (USD Million) by Type (2018-2022)

7.1.1 Global Contactless Payment Revenue (USD Million), Market Share (%) by Type (2018-2022)

7.2 Global Contactless Payment Revenue (USD Million) by Applications (2018-2022)

7.2.1 Global Contactless Payment Revenue (USD Million), Market Share (%) by Applications (2018-2022)

 

8 Global Contactless Payment Development Regional Status and Outlook

8.1 Global Contactless Payment Revenue (USD Million) By Regions (2018-2022)

8.2 North America Contactless Payment Revenue (USD Million) by Type, and Application (2018-2022)

8.2.1 North America Contactless Payment Revenue (USD Million) by Country (2018-2022)

8.2.2 North America Contactless Payment Revenue (USD Million) by Type (2018-2022)

8.2.3 North America Contactless Payment Revenue (USD Million) by Applications (2018-2022)

8.3 Europe Contactless Payment Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)

8.3.1 Europe Contactless Payment Revenue (USD Million), by Country (2018-2022)

8.3.2 Europe Contactless Payment Revenue (USD Million) by Type (2018-2022)

8.3.3 Europe Contactless Payment Revenue (USD Million) by Applications (2018-2022)

8.4 Asia Pacific Contactless Payment Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)

8.4.1 Asia Pacific Contactless Payment Revenue (USD Million) by Country (2018-2022)

8.4.2 Asia Pacific Contactless Payment Revenue (USD Million) by Type (2018-2022)

8.4.3 Asia Pacific Contactless Payment Revenue (USD Million) by Applications (2018-2022)

8.5 South America Contactless Payment Revenue (USD Million), by Type, and Applications (2018-2022)

8.5.1 South America Contactless Payment Revenue (USD Million), by Country (2018-2022)

8.5.2 South America Contactless Payment Revenue (USD Million) by Type (2018-2022)

8.5.3 South America Contactless Payment Revenue (USD Million) by Applications (2018-2022)

8.6 Middle East and Africa Contactless Payment Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)

8.6.1 Middle East and Africa Contactless Payment Revenue (USD Million) by Country (2018-2022)

8.6.2 Middle East and Africa Contactless Payment Revenue (USD Million) by Type (2018-2022)

8.6.3 Middle East and Africa Contactless Payment Revenue (USD Million) by Applications (2018-2022)

 

9 Company Profiles

 

10 Global Contactless Payment Market Revenue (USD Million), by Type, and Applications (2023-2030)

10.1 Global Contactless Payment Revenue (USD Million) and Market Share (%) by Type (2023-2030)

10.1.1 Global Contactless Payment Revenue (USD Million), and Market Share (%) by Type (2023-2030)

10.2 Global Contactless Payment Revenue (USD Million) and Market Share (%) by Applications (2023-2030)

10.2.1 Global Contactless Payment Revenue (USD Million), and Market Share (%) by Applications (2023-2030)

 

11 Global Contactless Payment Development Regional Status and Outlook Forecast

11.1 Global Contactless Payment Revenue (USD Million) By Regions (2023-2030)

11.2 North America Contactless Payment Revenue (USD Million) by Type, and Applications (2023-2030)

11.2.1 North America Contactless Payment Revenue (USD) Million by Country (2023-2030)

11.2.2 North America Contactless Payment Revenue (USD Million), by Type (2023-2030)

11.2.3 North America Contactless Payment Revenue (USD Million), Market Share (%) by Applications (2023-2030)

11.3 Europe Contactless Payment Revenue (USD Million), by Type, and Applications (2023-2030)

11.3.1 Europe Contactless Payment Revenue (USD Million), by Country (2023-2030)

11.3.2 Europe Contactless Payment Revenue (USD Million), by Type (2023-2030)

11.3.3 Europe Contactless Payment Revenue (USD Million), by Applications (2023-2030)

11.4 Asia Pacific Contactless Payment Revenue (USD Million) by Type, and Applications (2023-2030)

11.4.1 Asia Pacific Contactless Payment Revenue (USD Million), by Country (2023-2030)

11.4.2 Asia Pacific Contactless Payment Revenue (USD Million), by Type (2023-2030)

11.4.3 Asia Pacific Contactless Payment Revenue (USD Million), by Applications (2023-2030)

11.5 South America Contactless Payment Revenue (USD Million), by Type, and Applications (2023-2030)

11.5.1 South America Contactless Payment Revenue (USD Million), by Country (2023-2030)

11.5.2 South America Contactless Payment Revenue (USD Million), by Type (2023-2030)

11.5.3 South America Contactless Payment Revenue (USD Million), by Applications (2023-2030)

11.6 Middle East and Africa Contactless Payment Revenue (USD Million), by Type, and Applications (2023-2030)

11.6.1 Middle East and Africa Contactless Payment Revenue (USD Million), by region (2023-2030)

11.6.2 Middle East and Africa Contactless Payment Revenue (USD Million), by Type (2023-2030)

11.6.3 Middle East and Africa Contactless Payment Revenue (USD Million), by Applications (2023-2030)

 

12 Methodology and Data Sources

12.1 Methodology/Research Approach

12.1.1 Research Programs/Design

12.1.2 Market Size Estimation

12.1.3 Market Breakdown and Data Triangulation

12.2 Data Sources

12.2.1 Secondary Sources

12.2.2 Primary Sources

12.3 Disclaimer

 

List of Tables

Table 1 Market Segmentation Analysis

Table 2 Global Contactless Payment Market Companies with Areas Served

Table 3 Products Offerings Global Contactless Payment Market

Table 4 Low Growth Scenario Forecasts

Table 5 Reference Case Growth Scenario

Table 6 High Growth Case Scenario

Table 7 Global Contactless Payment Revenue (USD Million) And CAGR (%) By Type (2018-2030)

Table 8 Global Contactless Payment Revenue (USD Million) And CAGR (%) By Applications (2018-2030)

Table 9 Global Contactless Payment Revenue (USD Million) And CAGR (%) By Regions (2018-2030)

Table 10 Global Contactless Payment Revenue (USD Million) By Type (2018-2022)

Table 11 Global Contactless Payment Revenue Market Share (%) By Type (2018-2022)

Table 12 Global Contactless Payment Revenue (USD Million) By Applications (2018-2022)

Table 13 Global Contactless Payment Revenue Market Share (%) By Applications (2018-2022)

Table 14 Global Contactless Payment Market Revenue (USD Million) By Regions (2018-2022)

Table 15 Global Contactless Payment Market Share (%) By Regions (2018-2022)

Table 16 North America Contactless Payment Revenue (USD Million) By Country (2018-2022)

Table 17 North America Contactless Payment Revenue (USD Million) By Type (2018-2022)

Table 18 North America Contactless Payment Revenue (USD Million) By Applications (2018-2022)

Table 19 Europe Contactless Payment Revenue (USD Million) By Country (2018-2022)

Table 20 Europe Contactless Payment Revenue (USD Million) By Type (2018-2022)

Table 21 Europe Contactless Payment Revenue (USD Million) By Applications (2018-2022)

Table 22 Asia Pacific Contactless Payment Revenue (USD Million) By Country (2018-2022)

Table 23 Asia Pacific Contactless Payment Revenue (USD Million) By Type (2018-2022)

Table 24 Asia Pacific Contactless Payment Revenue (USD Million) By Applications (2018-2022)

Table 25 South America Contactless Payment Revenue (USD Million) By Country (2018-2022)

Table 26 South America Contactless Payment Revenue (USD Million) By Type (2018-2022)

Table 27 South America Contactless Payment Revenue (USD Million) By Applications (2018-2022)

Table 28 Middle East and Africa Contactless Payment Revenue (USD Million) By Region (2018-2022)

Table 29 Middle East and Africa Contactless Payment Revenue (USD Million) By Type (2018-2022)

Table 30 Middle East and Africa Contactless Payment Revenue (USD Million) By Applications (2018-2022)

Table 31 Financial Analysis

Table 32 Global Contactless Payment Revenue (USD Million) By Type (2023-2030)

Table 33 Global Contactless Payment Revenue Market Share (%) By Type (2023-2030)

Table 34 Global Contactless Payment Revenue (USD Million) By Applications (2023-2030)

Table 35 Global Contactless Payment Revenue Market Share (%) By Applications (2023-2030)

Table 36 Global Contactless Payment Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2030)

Table 37 North America Contactless Payment Revenue (USD)By Country (2023-2030)

Table 38 North America Contactless Payment Revenue (USD Million) By Type (2023-2030)

Table 39 North America Contactless Payment Revenue (USD Million) By Applications (2023-2030)

Table 40 Europe Contactless Payment Revenue (USD Million) By Country (2023-2030)

Table 41 Europe Contactless Payment Revenue (USD Million) By Type (2023-2030)

Table 42 Europe Contactless Payment Revenue (USD Million) By Applications (2023-2030)

Table 43 Asia Pacific Contactless Payment Revenue (USD Million) By Country (2023-2030)

Table 44 Asia Pacific Contactless Payment Revenue (USD Million) By Type (2023-2030)

Table 45 Asia Pacific Contactless Payment Revenue (USD Million) By Applications (2023-2030)

Table 46 South America Contactless Payment Revenue (USD Million) By Country (2023-2030)

Table 47 South America Contactless Payment Revenue (USD Million) By Type (2023-2030)

Table 48 South America Contactless Payment Revenue (USD Million) By Applications (2023-2030)

Table 49 Middle East and Africa Contactless Payment Revenue (USD Million) By Region (2023-2030)

Table 50 Middle East and Africa Contactless Payment Revenue (USD Million) By Region (2023-2030)

Table 51 Middle East and Africa Contactless Payment Revenue (USD Million) By Type (2023-2030)

Table 52 Middle East and Africa Contactless Payment Revenue (USD Million) By Applications (2023-2030)

Table 53 Research Programs/Design for This Report

Table 54 Key Data Information from Secondary Sources

Table 55 Key Data Information from Primary Sources

 

List of Figures

Figure 1 Market Scope

Figure 2 Porter’s Five Forces

Figure 3 Global Contactless Payment Revenue (USD Million) By Type (2018-2022)

Figure 4 Global Contactless Payment Revenue Market Share (%) By Type (2022)

Figure 5 Global Contactless Payment Revenue (USD Million) By Applications (2018-2022)

Figure 6 Global Contactless Payment Revenue Market Share (%) By Applications (2022)

Figure 7 Global Contactless Payment Market Revenue (USD Million) By Regions (2018-2022)

Figure 8 Global Contactless Payment Market Share (%) By Regions (2022)

Figure 9 North America Contactless Payment Revenue (USD Million) By Country (2018-2022)

Figure 10 North America Contactless Payment Revenue (USD Million) By Type (2018-2022)

Figure 11 North America Contactless Payment Revenue (USD Million) By Applications (2018-2022)

Figure 12 Europe Contactless Payment Revenue (USD Million) By Country (2018-2022)

Figure 13 Europe Contactless Payment Revenue (USD Million) By Type (2018-2022)

Figure 14 Europe Contactless Payment Revenue (USD Million) By Applications (2018-2022)

Figure 15 Asia Pacific Contactless Payment Revenue (USD Million) By Country (2018-2022)

Figure 16 Asia Pacific Contactless Payment Revenue (USD Million) By Type (2018-2022)

Figure 17 Asia Pacific Contactless Payment Revenue (USD Million) By Applications (2018-2022)

Figure 18 South America Contactless Payment Revenue (USD Million) By Country (2018-2022)

Figure 19 South America Contactless Payment Revenue (USD Million) By Type (2018-2022)

Figure 20 South America Contactless Payment Revenue (USD Million) By Applications (2018-2022)

Figure 21 Middle East and Africa Contactless Payment Revenue (USD Million) By Region (2018-2022)

Figure 22 Middle East and Africa Contactless Payment Revenue (USD Million) By Type (2018-2022)

Figure 23 Middle East and Africa Contactless Payment Revenue (USD Million) By Applications (2018-2022)

Figure 24 Global Contactless Payment Revenue (USD Million) By Type (2023-2030)

Figure 25 Global Contactless Payment Revenue Market Share (%) By Type (2030)

Figure 26 Global Contactless Payment Revenue (USD Million) By Applications (2023-2030)

Figure 27 Global Contactless Payment Revenue Market Share (%) By Applications (2030)

Figure 28 Global Contactless Payment Market Revenue (USD Million) By Regions (2023-2030)

Figure 29 North America Contactless Payment Revenue (USD Million) By Country (2023-2030)

Figure 30 North America Contactless Payment Revenue (USD Million) By Type (2023-2030)

Figure 31 North America Contactless Payment Revenue (USD Million) By Applications (2023-2030)

Figure 32 Europe Contactless Payment Revenue (USD Million) By Country (2023-2030)

Figure 33 Europe Contactless Payment Revenue (USD Million) By Type (2023-2030)

Figure 34 Europe Contactless Payment Revenue (USD Million) By Applications (2023-2030)

Figure 35 Asia Pacific Contactless Payment Revenue (USD Million) By Country (2023-2030)

Figure 36 Asia Pacific Contactless Payment Revenue (USD Million) By Type (2023-2030)

Figure 37 Asia Pacific Contactless Payment Revenue (USD Million) By Applications (2023-2030)

Figure 38 South America Contactless Payment Revenue (USD Million) By Country (2023-2030)

Figure 39 South America Contactless Payment Revenue (USD Million) By Type (2023-2030)

Figure 40 South America Contactless Payment Revenue (USD Million) By Applications (2023-2030)

Figure 41 Middle East and Africa Contactless Payment Revenue (USD Million) By Region (2023-2030)

Figure 42 Middle East and Africa Contactless Payment Revenue (USD Million) By Region (2023-2030)

Figure 43 Middle East and Africa Contactless Payment Revenue (USD Million) By Type (2023-2030)

Figure 44 Middle East and Africa Contactless Payment Revenue (USD Million) By Applications (2023-2030)

Figure 45 Bottom-Up and Top-Down Approaches for This Report

Figure 46 Data Triangulation

 

 

Contactless Payment Market Segmentation

By Type

  • Smartphone Based Payments
  • Card Based Payments

By Application

  • Retail
  • Transportation
  • Healthcare
  • Hospitality
  • Others

By Region

  • North America (United States, Canada, Mexico)
  • Europe (Germany, France, United Kingdom, Spain, Italy, Others)
  • Asia Pacific (China, India, Japan, South Korea, Australia, Others)
  • Latin America (Brazil, Argentina, Others)
  • Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)

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