Contactless Payment Market

""Contactless Payment Market is valued at USD 9.27 Billion in 2019 and expected to reach USD 18.19 Billion by 2026 with the CAGR of 11.9% over the forecast period""

Contactless Payment Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- With the increasing integration of contactless payment technologies in mobile handsets & smart phones and growing demand for contactless payment solutions worldwide are some of the major factors driving the market growth.   

Scope of Global Contactless Payment Market:

A secure method for consumers for purchasing products or services by using a credit, debit or smartcard and also known as a chip card by using RFID technology or near-field communication (NFC) is nothing but the contactless payment. An embedded integrated circuit chip and antenna associated with the card enable consumers to wave their card, handheld device or fob at the point of sale terminal. These contactless payments are made in close physical immediacy and that is not like mobile payments which uses broad-area cellular or WiFi networks, it does not involve close physical proximity. It is a popular way to make purchases at participating retailers and it has been around since the 1990s through only a handful of merchants and retailers using the technology during that period. Meanwhile then, it has spread out to include thousands of banks, merchants, credit card companies and retailers across the world.

Contactless Payment Market is segmented into type, application and region & country level. On the basis of type, the market is segmented into contactless card (NFC/RFID), wearable devices and contactless mobile payment. On the basis of application, the market is segmented into transport, media & entertainment, retail, healthcare and others.

The regions covered in this Contactless Payment Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Contactless Payment is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

Key Players for Contactless Payment–

Globally Manufacturers such as STMicroelectronics, INSIDE Secure, Infineon Technologies, Gemalto N.V., Giesecke & Devrient GmbH, Oberthur Technologies, Diebold Inc, HID Global, MCR Systems Inc, Barclays, Heartland Payment Systems, Inc, Ingenico Group, Apple and many others are contributing in the Market Growth.

News-

HIPS Launched QR Payment Solution Helping Scandinavian Taxi Companies Be COVID-Safe With Contactless

On November 23^rd, 2020, HIPS Payment Group Ltd., a provider of innovative and cost-effective e-commerce and mobile payment solutions, announced the launch of their QR Payment technology for terminal-free payment options. Hips QR simplify the payment acceptance of agile businesses with only the need of QR payment stickers. Hips QR can be deployed anywhere on Hips’ Global Payment Network so that businesses can start immediately accepting ApplePay, Google Pay, Visa, MasterCard, PayPal, China Union Pay, Swish, Vipps, AliPay, WeChatPay and more.

Increasing COVID-19 Cases Worldwide and Growing Retail and Transportation Industries All Over the World are the Mjaor Factors Driving the Market Growth.

There is a necessity of better service delivery models and improved customer service and due to the swift technological advancements in digital infrastructure specifically in developing and developed countries around the world. Thus, the increasing use of NFC-enabled wearable devices and consumer electronics devices is one of the major factors driving the demand for contactless payment products and solutions. For instance; total transportation-related final demand from 1999 to 2015 is about in chained 2009 dollars and trends for each of its components. In addition, increasing number of cases of COVID-19 worldwide is also fostering the demand for contactless payment solutions. Furthermore, the technology is being implemented in smartphones that with the rising need for contactless payment which results in the necessity of a more flexible integration of the system and this is with the already existing cards as well as an increase in the average transaction value. For instance; According to the Nielsen Company, mobile Web banking in the United States has grown to more than 13 million mobile subscribers—up 129% in just 2 years.  Hence this is contributing in the market growth.

Furthermore, increasing COVID-19 cases worldwide is also one of the major factors driving the market growth. Cash payments are a major competitor for contactless payments, as both payment methods are regularly used for lower value transactions. However, the COVID-19 pandemic has seen a fall in cash withdrawals and payments. In this COVID-19 situation with social distancing, making the switch to contactless payments has seemed like a natural way for people to protect themselves and others while out shopping. Contactless payments made via a smartphone or wearable device mean even less touching is required. And QR code apps take this still further. Moreover, technological innovation such as contactless rings or bands in the wearable segment enables that faster transactions as compared to PIN and chip or cash transactions is also supplementing the market growth. However, higher cost of deployment of contactless payment technologies may restrict the market growth.

North America is Expected to Dominate the Contactless Payment Market.

Geographically, North America is expected to dominate the global contactless payment market owing to high adoption smart chip technology in this region. For instance; According to First Data EMV in the U.S., smart chips are the basis of the technical standard behind more than 1.24 billion payment cards and 15.4 million POS terminals that with nearly all of those cards and acceptance devices exist in the United States. Europe is second dominating market followed by North America. This is due to the high penetration of smartphones into this region. Also the growth in this region is mainly attributed to the increasing adoption rate, global standard for chip cards, regulatory initiatives such as Euro Mastercard Visa (EMV) and adoption of Near Field Communication (NFC) technology.

Asia Pacific is expected to witness a significant growth in the global contactless payment market. This is due to presence of prominent players, growing population and increasing adoption of payment services in this region. For instance; According to Asia Development Bank, Asia region annually invests an estimated $881 billion in infrastructure that for 25 economies with adequate data, comprising 96% of the region’s population.

 

Contactless Payment Market  Report Coverage

Report Analysis

Details

Years :	2019	Market Size in 2019:	US$ 9.27 Billion
Market Historical Analysis:	2015-2019	Forecast Analysis:	2020-2026
Forecast Period CAGR %:	11.9%	Market Size Expected to reach in 2026:	US$ 18.19 Billion
Pages:	200	Tables, Charts & Figures:	168
Top Companies:	STMicroelectronics, INSIDE Secure, Infineon Technologies, Gemalto N.V., Giesecke & Devrient GmbH, Oberthur Technologies, Diebold Inc, HID Global, MCR Systems Inc, Barclays, Heartland Payment Systems, Inc, Ingenico Group, Apple
Market Segmentation:	Type, Application
Regional Analysis:	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

 

Key Benefits for Global Contactless Payment Market Report–

• Global contactless payment market report covers in depth historical and forecast analysis.
• Global contactless payment market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
• Global contactless payment market report helps to identify opportunities in market place.
• Global contactless payment market report covers extensive analysis of emerging trends and competitive landscape.

Global Contactless Payment Market Segmentation:–

By Type:

• Contactless Card (NFC/RFID)
• Wearable Devices
• Contactless Mobile Payment

By Application:

• Transport
• Media & Entertainment
• Retail
• Healthcare
• Others

By Regional & Country Analysis:

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA