Contactless Payment Market generated a revenue of USD 9,154 Million in 2019 and is forecast to witness a CAGR of 11.2% during the forecast period (2020-2027), due to the growing adoption of digital payment platforms.

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Key Drivers

The increasing demand to decrease transaction and billing among consumers and merchants stands to be one of the major factors fueling the contactless payment market. The growing emphasis of consumers on improving the efficiency of payments for many of their daily transactions will further expand the market size. Accelerating penetration of smartphones and mobile devices and proliferation of RFID tagging are anticipated to strengthen the market growth. Further, the increasing focus on decreasing transaction time and increasing convenience have stimulated the market growth. Moreover, contactless payments helps in easing out the transactions between a point-of-sale terminal and a consumer’s payment device, proliferating the contactless payment market size.

Rising adoption of contactless technologies in numerous applications, such as toll booths, ticketing, fuel stations, and vending machines, are expected to boost market growth. Other factors including strategic government initiatives and ongoing advancements in networking infrastructure to develop smart solutions, have strengthened the market growth. For instance, in October 2019, SBI introduced SBI Card Pay, a contactless mobile payment for all credit card users, which will offer a faster, convenient, and safe card payment using mobile phones. The major factors hindering the market growth is lack of trust due to safety concern, data theft, and misuse of the contactless payment methods other than the authorized user.

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Technology Segment Analysis

Near field communication technology is estimated to witness a faster CAGR during the forecast period because of the remarkable advantages of technology including user-friendliness, safety, and versatility. Accelerating penetration of NFC technology in the contactless payments, as it offers a higher customer satisfaction and helps to track connections quickly, propelling the contactless payment market share.

Payment Mode Segment Analysis

The smart cards segment is forecast to lead the market over the forecast period, due to the increasing penetration of blockchain technology amongst various smartcard providers to improve the security of the cards. Growing emphasis of merchant outlets on reducing consumer queues by encouraging consumers to use smart cards for aster transactions has augmented the prominence of smart cards, propelling the market growth.

Component Segment Analysis

Hardware segment is predicted to grow at a faster CAGR during the forecast period, because of the increasing adoption of the point of sales terminal among the customers. The point of sale sub-segment will lead the segment, owing to the low deployment cost, improved efficiency, convenience , user-friendliness, and mobility.

Vertical Segment Analysis

Retail vertical is estimated to grow at a higher CAGR during the forecast period owing to the increasing implementation of advanced technologies such as big data analytics, social networks to expand their presence in the market. The contactless payment offers enormous advantages to the retailers that include a faster transaction process and enhanced operational efficiency, which is further paving the way for the contactless payment in this vertical.

Hospital vertical is estimated to lead the market over the forecast period, as businesses have started embracing advanced technology while offering their guests a user-friendly experience. Moreover, increasing adoption of the healthcare businesses because of the fast & secure transactions and a high level of customer satisfaction will boost the market growth.

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Based on the region, Europe is anticipated to lead the market during the forecast period owing to the increase in contactless spending across several countries, especially in the UK and Spain. In addition to this, the increase in the penetration of smartphones along with the rise in the adoption of near field communication technology and several regulatory initiatives like Euro Mastercard Visa are some other factors driving the market growth in this region.

North America is forecast to witness a higher CAGR during the forecast period, because of the presence of well-established IT industry. Also, leading IT companies in the region have leveraged their attempts to encourage the adoption of a contactless payment platform which will offer enormous opportunities to the market. Moreover, increasing partnership of companies with numerous financial institutions to develop secure, transparent, decentralized, and robust platforms because of the rising incidences of cyber-crimes will boost the regional growth.
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Various notable players operating in the global contactless payment market include Infineon Technologies AG, Idemia, Gemalto NV, Wirecard, Identiv Inc., Verifone, On Track Innovations LTD., Geisecke+Devrient, CPI Card Group, Valitor, Bitel, Setomatic Systems, Ingenico Group, Mobeewave, and Pax Global Technology Limited among others.

Key Market Developments: 

• • In 2019, Idemia acquired X-Core Technologies’ metal payment card business and associated patents. Through this acquisition, the company planned to increase its existing product portfolio with cards that are suitable for contactless payments.
  • In 2018, Gemalto launched EMV biometric dual interface payment card for both contactless payments and chips. This payment card is powered by a payment terminal and also does not need any embedded battery.

The global contactless payment market is segmented by technology, payment mode, component, vertical, and key regions. Based on the technology, the market is segmented into Near Field Communication, Radio Frequency Identification, and Host Card Emulation. Based on the payment mode, the market is segmented into Smartcards, Smartphones, and Others. Based on the component, the market is segmented into Hardware, Services, and Solutions. Based on the hardware, the market is further segmented into Point of Sale, Cards, and Others. Based on Services, the market is segmented into Consulting. Integration & Deployment and Support & Maintenance. Based on the vertical, the market is segmented into Healthcare, Transportation & Logistics, Retail, Hospitality, BFSI, Energy & Utilities, and Other Verticals. Based on the other verticals, the market is further segmented into Education, Telecommunications, and Government.

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Key questions answered in this research report:

• • At what pace is the global contactless payment market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global contactless payment market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global contactless payment market?
  • Which Technology generated maximum revenues in 2019 and identify the most promising Technology during the forecast period?
  • What are the various technologies of the global contactless payment market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2019)	USD 9,154 Million
Market Base Year	2019
Market Forecast Period	2020-2027
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Technology, By Payment Mode, By Component, By Vertical, and By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Infineon Technologies AG, Idemia, Gemalto NV, Wirecard, Identiv Inc., Verifone, On Track Innovations LTD., Geisecke+Devrient, CPI Card Group, Valitor, Bitel, Setomatic Systems, Ingenico Group, Mobeewave, and Pax Global Technology Limited among others; A total of 15 Companies Covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Contactless Payment Market by Technology

• • Near Field Communication
  • Radio Frequency Identification
  • Host Card Emulation

Global Contactless Payment Market by Payment Mode

• • Smartcards
  • Smartphones
  • Others

Global Contactless Payment Market by Component

• • Hardware
    • Point of Sale
    • Cards
    • Others
  • Services
    • Consulting
    • Integration & Deployment
    • Support & Maintenance
  • Solutions

Global Contactless Payment Market by Vertical

• • Healthcare
  • Transportation & Logistics
  • Retail
  • Hospitality
  • BFSI
  • Energy & Utilities
  • Other Verticals

Global Contactless Payment Market by Region

• • North America Contactless Payment Market (Option 1: As a part of the free 25% customization)
    • North America Contactless Payment Market by Technology
    • North America Contactless Payment Market by Payment Mode
    • North America Contactless Payment Market by Component
    • North America Contactless Payment Market by Vertical
    • US Contactless Payment Market All-Up
    • Canada Contactless Payment Market All-Up
  • Europe Contactless Payment Market (Option 2: As a part of the free 25% customization)
    • Europe Contactless Payment Market by Technology
    • Europe Contactless Payment Market by Payment Mode
    • Europe Contactless Payment Market by Component
    • Europe Contactless Payment Market by Vertical
    • UK Contactless Payment Market All-Up
    • Germany Contactless Payment Market All-Up
    • France Contactless Payment Market All-Up
    • Spain Contactless Payment Market All-Up
    • Rest of Europe Contactless Payment Market All-Up
  • Asia-Pacific Contactless Payment Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Contactless Payment Market by Technology
    • Asia-Pacific Contactless Payment Market by Payment Mode
    • Asia-Pacific Contactless Payment Market by Component
    • Asia-Pacific Contactless Payment Market by Vertical
    • China Contactless Payment Market All-Up
    • India Contactless Payment Market All-Up
    • Japan Contactless Payment Market All-Up
    • Rest of APAC Contactless Payment Market All-Up
  • RoW Contactless Payment Market (Option 4: As a part of the free 25% customization)
    • RoW Contactless Payment Market by Technology
    • RoW Contactless Payment Market by Payment Mode
    • RoW Contactless Payment Market by Component
    • RoW Contactless Payment Market by Vertical
    • Brazil Contactless Payment Market All-Up
    • South Africa Contactless Payment Market All-Up
    • Saudi Arabia Contactless Payment Market All-Up
    • UAE Contactless Payment Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Contactless Payment Market All-Up

Major Players Operating the Contactless Payment (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Infineon Technologies AG
  • Idemia
  • Gemalto NV
  • Wirecard
  • Identiv, Inc.
  • Verifone
  • On Track Innovations LTD.
  • Geisecke+Devrient
  • CPI Card Group Inc.
  • Valitor
  • Bitel
  • Setomatic Systems
  • Ingenico Group
  • Mobeewave
  • Pax Global Technology Limited