Contactless Payment Market was valued at USD 9,154 Million in 2019 and is expected to register a CAGR of 11.2% during the forecast period.

Contactless payment is a secure method which enables the consumers to purchase services or products using smartcard, credit, or debit card, which comprises of a technology embedded in it for processing the payment. It can also be defined as a method that does not require any physical contact between the POS and the customer’s credit card or smartphone. The contactless cards are also referred to as dual interface cards as it comprises of contactless technology and EMV chip that offers the flexibility to the consumers to use either method depending on the interface that the merchant is using.

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The factors propelling the growth of the global contactless payment market include the increase in the number of contactless payments worldwide owing to its several advantages that include enhancement in the customer’s purchase experience, security in the transactions & reduced fraud losses along with speeding up of transactions and increased customers satisfaction. In addition to this, the increasing penetration of internet and usage of mobile phones along with the shifting inclination of several verticals, including retail and transportation segment towards faster transactions to ensure the customer’s convenience will attract a large number of customers towards the market in the upcoming years. Moreover, the implementation of security features of evolving technologies such as 5G, blockchain, and growing demand for wearable payment devices are some other factors paving the way for the contactless payment in the market across the world. The factors restraining the growth of the global contactless payment market include the lack of awareness among the consumers, and the high initial installation cost.

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Based on the technology, the near field communication technology is anticipated to grow at a higher CAGR during the forecast period owing to the increase in the utilization of this technology in the contactless payments. Several advantages of this technology, which include convenience, versatility, security, among others, and its ability to enhance the user’s experience, are further propelling the market growth of this segment.

Based on the component, the hardware segment is expected to grow at a higher CAGR over the forecast period due to the increase in the adoption of the point of sales terminal among the customers. Several benefits associated with the point of sale that includes a low cost of deployment, enhanced efficiency & accuracy, mobility, along with ease of use are also leading to increase in the use of POS in the market further fuelling the market growth of hardware segment.

Based on the vertical, the retail segment is projected to grow at a higher CAGR during the forecast period owing to the increase in the implementation of advanced technologies that include big data analytics, social networks in order to surge their presence and visibility in the market. The contactless payment offers several benefits to the retailers that include the acceleration in the transaction process and enhanced operational efficiency, which is further paving the way for the contactless payment in this vertical.

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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.

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 Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2019)	USD 9,154 Million
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