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Contactless Payment Market Industry Size, Share, Analysis, Trends and Forecast 2025

03-26-2020 10:30 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Orion Market Research

Global Contactless Payment Market

Global Contactless Payment Market

The global contactless payment market is estimated to surpass $19 billion in 2025 and is estimated to grow at a CAGR of more than 15.0% during the forecast period (2019-2025). Contactless payment is a method for a user to purchase products through debit, credit or smartcards, smartphones or any other smart devices such as smartwatches and fitness band by using radio-frequency identification (RFID) technology or near-field communication (NFC). Government initiatives for the adoption of digital financial services to develop a digital economy is one of the major factors augmenting the growth of the global contactless payment market. In addition, the fintech sector has been contributing into the growth of digital payment services across the globe. The sector is revolutionizing the payment services in the potential region due to increasing demand for digital platforms for the financial sector.

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Key companies getting involved in the market include Giesecke & Devrient GmbH, Gemalto NV, Visa, Inc., Wirecard AG, Verifone Inc., Garmin Ltd., PayPal Inc., Prepay Technologies Ltd. and others.

Moreover, the benefits offered by contactless payment is driving its demand across the globe. Contactless payment is considered to be highly secure payment method as it has the protection method similar to chip & PIN payments. Further, contactless payment devices such as cards are also embedded with multiple layers of security to protect against fraud. Further, contactless payment can be done only when a card or device is within a few centimetres of the NFC reader, making it virtually impossible for any details to be intercepted while in use. Contactless payment benefits various sectors such as retail, telecommunication, BFSI, and others such as healthcare in a variety of ways. It is a cost-effective payment method and easy to implement which is increasing its adoption across the globe.

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Smart wearables have been predicted as the most emerging contactless payment application in the near future. Connected wearable devices offer endless possibilities for increased convenience and connectivity. Smart wearables allow convenient tracking of its user's data which can be related to their health and exercise habits along with their overall well-being. Some key vendors offering NFC enabled smart wearables are Apple Inc., FitBit Inc., and Fossil. NFC-enabled smart wearables are easy to use and suitable for fast payment. All these benefits offered by smart wearables are attracting people towards it and is expected to create splendid opportunities in the near future.

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The Report Contactless Payment Market - Segmented by Device and End-User

Global Contactless Payment Market by Device

o Smartphones
o Smartcards
o Point of Sale (PoS) Terminals
o Others

Global Contactless Payment Market by End-User

o Retail
o Transportation
o Others

The Report Contactless Payment Market - Segment
by Region

North America

United States


o Germany
o United Kingdom
o France
o Spain
o Italy
Rest of Europe


o China
o Japan
o India
o Rest of Asia-Pacific

Rest of the World

o Middle East & Africa
o Latin America

Media Contact:

Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Contact no: +1 646-755-7667, +91 7803040404

About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.

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