Global Contactless Payment Market Size, Share, Trends and Forecast To 2019-2025

The principle of working of contactless payments is the RFID (Radio Frequency Identification) or NFC technology. The technology helps the transfer of money with the help of RFID enabled devices. The adoption rate of contactless payment services is considered in order to make the financial transaction easy and fast. The emergence of contactless payment services has taken place substantially over the last decades. Contactless payment is on the high demand in the sectors which are dealing with a huge number of financial transactions such as BFSI (Banking, Financial Services, and Insurance), supermarkets, shopping centers, transportation, and various other sectors. Some of the growth factors in the global contactless payment market include private and public investments, a growing number of fintech organizations, increasing cases of cyber thefts, and others. Moreover, the COVID-19 pandemic raises the demand for cashless and online. As per the WHO, the virus could stay on cash for days after exposure, so the organization advised the people to use contactless payment whenever possible.

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The global contactless payment industry report is segmented based end-user including Retail, BFSI, Transportation, and others. The outbreak of COVID-19 had an impact on these segments due to the demand for retail stores across the globe. Moreover, the contactless payment in supermarkets and shopping malls ware on the high demand however, the COVID-19 outbreak can push the people to contactless payment. For instance, in India consumers now experiences a quicker way to pay at entertainment venues, dining, and supermarkets including a Big Bazaar, PVR and Reliance retail among others. Additionally, over 3.3 million merchants are accepting cashless payments through various payment options in India that can further push for increased use of cashless transactions in these stores. Furthermore, according to UK finance, around 77% of all UK retail spending was made by cards. This has been driven by the extensive acceptance of contactless payment and other forms of digital payments; therefore, this could be affected by the COVID-19 outbreak.

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Verticals Affected Most

Retail
BFSI
Transportation
Others

Company Profiles

Giesecke & Devrient GmbH
Gemalto NV
Visa, Inc.
Wirecard AG
Verifone Inc.
Garmin Ltd.

Segment by Region

North America

United States
Canada

Europe

Germany
United Kingdom
France
Spain
Italy
Rest of Europe

Asia-Pacific

China
Japan
India
Rest of Asia-Pacific

Rest of the World

Latin America
Middle East and Africa

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