Contactless Payments Market Size Grow at a CAGR of 12.9% by 2027 | Diebold Nixdorf, Giesecke & Devrient GmbH, PAX Technology

The global contactless payments market was valued at US$ 11.2 Bn in 2019 and is expected to reach US$ 26.3 Bn by 2027 at a CAGR of 12.9% between 2020 and 2027.

Global Contactless Payments Market Overview : -

One of the key drivers of the Contactless Payments Market is the growing worldwide cold-chain business." Strict environmental regulations governing worker safety and the environment are fueling the expansion of the Contactless Payments Market. The Contactless Payments Market research examines the market's national and global commercial prospects as well as competitive circumstances. Estimates and forecasts for the Contactless Payments Market were made using a thorough research technique adapted to the current state of the market.

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Consumers can pay for goods and services with credit or debit cards utilising contactless payments, which are one of the newest forms of digital payment technology. RFRID, or radiofrequency identification, often known as chip cards, is the most used contactless payment system. To begin the transaction, customers do not need to swipe their card or enter their personal identification number (PIN). These payment systems are frequently implemented at point-of-sale terminals with a Wi-Fi-like logo that has been turned on its side. As it responds to new technology, the credit card business is going through a time of upheaval. Credit card providers are facing strong questions from consumers about their business operations as more individuals use their debit cards and use contactless payments on the internet. Some businesses refuse to accept contactless payments or charge hefty transaction fees to customers who use these cards in their stores.

Competitive Landscape:

Major companies operating in the contactless payments market are Diebold Nixdorf, Giesecke & Devrient GmbH, PAX Technology, Heartland Payment Systems, Thales Group, Panasonic Corporation, PAX Technology, NEC Corporation, Titan Company Limited, and Toshiba Corporation.

Contactless Payments Market Segments covered:

By Device Type: Smart Cards, Smartphones, POS, NFC Chips, and Others.

By Component: Solution and Services (Consulting, Integration and Deployment, and Support and Maintenance.

By Vertical: Retail, Hospitality, Energy & Utilities, Transportation & Logistics, BFSI, and Others (Government, Telecommunication, and Education).

Covid-19 Impact Analysis:

The COVID-19 epidemic has posed a number of obstacles to every area of the global economy. However, thanks to various cooperation among partners and technological improvements, the IT sector has seen a significant rise.

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Market Drivers:

During the projected period, the contactless payments market is expected to rise due to increasing smartphone penetration in South America and Asia Pacific. India's smartphone market is predicted to reach 820 million by 2022, according to the Indian Cellular and Electronics Association.

Market Restraint:

Over the forecast period, the contactless payments industry is likely to be hampered by high development costs and a lack of consumer awareness.

Market Opportunity:

In the near future, the introduction of 5G and sophisticated security features such as Blockchain could give significant economic prospects in the contactless payments market. A decentralised ledger that records digital assets is known as blockchain.

By Regions/Countries, this report covers:

North America: U.S. and Canada

Latin America: Brazil, Argentina, Mexico, and Rest of Latin America

Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe

Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific

Middle East: GCC Countries, Israel, and Rest of Middle East

Africa: South Africa, North Africa, and Central Africa

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