Press release
Contactless Payments Market Size, Share, Growth & Trends Analysis Report By Type, By Application, By Region, and Segment Forecasts, 2022 - 2027
The global Contactless Payments market size is projected to reach USD 23410 million by 2027, from USD 10260 Million in 2020, at a CAGR of 12.0% during 2021-2027. COVID-19 outbreak has made Contactless payments a popular payment form, as it needs less physical interaction. This, in turn, is expected to increase the adoption of contactless payment during the forecast period.
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Contactless payment systems include smart cards or other devices that incorporate RFID or NFC technology to make payment safe and contactless. In comparison to mobile payments made over the internet, contactless payments are made in near physical proximity prohibiting unauthorized access during the transactions.
Global customer inclination towards mobile payment methods is growing in the form of contactless payment methods on POS networks, owing to which card and financial service providers either sell their card solutions on smartphones or via third-party vendors.
The growth of Contactless Payments market size is propelled by decreased transaction time, simplicity in handling low-value payments, and improved revenue opportunities.
The global contactless payments market is driven by reduced transaction time, convenience in processing low-value payments, and increased revenue opportunities. However, high costs involved for the installation of EPOS terminals and lower rate of adoption hamper the contactless payments market growth.
Increasing financial fraud around the world has, in recent years, pressured government regulatory bodies to protect payment transactions. Therefore, these regulatory bodies have greatly impacted the adoption of POS terminals. Mobile POS systems are gaining momentum and are expected to see a rise in adoption rates with the introduction of cashless transactional technologies.
Based on region Europe is expected to hold the largest contactless payments market share. The region contains several both economically and technologically developed countries like the UK and Germany. The leading countries in the European market are the UK, Poland, Spain, and Germany. With the growing proliferation of contactless cards and terminals by card companies, such as Visa and Mastercard, total contactless spending has risen in these countries.
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Contactless Payments Market by Region
• Asia-Pacific (China, Japan, South Korea, India and ASEAN)
• North America (US and Canada)
• Europe (Germany, France, UK and Italy)
• Rest of World (Latin America, Middle East & Africa)
Contactless Payments Market by Type
• Payment Terminal Solution
• Transaction Management
• Security and Fraud Management
• Hosted Point-of-sale
• Analytics
Contactless Payments Market by Application
• BFSI
• Retail
• IT & Telecom
• Transportation
• Hospitality
• Government
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