Contactless Payment Market Size, Share, Analysis, Growth and Forecast by 2026

According to the latest report by IMARC Group, titled "Contactless Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global contactless payment market reached a value of US$ 10.50 Billion in 2020. Looking forward, the market is projected to reach US$ 20.7 Billion by 2026, growing at a CAGR of around 18% during 2021-2026.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Contactless payment refers to a secure method of paying for goods and services. The process makes use of smartphones, smart cards, wearables, and key fobs that can instantly complete a transaction with a wave or a tap. It consists of chips or antennas that are embedded in the device to facilitate contactless transactions at a point of sale (POS) terminal. Contactless payment is considered an efficient payment solution as it provides increased speed of transaction and enhanced security.

Market Trends and Drivers:

The global contactless payment market is primarily driven by the growing penetration of the internet, which is facilitating the adoption of digital payment platforms. This is further supported by the increasing demand for seamless payment processes in day-to-day life. Contactless payment offers various benefits such as ease of use, low deployment cost, and mobility. It helps reduce the time spent on queuing at various POS terminals and faster checkouts at banks. Besides this, contactless payment is gaining traction across merchant outlets selling low-value products, such as drinks and snacks. They also find applications in ticket and toll booths, fuel stations, and vending machines. Governments across the world are also providing incentives for developing smart solutions and networking infrastructures. Furthermore, the rising awareness regarding the various payment modes, shifting preference towards contactless technologies, and the need for safe and secure transactions are propelling the growth of the market.

Contactless Payment Market 2021-2026 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the contactless payment market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

Setomatic Systems
Visa Inc.
Ingenico Group (Worldline S.A.)
IDEMIA (Advent International)
Pax Technology
Heartland Payment Systems (Global Payments Inc.)
Giesecke & Devrient GmbH
Thales Group
Verifone Systems Inc. (Francisco Partners)
On Track Innovations Ltd.

Key Market Segmentation:

The report has segmented the global contactless payment market on the basis of technology, device, solution, application and region.

Breakup by Technology:

Near Field Communication (NFC)
Radio Frequency Identification (RFID)
Infrared (IR)
Others

Breakup by Device:

Smartphones and Wearables
Point-of-Sales Terminals
Smart Cards

Breakup by Solution:

Payment Terminal Solution
Transaction Management
Security and Fraud Management
Hosted Point-of-Sales
Payment Analytics

Breakup by Application:

BFSI
Retail
Transportation
Healthcare
Others

Breakup by Region:

North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

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Key Highlights of the Report:

Market Performance (2015-2020)
Market Outlook (2021-2026)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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