Contactless Payment Market Opportunities 2024-2033 - Size, Growth Analysis, Outlook, Overview

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Contactless Payment Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $124.16 billion In 2028 At A CAGR Of 21.0% :

The contactless payment market size has grown exponentially in recent years. It will grow from $47.87 billion in 2023 to $57.85 billion in 2024 at a compound annual growth rate (CAGR) of 20.9%. The growth in the historic period can be attributed to consumer convenience, regulatory initiatives, shift in consumer behavior, marketing and promotions, and integration with transit systems.

The contactless payment market size is expected to see exponential growth in the next few years. It will grow to $124.16 billion in 2028 at a compound annual growth rate (CAGR) of 21.0%. The growth in the forecast period can be attributed to the expansion of contactless payment infrastructure, rising demand for frictionless and secure payment, increasing consumer awareness, government initiatives promoting cashless economies, and growing preference for convenient and hygienic payment methods. Major trends in the forecast period include a surge in mobile wallet adoption, expansion of wearable payments, the rise of contactless cards, integration of biometric authentication, and the emergence of QR code payments.

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Contactless Payment Market Major Segments
The contactless payment market covered in this report is segmented -

1) By Component: Hardware, Solution, Service
2) By Technology: Near Field Communication (NFC), Radio Frequency Identification (RFID), Infrared (IR), Other Technologies
3) By Payment Mode: Smartphone, Smartcard, Other Payment Modes
4) By Vertical: Banking, Financial Services And Insurance (BFSI), Hospitality And Travel, Media And Entertainment, Retail, Transportation And Logistics, Healthcare, Other Verticals

Key Driver - Mobile Payment Devices And The Contactless Payment Market Surge

The surge in demand for mobile payment devices is expected to propel the growth of the contactless payment market going forward. Mobile payment devices typically refer to smartphones, tablets, or dedicated hardware that enable users to make transactions using digital wallets or payment apps. The rise in demand for mobile payment devices is driven by convenience, security, and the increasing digitization of commerce. Mobile payment devices enable contactless payments by utilizing near-field communication (NFC) technology, allowing users to simply tap their device at a compatible terminal to complete transactions. For instance, in February 2024, according to a report published by Uswitch Limited, a UK-based price comparison service, there were 71.8 million mobile connections in the UK, surpassing the country's population by 4.2 million. This marked a 3.8% increase from 2021, equivalent to approximately 2.6 million more connections. It is anticipated that by 2025, 95% of the UK's 68.3 million residents will be using smartphones. Therefore, the surge in demand for mobile payment devices is driving the growth of the contactless payment market.

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Prominent Trend - Increasing Focus On Introducing Tokenizable Wearable For Contactless Payments

Major companies operating in the contactless payments market are developing innovative products, such as tokenizable payment wearables, to enhance convenience and promote seamless transactions for consumers. Tokenizable wearable devices enable secure and convenient contactless payments by generating one-time tokens for transactions, enhancing user privacy and security. For instance, in March 2024, IndusInd Bank Limited, an India-based financial services provider, launched Indus PayWear, the first all-in-one tokenizable wearable device for contactless payments using both debit and credit cards in India. It transforms the payment process by enabling users to seamlessly tokenize their IndusInd Bank cards onto a chip-enabled wearable device, facilitating swift and secure tap-and-pay transactions at contactless point-of-sale terminals worldwide, and eliminating the necessity for physical cards or payment apps.

Contactless Payment Market Players
Major companies operating in the contactless payment market are Apple Inc., American Express Company, Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, Fiserv Inc., Square Inc., Stripe Inc., Intuit Inc., Adyen N.V., Global Payments Inc., Shopify Inc., Worldline, Klarna Bank AB, Ingenico Group, SumUp Inc., Verifone Inc., PayU, First Data Corporation, UnionPay International Co. Ltd., Wirecard AG

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Largest And Fastest Growing Region In The Market
North America was the largest region in the contactless payment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contactless payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Contactless Payment Market Report Structure
3. Contactless Payment Market Trends And Strategies
4. Contactless Payment Market - Macro Economic Scenario
5. Contactless Payment Market Size And Growth
…..
27. Contactless Payment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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