Press release
Contactless Payment Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Contactless Payment
The surge in demand for mobile payment devices is expected to drive the contactless payment market. With mobile payment devices like smartphones and tablets, users can make digital payments securely and conveniently via near-field communication (NFC) technology. This rise is driven by the increasing digitalization of commerce and consumer demand for secure and easy transactions. A report by Uswitch Limited in February 2024 revealed that there were 71.8 million mobile connections in the UK, surpassing the population. This growth signifies the increasing adoption of smartphones, boosting the contactless payment market.
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What growth opportunities are expected to drive the contactless payment market's CAGR through 2034?
The contactless payment market has grown exponentially in recent years. It will rise from $57.85 billion in 2024 to $70.08 billion in 2025, with a compound annual growth rate (CAGR) of 21.1%. This rapid growth is driven by consumer convenience, regulatory initiatives, shifts in consumer behavior, marketing efforts, and the integration of contactless payment with transit systems.
The contactless payment market is expected to grow exponentially, reaching $150.06 billion by 2029, with a CAGR of 21.0%. This growth is driven by expanding infrastructure, demand for frictionless payments, consumer awareness, government cashless initiatives, and hygienic payment preferences. Key trends include mobile wallet adoption, wearable payment growth, contactless card use, biometric authentication, and QR code payments.
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What are the emerging trends shaping the future of the contactless payment market?
Companies in the contactless payments market are innovating with tokenizable wearable devices to streamline transactions. For example, in March 2024, IndusInd Bank launched Indus PayWear, a tokenizable wearable device for contactless payments in India. The device allows users to securely tokenize their bank cards onto a wearable chip, enabling easy and fast payments at contactless point-of-sale terminals globally, without the need for physical cards or apps.
Which growth-oriented segments of the contactless payment market are leading the industry's development?
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
Subsegments:
1) By Hardware: Point Of Sale (Pos) Terminals, Contactless Card Readers, Near Field Communication (Nfc) Chips, Smartphones And Wearables (With Nfc), Contactless Payment Terminals (Mobile And Fixed)
2) By Solution: Contactless Payment Processing Solutions, Mobile Wallet Solutions, Contactless Payment Gateway Solutions, Digital Payment Platforms, Cloud-Based Payment Solutions, Security And Fraud Prevention Solutions, Tokenization Solutions
3) By Service: Consulting And Advisory Services, Integration And Implementation Services, Transaction And Payment Processing Services, Security And Compliance Services, Customer Support And Maintenance Services, Payment Authentication Services
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What regions are leading the charge in the contactless payment market?
North America was the largest region in the contactless payment market in 2024. 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.
What companies are at the forefront of innovation in the contactless payment market?
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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What Is Covered In The Contactless Payment Global Market Report?
•Market Size Forecast: Examine the contactless payment market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the contactless payment market for a structured understanding.
•Key Players Overview: Analyze major players in the contactless payment market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the contactless payment market.
•Segment Contributions: Evaluate how different segments drive overall growth in the contactless payment market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the contactless payment market.
•Industry Challenges: Identify potential risks and obstacles affecting the contactless payment market.
•Competitive Landscape: Review strategic developments in the contactless payment market, including expansions, agreements, and new product launches.
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