Contactless Payment Market Trends That Will Shape the Next Decade: Insights from Increasing Focus On Introducing Tokenizable Wearable For Contactless Payments

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How Large Will the Contactless Payment Market Size By 2025?
The size of the market for contactless payment has seen a significant expansion in the past few years. The market which was worth $57.85 billion in 2024, is projected to escalate to $70.08 billion in 2025, reflecting a compound annual growth rate (CAGR) of 21.1%. Factors such as customer convenience, regulatory initiatives, changes in consumer habits, marketing strategies, and collaboration with transit systems have contributed to its growth during the historic period.

How Big Is the Contactless Payment Market Size Expected to Grow by 2029?
Expectations are high for the contactless payment market, with predictions suggesting a significant surge in size over the coming years. By 2029, it's likely to reach a hefty $150.06 billion, demonstrating a compound annual growth rate (CAGR) of 21.0%. This growth forecast stems from several factors: the enlargement of contactless payment facilities, a recognized need for uncomplicated yet secure transactions, heightened understanding among consumers, campaigns by governments favoring cashless economies, and an increasing partiality for payment methods that are both convenient and sanitary. Several trends in the forecast period are augmenting these factors, with the rise in mobile wallet usage, the proliferation of wearable payments, contactless card development, the incorporation of biometric verification, and the advent of QR code payments all playing a part.

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Which Key Market Drivers Powering Contactless Payment Market Expansion and Growth?
The ascent in the desire for mobile payment solutions is anticipated to drive the expansion of the contactless payment sector in the future. Mobile payment mechanisms often allude to smartphones, tablets, or dedicated platforms that facilitate users to engage in transactions through digital wallets or payment applications. The climbing demand for these mobile payment gadgets is propelled by factors like ease, security, and the progressive digitization of commerce. Mobile payment platforms allow contactless payments by employing near-field communication (NFC) technology, which lets users merely tap their device on a compatible terminal to finalize transactions. For instance, in February 2024, Uswitch Limited, a UK-based price comparison service, revealed through a report that 71.8 million mobile connections were active in the UK, exceeding the country's population by 4.2 million. This represented a 3.8% rise from 2021, correlating to nearly 2.6 million additional connections. By 2025, it is projected that 95% of the UK's population of 68.3 million will be smartphone users. Hence, the boost in the demand for mobile payment gadgets is fueling the expansion of the contactless payment industry.

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Which Fast-Growing Trends Are Poised to Disrupt the Contactless Payment Market?
Several leading enterprises in the contactless payments market are pioneering ingenious products such as payment wearables that can be tokenized, all to increase convenience and facilitate smooth transactions for customers. These tokenizable wearable instruments provide secure and easy contactless payments as they produce single-use tokens for every transaction, thus enhancing the privacy and safety of the user. For instance, IndusInd Bank Limited, a financial services firm based in India, unveiled Indus PayWear in March 2024. This is the first comprehensive tokenizable wearable gadget meant for contactless payments using both credit and debit cards, launched in India. It revolutionizes the mode of payment by allowing consumers to effortlessly tokenize their IndusInd Bank cards to a chip-integrated wearable device. This process promotes quick and secure tap-and-pay transactions at contactless point-of-sale terminals across the globe, thereby eradicating the need for physical cards or payment applications.

What Are the Emerging Segments in the Contactless Payment Market?
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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Contactless Payment Industry?
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.

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