Advancement in contactless payment technology is expected to create lucrative growth opportunities for new as well as existing players to gain competitive edge.The contactless payment market accounted for US$ 49.2 billion in 2024 and is estimated to be US$ 332.3 billion by 2034 and is anticipated to register a CAGR of 21.0%.This is attributed to increasing frequency of purchasing among individuals, coupled with need to make secure, safe, and easy payments. 

The report "Contactless Payment Market, by Type (Hardware (Smart-cards, Point of Sale Terminals, and Smart-Card Readers) and Software (Smartcard Reader Drivers, POS Software, Application Programming Interface, Software Development Kit (SDK), and Mobile Applications)), by Mode of Payment (Contactless Card (NFC/RFID), Wearable Device, and Contactless Mobile Payment), by End-Use Industry (Banking, Financial Services and Insurance (BFSI), Retail, Public Sector, Transportation and Logistics, Hospitality, and Media and Entertainment), and Region - Forecast to 2034"  

Key Highlights:

• In May 2011, Advanced Card Systems Limited launched ACOS3 COMBI and ACOS3 microprocessor card (contactless).

Key Market Insights from the report:          

The contactless payment market accounted for US$ 49.2 billion in 2024 and is estimated to be US$ 332.3 billion by 2034 and is anticipated to register a CAGR of 21.0%.The market report has been segmented on the basis of type, mode of payment, end-use industry, and region.

• By type, the smart-cards segment accounted for major revenue share in 2023 This is due to increasing incidence of forgery and duplication of identity owing to technological advancements in turns creating demand for smart cards.
• By mode of payment, the contactless payment market is segmented into contactless card (NFC/RFID), wearable device, and contactless mobile payment.
• By end-use industry, the hospitality segment accounted for major revenue share in 2023. This is owing to contactless payment is convenience of doctors and patients and for making bother free payments.
• By region, North America contactless payment market accounted for major revenue share of the contactless payment market and is further anticipated to maintain its dominance over the forecast period, owing to increasing information and communications technology integration across different verticals in the countries of the North America. The market in Europe contactless payment market is expected to account for second-highest revenue share in 2023.

Browse 60 market data tables* and 35  figures* through 140 slides and in-depth TOC on Contactless Payment Market”, by Type (Hardware (Smart-cards, Point of Sale Terminals, and Smart-Card Readers) and Software (Smartcard Reader Drivers, POS Software, Application Programming Interface, Software Development Kit (SDK), and Mobile Applications)), by Mode of Payment (Contactless Card (NFC/RFID), Wearable Device, and Contactless Mobile Payment), by End-Use Industry (Banking, Financial Services and Insurance (BFSI), Retail, Public Sector, Transportation and Logistics, Hospitality, and Media and Entertainment), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa)- forecast till 2034

The prominent player operating in the contactless payment market includes Advanced Card Systems Limited, Chip & PIN Solutions Ltd, Placard Pty Ltd, Ingenico Inc., Gemalto N.V., VeriFone Systems, Inc., Heartland Payment Systems, Inc., On Track Innovations Ltd., Castles Technology Co., Ltd., and Bindo Labs, Inc.

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