Contactless Payment Market is estimated to be US$ 332.3 billion by 2034 with a CAGR of 21.0% during the forecast period

The contactless payment market accounted for USD 49.2 Billion in 2024 and is estimated to be USD 332.3 Billion by 2034 and is anticipated to register a CAGR of 21.0%.

Advancement in contactless payment technology is expected to create lucrative growth opportunities for new as well as existing players to gain a competitive edge. This is attributed to the increasing frequency of purchasing among individuals, coupled with the need to make secure, safe, and easy payments. 

Key Highlights:

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

Key Market Insights from the report:          

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 a major revenue share in 2023 This is due to the increasing incidence of forgery and duplication of identity owing to technological advancements in turn creating demand for smart cards.
• By mode of payment, the contactless payment market is segmented into contactless cards (NFC/RFID), wearable devices, and contactless mobile payments.
• By end-use industry, the hospitality segment accounted for a major revenue share in 2023. This is because contactless payment is convenient for doctors and patients and for making bother-free payments.
• By region, North America contactless payment market accounted for a 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 North America. The market in Europe contactless payment market is expected to account for the second-highest revenue share in 2023.

Browse 60 market data tables* and 35  figures* through 140 slides and in-depth TOC on the "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 players operating in the contactless payment market include 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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