Global Contactless Payment Market By Overview
Introduction:
Contactless payment is a cashless payment method for customers to purchase products through debit, credit or smartcards, and near-field communication (NFC). Examples of debit card contactless payments include transit cards, Apple Pay, Google Wallet, and Android Pay. Contactless payment is a secure method that represents cashless payment for consumers to purchase products via debit, credit or smartcards also known as chip cards, by using RFID technology or near-field communication. Main advantage of contactless payment is that it speeds up transactions by taking out step where a customer must enter his or her PIN. It does not require a signature or a PIN and transactions sizes on cards are limited. Contactless payment is another way that your card or mobile phone can communicate with a point-of-sale terminal of retailer. 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%.
Global Contactless Payment Market By Dynamics
Rapid frequency of purchasing and daily transactions
Increasing frequency of purchasing among individuals, coupled with need to make secure, safe, and easy payments are factors driving growth of the contactless payment market. In addition, growing adoption of contactless payment, owing to less transaction time is another factor propelling growth of the contactless payment market. Furthermore, rising awareness regarding benefits of contactless payment among retailers and customers is factor expected to fuel growth of the contactless payment market over the forecast period. Moreover, contactless payment is alternative to cash and is expected to create demand for debit, credit or smartcards, which in turn fuels growth of the contactless payment market. Advancement in contactless payment technology is another factor supporting growth of the target market.
However, stringent rules and regulations, such as limitations to the number of transactions per day are factors hampering to growth of the contactless payment market.
Global Contactless Payment Market By Segmentation
Source: Prophecy Market Insights |Disclaimer: Data is only a representation. Actual data may vary in the final report.
The contactless payment market is segmented based on type, mode of payment, end use industry and region.
On the basis of type, the target market is categorized into hardware and software. Hardware sub-segment is divided into smart-cards, point of sale terminals, and smart-card readers. Software sub-segment is segmented into smartcard reader drivers, POS software, application programming interface, software development kit (SDK), and mobile applications. On the basis of mode of payment, the contactless payment is classified into contactless card (NFC/RFID), wearable device, and contactless mobile payment. On the basis of end-use industry, the target market is bifurcated into banking, financial services and insurance (BFSI), retail, public sector, transportation and logistics, hospitality, and media and entertainment.
Regional Insights:
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%.On region the Contactless payment market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is expected to account for major revenue share as compared to that of other regions. This can be attributed to information and communications technology integration across different verticals in the countries of the region. Also, the market in Europe is expected to account for second-highest revenue share in the market, followed by the market in Asia Pacific. Moreover, the market in Asia Pacific is projected to witness significant growth over the forecast period.
Report Scope:
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Attribute |
Details |
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Base year for estimation |
2023 |
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Forecast period |
2024 – 2034 |
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Market representation |
Revenue in USD Billion & CAGR from 2024 – 2034 |
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Market Segmentation |
By Type- Hardware (Smart-Cards, Point of Sale Terminals, Smart-Card Readers) and Software (Smartcard Reader Drives, POS Software, Application Programming Interface, Software Development Kit (SDK), and Mobile Applications) By Mode of Payment- Contactless Card (NFC/RFID), Wearable Devices, and Contactless Mobile Payment By End Use Industry– Banking, Financial Services and Insurance (BFSI), Retail, Public Sector, Transportation & Logistics, Hospitality, and Media & Entertainment |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the contactless payment market report based on type, mode of payment, end use industry and region.
Contactless Payment Market, By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
Global Contactless Payment Market By Key Players
The key players 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.
Global Contactless Payment Market By Company Profile
- Advanced Card Systems Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Chip & PIN Solutions Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Placard Pvt. Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Ingenico Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Gemalto N.V.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- VeriFone Systems Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Heartland Payment Systems Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- On Track Innovations Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Castles Technology Co. Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Bindo Labs, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
Global Contactless Payment Market By Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Type
- Market Snippet, By Mode of Payment
- Market Snippet, By End-Use Industry
- Market Snippet, By Region
- Opportunity Map Analysis
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- Product Launch
- Merger and Acquisitions
- Recent Approvals
- Impact Analysis
- PEST Analysis
- Porter’s Analysis
- Market Dynamics
- Contactless Payment Market, By Type, 2024-2034, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 — 2034
- Y-o-Y Growth Analysis (%), 2024-2034
- Segment Trends
- Hardware
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024-2034
- Smart-Cards
- Point of Sale Terminals
- Smart-Card Readers
- Software
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024-2034
- Smartcard Reader Drivers
- Point of Sale Software
- Application Programming Interface
- Software Development Kit (SDK)
- Mobile Applications
- Overview
- Contactless Payment Market, By Mode of Payment, 2024-2034, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 — 2034
- Y-o-Y Growth Analysis (%), 2024-2034
- Segment Trends
- Contactless Card (NFC/RFID)
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024-2034
- Wearable Device
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024-2034
- Contactless Mobile Payment
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024-2034
- Overview
- Contactless Payment Market, By End-Use Industry, 2024-2034, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024— 2034
- Y-o-Y Growth Analysis (%), 2024-2034
- Segment Trends
- Banking
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024-2034
- Financial Services and Insurance (BFSI)
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024-2034
- Retail
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024-2034
- Public Sector
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024-2034
- Transportation and Logistics
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024-2034
- Hospitality
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024-2034
- Media and Entertainment
- Overview
- Contactless Payment Market, By Region, 2024-2034, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 — 2034
- Y-o-Y Growth Analysis (%), 2024-2034
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Type, 2024-2034
- Market Size and Forecast (US$ Bn), By Mode of Payment, 2024-2034
- Market Size and Forecast (US$ Bn), By End-Use Industry, 2024-2034
- Market Size and Forecast (US$ Bn), By Country, 2024-2034
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Type, 2024-2034
- Market Size and Forecast (US$ Bn), By Mode of Payment, 2024-2034
- Market Size and Forecast (US$ Bn), By End-Use Industry, 2024-2034
- Market Size and Forecast (US$ Bn), By Country, 2024-2034
- Germany
- UK
- France
- Russia
- Italy
- Switzerland
- Sweden
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Type, 2024-2034
- Market Size and Forecast (US$ Bn), By Mode of Payment, 2024-2034
- Market Size and Forecast (US$ Bn), By End-Use Industry, 2024-2034
- Market Size and Forecast (US$ Bn), By Country, 2024-2034
- China
- India
- Australia & New Zealand
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Bn), By Type, 2024-2034
- Market Size and Forecast (US$ Bn), By Mode of Payment, 2024-2034
- Market Size and Forecast (US$ Bn), By End-Use Industry, 2024-2034
- Market Size and Forecast (US$ Bn), By Country, 2024-2034
- Brazil
- Mexico
- Argentina and Chile
- Rest of Latin America
- Middle East
- Market Size and Forecast (US$ Bn), By Type, 2024-2034
- Market Size and Forecast (US$ Bn), By Mode of Payment, 2024-2034
- Market Size and Forecast (US$ Bn), By End-Use Industry, 2024-2034
- Market Size and Forecast (US$ Bn), By Country, 2024-2034
- GCC
- Israel
- Rest of Middle East
- Africa
- Market Size and Forecast (US$ Bn), By Type, 2024-2034
- Market Size and Forecast (US$ Bn), By Mode of Payment, 2024-2034
- Market Size and Forecast (US$ Bn), By End-Use Industry, 2024-2034
- Market Size and Forecast (US$ Bn), By Country, 2024-2034
- South Africa
- Central Africa
- North Africa
- Overview
- Competitive Landscape
- Heat Map Analysis
- Company Profiles
- Advanced Card Systems Limited
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategy
- Chip & PIN Solutions Ltd
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategy
- Placard Pty Ltd
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategy
- Ingenico Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategy
- Gemalto N.V.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategy
- VeriFone Systems, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategy
- Heartland Payment Systems, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategy
- On Track Innovations Ltd
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategy
- Castles Technology Co., Ltd
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategy
- Bindo Labs, Inc
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategy
- Advanced Card Systems Limited
- Analyst Views
- Section
- Research Methodology
- About Us
- Contact
FAQs
The global contactless payment market is segmented based on type, mode of payment, end use industry and region.
Rising frequency of purchasing by and individual and awareness of fast and secure payments is the major factor driving growth of the global market.
The market in North America is expected to account for major revenue share as compared to that of other regions.
Key players operating in the global 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.