The Global Contactless Payment Market Size is to Grow from USD 38.55 Billion in 2022 to USD 162.56 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 19.71% during the projected period.
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Contactless payments are facilitated through various means such as debit or credit cards, NFC, smart cards, digital wallets, and QR codes. Users can swiftly make purchases by inputting their unique PIN. Industries across BFSI, retail, IT & telecom, transit, hotels, and government routinely employ contactless payments for transactions, enabling rapid and efficient money transfers. This method particularly enhances the speed and convenience of purchases, especially for smaller items, as customers prefer tapping their card or mobile device over carrying cash or entering lengthy PINs.
The adoption of contactless payments not only streamlines transactions but also enhances security by employing state-of-the-art encryption technology, significantly reducing the risk of fraud and securing sensitive financial data. However, integrating NFC-capable devices into the infrastructure can incur higher costs compared to other reader types. Industries considering investment in new readers or POS terminals supporting contactless technology need to allocate a considerable budget for purchasing, adopting, and maintaining these devices alongside other necessary equipment.
While larger corporations have seamlessly embraced this technology, smaller enterprises may face challenges in managing initial investment costs and effectively boosting sales during the implementation phase.
The smartphone-based payments segment is positioned as the dominant force in the contactless payment market, boasting the largest share of revenue over the forecast period.
Within the global contactless payment market, two transaction types stand out: card-based transactions and smartphone-based transactions. The smartphone-based payments sector leads the industry, capturing a substantial revenue share of 30–40% throughout the anticipated term. This dominance is fueled by the increasing global trend of young individuals using their cellphones for payments, presenting new opportunities for the industry. The surge in utilizing digital wallets on smartphones for everyday tasks has further propelled the adoption of smartphone-based contactless payments. The market is also set to expand with innovations such as payment rings and bands for contactless payments. Simultaneously, merchant outlets are embracing contactless cards, reducing end-user lineups by enabling swift card payments for quick transactions.
The retail segment exhibits significant Compound Annual Growth Rate (CAGR) growth over the forecast period, categorizing the global contactless payment market into retail, transit, healthcare, and hospitality applications. The retail segment, accounting for approximately 59.0% of global revenue in 2021, is poised for substantial CAGR growth. This surge is attributed to the rising prevalence of “tap-and-go” transactions worldwide. In the hospitality sector, self-service kiosks are gaining popularity, allowing customers to make payments without direct interaction with hotel staff. Payment solutions are increasingly preferred by hotels and motels due to benefits like enhanced customer satisfaction and rapid, secure transactions.
Key Market Segments:
Type Analysis
- Smartphone-Based Payments
- Card Based Payments
- Others
Application Analysis
- Retail
- Transportation
- Healthcare
- Hospitality
- Others
Major listed Vendors: MasterCard, Thales, Visa Inc., PayU, Amazon.com, Inc, Giesecke & Devrient GmbH, Apple Inc, PayPal Holdings Inc, American Express Company, Alibaba.com, VeriFone, and other key Vendors.
By region:
- North America (US, Canada, Mexico)
- Europe (Germany, UK, France, Italy, Spain, Russia, Rest of Europe,)
- Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific)
- South America (Brazil, Argentina, and Rest of South America)
- Middle East & Africa (UAE, Saudi Arabia, Qatar, South Africa, and Rest of Middle East & Africa)
Competitive analysis:
The competitive analysis section of the Global Contactless Payment Market research report provides a detailed study of the competitive landscape within the market. It aims to identify and assess key market players, their strategies, and their impact on overall market dynamics. Each company’s profile provides insight into its business profile, product portfolio, geographic presence, and recent developments. This information helps stakeholders to gain a comprehensive understanding of market participants and their capabilities.
In addition, competitive analysis examines the market share held by each major player and assesses their position within the market. Assessing relative market strength considers factors such as revenue, market capitalization, and market share growth over time. By understanding the distribution of market shares, industry participants can identify key players and their market power.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on The “Global Contactless Payment Market Size, Share, and COVID-19 Impact Analysis, By Type (Smartphone-Based Payments, Card Based Payments, Others), By Application (Retail, Transportation, Healthcare, Hospitality, Others), By Technology (Radio Frequency Identification (RFID), Near Field Communication, Host Card Emulation, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2030.”
Access the full report: https://www.sphericalinsights.com/reports/contactless-payment-market
Global Travel Now Pay Later Market research report aims to answer the following key questions:
- What are the main products/services offered in the market and how are they evolving to meet changing consumer demands?
- What are the key technological advances and innovations impacting the market and how will they affect the competitive landscape?
- What are the key distribution channels and marketing strategies market players employ to effectively reach their target audience?
- What are the price trends in the market, and how do prices change across different product segments and geographies?
- How will changing demographic patterns, such as age groups and income levels, affect consumer behaviour and market demand?
- What are the key cost factors and factors that influence the profitability of companies in the Global Contactless Payment Market?
- How will sustainability and environmental considerations affect consumer preferences and market growth in this sector?
- What are the investment opportunities and challenges for new entrants and investors looking to enter the market?
- How do government policies and regulations impact market dynamics and shape industry strategies?
- What are the current supply chain trends and challenges in the market, and how do they affect product availability and pricing?
- What are the levels of customer satisfaction and loyalty within the market, and how do market participants differentiate in terms of service quality?
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