According to the latest report by IMARC Group, titled “Contactless Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global contactless payment market reached a value of US$ 10.50 Billion in 2020. Looking forward, the market size is projected to reach US$ 20.7 Billion by 2026, growing at a CAGR of around 18% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Contactless payment refers to a secure method of paying for goods and services. The process makes use of smartphones, smart cards, wearables, and key fobs that can instantly complete a transaction with a wave or a tap. It consists of chips or antennas that are embedded in the device to facilitate contactless transactions at a point of sale (POS) terminal. Contactless payment is considered an efficient payment solution as it provides increased speed of transaction and enhanced security.
Market Trends and Drivers:
The global contactless payment market is primarily driven by the growing penetration of the internet, which is facilitating the adoption of digital payment platforms. This is further supported by the increasing demand for seamless payment processes in day-to-day life. Contactless payment offers various benefits such as ease of use, low deployment cost, and mobility. It helps reduce the time spent on queuing at various POS terminals and faster checkouts at banks. Besides this, contactless payment is gaining traction across merchant outlets selling low-value products, such as drinks and snacks. They also find applications in ticket and toll booths, fuel stations, and vending machines. Governments across the world are also providing incentives for developing smart solutions and networking infrastructures. Furthermore, the rising awareness regarding the various payment modes, shifting preference towards contactless technologies, and the need for safe and secure transactions are propelling the growth of the market.
Contactless Payment Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the contactless payment market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Ingenico Group (Worldline S.A.)
- Heartland Payment Systems (Global Payments Inc.)
- Pax Technology
- Visa Inc.
- Setomatic Systems
- Verifone Systems Inc. (Francisco Partners)
- Thales Group
- On Track Innovations Ltd.
- Giesecke & Devrient GmbH
- IDEMIA (Advent International)
Key Market Segmentation:
The report has segmented the global contactless payment market on the basis of technology, device, solution, application and region.
Breakup by Technology:
- Near Field Communication (NFC)
- Radio Frequency Identification (RFID)
- Infrared (IR)
Breakup by Device:
- Smartphones and Wearables
- Point-of-Sales Terminals
- Smart Cards
Breakup by Solution:
- Payment Terminal Solution
- Transaction Management
- Security and Fraud Management
- Hosted Point-of-Sales
- Payment Analytics
Breakup by Application:
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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