The global contactless payments market is expected to reach USD 2.23 trillion (transaction value) by 2025, according to a new report by Grand View Research, Inc. The contactless payments industry is expected to witness lucrative growth over the forecast period owing to innovations in technologies such as IoT, which acts as a major market driver.
Benefits such as reduction in transaction time and improved service delivery offered by contactless payments have resulted in a significant rise in the number of users. Some of the key features of contactless systems include easy installation and cost effectiveness. The rising trend of making payments through QR codes and mobile phones is expected to drive the market demand. Individuals largely prefer using contactless payment as it eliminates the need to carry cash.
North America is expected to emerge as one of the key regional markets over the forecast period. The growth is mainly attributed to the increasing deployment of cloud-based contactless payment technologies in various verticals such as transportation. Europe is expected to be another major region for contactless payments owing to the growing number of smart card rollouts. Countries in the Asia Pacific region, such as Australia, Taiwan, and Japan, have witnessed a higher penetration rate of contactless payments compared to other countries.
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The contactless payments market can be segmented on the basis of devices into smartphones and wearables, point of sale terminals, and smart cards. The market can also be segmented on the basis of solutions into payment terminal solution, transaction management, security and fraud management, hosted point of sale, and analytics.
Further key findings from the report suggest:
- Contactless payments are widely used in several sectors such as retail, transportation, healthcare, and hospitality. Smartphones and wearables emerged as the largest device segment in 2016. It is estimated to register a CAGR of 34.0% over the forecast period.
- The transportation segment is estimated to grow at a CAGR of 37.1% over the forecast period.
- The Asia Pacific market is projected to witness substantial growth over the next decade owing to various technological developments across major economies. The regional market is expected to grow at a CAGR of 35.5 % from 2017 to 2025.
- The payment terminal solution segment is expected to witness the largest growth over the forecast period as these solutions can connect the customers directly to service providers of contactless payments.
- Key participants in the contactless payments industry include Gemalto, Visa Inc., Giesecke & Devrient GmbH, Heartland Payment Systems, Verifone, Ingenico Group SA, On Track Innovations Ltd., Oberthur Technologies (OT) Morpho, Thales Group, and Wirecard AG. In March 2017, Wirecard AG acquired MyGate Communication, a payment service provider in Africa.
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Grand View Research has segmented the contactless payments market based on devices, solutions, application, and regions:
Device Outlook (Revenue, USD Billion; 2014 – 2025)
- Smartphones and wearables
- Point-of-sale terminals
- Smart cards
Solution Outlook (Revenue, USD Billion; 2014 – 2025)
- Payment terminal solution
- Transaction management
- Security and fraud management
- Hosted point-of-sale
Application Outlook (Revenue, USD Billion; 2014 – 2025)
Regional Outlook (Revenue, USD Billion; 2014 – 2025)
- North America
- Asia Pacific
- South America
Key Topics Covered
Table of Content
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope & Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
2.1 Contactless Payments – Industry Snapshot & Key Buying Criteria, 2016 -2025
Chapter 3 Industry Outlook
3.1 Market Segmentation &Scope
3.2 Contactless Payments Market Size and Growth Prospects
3.3 Contactless Payments Market Value Chain Analysis
3.4 Market Dynamics
3.4.1 Market driver analysis
188.8.131.52 Rising awareness and usage of digital money
184.108.40.206 Increasing customer convenience for low value payment
220.127.116.11 Growing technological innovation in contactless payment
3.4.2 Market restraint analysis
18.104.22.168 Risk of fraud and virus attack
22.214.171.124 Lack of infrastructure
3.4.3 Market opportunity analysis
126.96.36.199 Emerging digital currency: Bitcoins
3.5 Key Opportunities – Prioritized
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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