Contactless Payment Market size was valued at USD 39.23 Bn in 2022 and is expected to reach USD 166.46 Bn by 2030, and grow at a CAGR of 19.8% over the forecast period 2023-2030.
Contactless Payment is a safe way to make payments using debit cards, credit cards, key fobs, cell phones, and other devices. Contactless Payments are available in proximity zones. Embedded Systems are used in the construction of the integrated circuit chip and antenna to give a Contactless Payment method. Without the entry of a PIN, this operation will be sufficient to complete the transaction. There are various advantages to employing a system like Contactless Payment; it is simple to use, incredibly convenient, especially when compared to traditional payment methods, and it boosts the payment method's overall efficiency.
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The development of the contactless payment industry has been fueled by the benefits of quick and secure transactions, real-time transaction processing, and reduced payment processing time, as well as other advantages provided by contactless payment choices. In addition, the market is expected to develop due to an increase in demand for mobile and wearable payment devices, as well as merchant acceptance of technology for low-value transactions. Increased laws and regulations enforced by banks on payment are some of the issues that are limiting the expansion of the Contactless payment business. the integration of the Internet of Things (IoT) with an existing contactless payment terminal is likely to generate attractive prospects.
PAX Technology, the world's largest payment terminal solutions supplier, has collaborated with Dejamobile, a France-based fintech provider of white-label solutions for mobile transaction services, to offer payment acceptance on consumer off-the-shelf and NFC-enabled Android smartphones and tablets. The system converts non-payment devices into safe and certified point-of-sale terminals using cutting-edge technology based on Mastercard, Visa, and PCI standards. These devices can therefore take contactless payments for transaction amounts up to a country's contactless floor limit, as well as greater value quantities via secure PIN entry.
KEY DRIVERS:
Increased smartphone penetration and demand for mobile and wearable payment devices.
Biometric contactless smart cards are becoming increasingly popular.
Merchants are increasingly using technology for low-value transactions.
Transactions take less time and are more convenient.
RESTRAINTS:
Consumer awareness is lacking.
High deployment costs.
Banks and payment associations set rules and restrictions.
OPPORTUNITY:
The trend towards improved client experiences and the increased need for faster and more convenient transaction options
The HCE technology was introduced particularly for mobile phones.
CHALLENGES:
Contactless cards have no acceptable requirements.
Consumers in undeveloped nations are often ignorant of contactless card payment technology.
The absence of a uniform payment system
The worldwide economy has been influenced by COVID-19. Energy, oil and gas, transportation and logistics, manufacturing, and aviation are among the financial and industrial sectors where it has had a substantial economic influence. The world economy is expected to enter a recession as a result of the loss of billions of dollars. As a result of a rising number of countries instituting and prolonging lockdowns, economic activity is dwindling, which will have an influence on the global economy. Every individual and government, including federal, state, central, municipal, and provincial governments, has been in continual contact with one another in society to supply and receive real-time information on COVID-19.
COVID-19 instances are increasing by the day, with multiple infected cases on the increase. COVID-19 has a significant influence on major organizations and SMEs, as it does on people. Manufacturing, automotive, textiles, transportation and logistics, travel and hospitality, and consumer products have all been shut down as a result of country-level lockdowns throughout the world. In terms of GDP reduction, this would have a significant impact on the world economy. Since the dawn of time, SMEs have served as the economic backbone. Because to the COVID-19 epidemic, SMEs are now the most affected.
MARKET ESTIMATION:
In 2021, the smartphone and wearables category dominated the market, accounting for more than half of worldwide sales. A surge in smartphone and wearable device use among young people in various nations is projected to open up new prospects for sector growth. The usage of smartphones and wearables in daily activities has exploded. Over the projected period, the smart cards category is expected to grow at the fastest rate. The category is predicted to develop due to rising demand for smart cards across a variety of industries, as well as increasing use of blockchain technology by multiple smartcard suppliers to improve card security.
In 2021, the payment terminal solution category led the market, accounting for the largest part of worldwide sales. The rising use of Point-of-Sale (POS) terminals in the banking, hotel, and retail industries can be credited to the segment's rise. Over the projected period, the security and fraud management category are expected to grow at the quickest rate. Because contactless payment transactions are vulnerable to fraud, consumers have grown more mindful of how to utilize them. Several technology suppliers are constantly updating their security methods in order to improve transaction security management.
In 2021, the retail sector dominated the market and accounted for the largest proportion of worldwide revenue. To expand their presence and visibility in the market, retailers are implementing novel technologies such as big data analytics, cloud computing, social networks, and digital storefronts. Furthermore, shops are beginning to see the advantages of contactless payments, which include greater revenue, shorter transaction times, lower operating expenses, and enhanced operational efficiency. Over the projected period, the hospitality category is expected to grow at the quickest rate. In the hotel business, contactless payment is becoming increasingly common.
On The Basis of Device:
Smartphones and Wearables
Point-of-Sales Terminals
Smart Cards
On The Basis of Solution:
Payment Terminal Solution
Transaction Management
Security and Fraud Management
Hosted Point-of-Sales
Analytics
On The Basis of Application:
Transportation
Healthcare
Hospitality
Government
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During the projection period, APAC is predicted to develop at the fastest CAGR. This is due to nations such as China, Japan, Singapore, Australia, India, and South Korea rapidly adopting contactless payment technology. Because the contactless payment business in MEA is only getting started, contactless payment companies have a lot of revenue potential. Due to a lack of technical improvements in the region, Latin America is a lesser market. During the projection period, however, the overall development and adoption of contactless technology in countries such as Brazil and Mexico are likely to boost the contactless payment market in the region.
REGIONAL COVERAGE:
The major kay players are Gemalto, Giesecke+Devrient, Ingenico, InsideSecure, Oberthur Technologies S.A., On Track Innovations, PAX Technology, Inc., Proxama Plc, Verifone, Wirecard.
| Report Attributes | Details |
| Market Size in 2022 | US$ 39.23 Bn |
| Market Size by 2030 | US$ 166.46 Bn |
| CAGR | CAGR of 19.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Device (Smartphones and Wearables, Point-of-Sales Terminals and Smart Cards) • by Solution (Payment Terminal Solution, Transaction Management, Security and Fraud Management, Hosted Point-of-Sales, Analytics) • by Application (Transportation, Healthcare, Hospitality, Government) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Gemalto, Giesecke+Devrient, Ingenico, InsideSecure, Oberthur Technologies S.A., On Track Innovations, PAX Technology, Inc., Proxama Plc, Verifone, Wirecard. |
| Key Drivers | • Merchants are increasingly using technology for low-value transactions. • Transactions take less time and are more convenient. |
| Market Opportunities | • The trend towards improved client experiences and the increased need for faster and more convenient transaction options • The HCE technology was introduced particularly for mobile phones. |
Ans:- The Contactless Payment market will grow at a CAGR of 11.77% over the forecast period 2022-2028.
Ans:- Increased smartphone penetration and demand for mobile and wearable payment devices and Biometric contactless smart cards are becoming increasingly popular.
Ans:- The retail sector dominated the market and accounted for the largest proportion of worldwide revenue.
Ans:- The major kay players are Gemalto, Giesecke+Devrient, Ingenico, InsideSecure, Oberthur Technologies S.A., On Track Innovations, PAX Technology, Inc., Proxama Plc, Verifone, Wirecard.
Ans:- The study includes a comprehensive analysis of worldwide Contactless Payment market trends, as well as present and future market forecasts.impact analysis for the projected period. Porter's five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Contactless Payment Market Segmentation, by Device
8.1 Smartphones and Wearables
8.2 Point-of-Sales Terminals
8.3 Smart Cards
9. Contactless Payment Market Segmentation, by Solution
9.1 Payment Terminal Solution
9.2 Transaction Management
9.3 Security and Fraud Management
9.4 Hosted Point-of-Sales
9.5 Analytics
10. Contactless Payment Market Segmentation, by Application
10.1 Transportation
10.2 Healthcare
10.3 Hospitality
10.4 Government
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Gemalto
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Giesecke+Devrient
12.3 Ingenico
12.4 InsideSecure
12.5 Oberthur Technologies S.A.
12.6 On Track Innovations
12.7 PAX Technology, Inc.
12.8 Proxama Plc
12.9 Verifone
12.10 Wirecard
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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