Global Contactless Payment Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Contactless Payment Market Overview

“The global contactless payment Market size is expected to be worth around US$ 1,168 Billion by 2021 from US$ 5,424 Billion in 2027, growing at a CAGR of 20.6% during the forecast period 2021 to 2027.”

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The global contactless payment market is estimated to register a CAGR of XX.X% in terms of value during the forecast period 2021–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global contactless payment market report has been segmented on the basis of mode of payment, end-use industry, and region.

This report is based on the synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in the future.

Contactless payment is one of the secure payment technology in which the payment transactions are done using technologies such as Bluetooth, infrared, radio frequency identification, and near field communication. Contactless payment is a hassle-free method of the transaction as it takes less time as compared to the traditional electronic transaction. Contactless payment is considered as a secure method to purchase products or services via debit, credit or smartcards (also known as chip cards), by using RFID technology or near-field communication (NFC) technology.

Increasing adoption of contactless payment due to the rising frequency of purchases, and need for fast transactions with no delay, are major factors expected to drive the growth of the global contactless payment market. In addition, advancement in contactless payment technology is the other major factors expected to boost the growth of the global contactless payment market over the forecast period.

However, stringent rules and regulations such as limitations to the number of transactions per day, may hamper the growth of the global market over the forecast period. In addition, risk of spyware, malware and virus attacks due to the usage of numerous systems, may also hinder the growth of the market to a certain extent.

The market in North America accounted for the highest revenue share in the global contactless payment market and is expected to register a significant growth rate over the forecast period, owing to increasing Information and Communications Technology (ICT) integration across different verticals in countries in the region. The Europe market is estimated to witness the second-highest share in terms of revenue to the global contactless payment market, due to technological advancement and increasing contactless smart card roll-outs in the region.

The market in Asia Pacific is projected to register a significant growth rate in terms of revenue, owing to the increasing adoption of the contactless mode of payment in countries in the region. Moreover, the markets in Latin America and Middle East & Africa are expected to register a moderate growth rate over the forecast period. Revenue from the market in Middle East & Africa is projected to register a moderate CAGR over the forecast period.

Global Contactless Payment Market Segmentation:

By Mode of Payment:

• Contactless Card (NFC/RFID)
• Wearable Device
• Contactless Mobile Payment

By End-use Industry:

• Hospitality
• Transport
• Media and Entertainment
• Retail
• Healthcare

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa