Contactless Payments Market Size is projected to reach USD 12.24 Billion by 2030, growing at a CAGR of 20.8%: Straits Research

The global contactless payments market was valued at USD 2,235 billion in 2021. It is projected to reach USD 12,245 billion by 2030, growing at a CAGR of 20.8% during the forecast period (2022–2030). Europe is the highest revenue contributor and is estimated to grow at a CAGR of 19.3% during the forecast period.

 | Source: Straits Research Straits Research

New York, United States, Aug. 11, 2022 (GLOBE NEWSWIRE) -- The contactless payment system is secured by numerous levels of security in coordination with Radio-frequency Identification (RFID) and Near Field Communication (NFC) technologies for making a secure payment. In addition, it permits tapping contactless cards or payment-enabled devices for administrative expenses. Moreover, contactless payments are employed in BFSI, retail, energy & utilities, and several other sectors due to benefits supplied by this technology, including reduced transaction time, greater convenience, and leveraging of customers' experience at POS terminal during the transaction.

The rise in smartphone adoption, enhanced convenience & reduced transaction time given by contactless payments, and rising demand for mobile & wearable payment devices boost the market growth. Moreover, the integration of IoT and contactless payments technology and an increase in acceptance in emerging economies will likely enhance the market growth in the following years.


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Surge in Demand for Mobile & Wearable Payment Devices Boost the Market Demand

The market is experiencing a constant increase in demand for mobile & wearable payments due to a significant shift in consumer payment preferences and behavior. Therefore, this mobile & wearable device usage surge encourages contactless payment methods. In addition, users are rapidly linking their bank accounts to mobile wallets and other devices, which drives the market need for contactless payments. Increased awareness of advanced payment devices and a surge in technology adoption also promote market expansion.

Emerging Economies Create New Growth Opportunities for the Global Contactless Payments Market

Developing economies have substantial potential for contactless solution providers to grow their products as consumers increasingly use contactless payment methods and merchants integrate advanced technology into their business operations. In addition, benefits associated with cashless technology, such as reduced tax evasion and enhanced monetary policy flexibility in payment systems, are anticipated to drive market expansion.

High expenditures in expanding and converting existing product lines, enhancing operations to meet client requests, and boosting the productivity of business operations are anticipated to be the primary factors driving market expansion. In addition, India, China, Australia, Singapore, and South Korea are becoming critical consumers of contactless payments systems. The rise in smartphone adoption in these economies is anticipated to offer lucrative market opportunities in the future.


Report Scope

Report MetricDetails
Market SizeUSD 12.24 Billion by 2030
CAGR20.8% (2022-2030)
Historical Data2019-2020
Base Year2021
Forecast Period2022-2030
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredBy Device Type, Application, Region
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/VendorsGemalto, Giesecke+Devrient, Ingenico, InsideSecure, Oberthur Technologies S.A., On Track Innovations, PAX Technology Inc., Proxama Plc., Verifone, Wirecard
Key Market OpportunitiesUntapped Potential of Emerging Economies
Key Market DriversSurge in Demand for Mobile & Wearable Payment Devices
Rise in Adoption of Technology by Merchants for Small Value Transactions

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Regional Insights

Europe is the highest revenue contributor and is estimated to grow at a CAGR of 19.3% during the forecast period. Companies in several European nations, including the United Kingdom, Germany, and France, use contactless payments technology to expedite business transactions between counterparts and improve operational efficiencies. In addition, the proliferation of new technologies such as machine learning and artificial intelligence is bringing about significant enhancements to the market for contactless payments, thereby assisting banks and financial institutions in streamlining their payment services. An increase in consumer demand for smartphones & wearables and smart cards is also anticipated to present a tremendous opportunity for the market in the following years.

Asia-Pacific is the second-largest region and is projected to reach USD 3,740 billion by 2030, growing at a CAGR of 22.3%. The Asia-Pacific market is analyzed across China, India, Japan, Australia, Singapore, and the Rest of Asia-Pacific. Asia-Pacific is regarded as a rising market and is anticipated to hold the largest market share in the years to come. China, India, and Singapore are the leading contributors to expanding the region's contactless payments sector. In addition, governments in Japan, Malaysia, and Indonesia are promoting contactless payments technology in the banking and financial sector.

North America is the third-largest region. The market is anticipated to expand due to technological advances and breakthroughs in contactless payment technologies. Additionally, using contactless payment solutions by banks and financial institutions is a factor in the market's expansion. In addition, several organizations have begun offering contactless payment solutions, which is anticipated to expand their existing product offerings. This is also expected to increase Point-of-Sale terminals across numerous end-use verticals. This is considered a primary growth driver for North American contactless payments.


Key Highlights

  • The global contactless payments market was valued at USD 2,235 billion in 2021. It is projected to reach USD 12,245 billion by 2030, growing at a CAGR of 20.8% during the forecast period (2022–2030). 
  • By device type, the global contactless payment market is divided into Smartphones & Wearables, Smart Cards, and Point-of-Sale (POS) Terminals. The Smartphones & Wearables segment is the highest contributor to the market and is estimated to grow at a CAGR of 19.7% during the forecast period. 
  • By application, the global contactless payment market is segmented into Food & Grocery, Pharmacy & Drug Stores, Restaurants & Bars, Consumer Electronics, Media & Entertainment, and Others. The Food & Grocery segment is the highest contributor to the market and is estimated to grow at a CAGR of 18.2% during the forecast period. 
  • By region, the global contactless payment market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe acquires the highest market share.


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Competitive Players

  • Gemalto
  • Giesecke+Devrient
  • Ingenico
  • InsideSecure
  • Oberthur Technologies S.A.
  • On Track Innovations
  • PAX Technology, Inc.
  • Proxama Plc, Verifone
  • Wirecard


Global Contactless Payments Market: Segmentation

By Device Type

  • Smartphones & Wearables
  • Smart Cards
  • PoS Terminals

By Application

  • Food & Grocery
  • Pharmacy & Drug Stores
  • Restaurants & Bars
  • Consumer Electronics
  • Media & Entertainment
  • Others

By Regions

  • North America
  • Europe 
  • Asia-Pacific
  • LAMEA


TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Global Contactless Payments Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Type Overview
    1. Introduction
      1. Market Size & Forecast
    2. Marine, Aviation, & Transport (MAT)
      1. Market Size & Forecast
    3. Political Risk & Credit Insurance
      1. Market Size & Forecast
  5. Distribution Channel Overview
    1. Introduction
      1. Market Size & Forecast
    2. Brokers
      1. Market Size & Forecast
    3. Non-Brokers
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Type
        2. By Distribution Channel
      3. Canada
        1. By Type
        2. By Distribution Channel
      4. Mexico
        1. By Type
        2. By Distribution Channel
      5. Latin America
        1. By Type
        2. By Distribution Channel
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Type
        2. By Distribution Channel
      3. France
        1. By Type
        2. By Distribution Channel
      4. U.K.
        1. By Type
        2. By Distribution Channel
      5. Italy
        1. By Type
        2. By Distribution Channel
      6. Spain
        1. By Type
        2. By Distribution Channel
      7. Rest of Europe
        1. By Type
        2. By Distribution Channel
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Type
        2. By Distribution Channel
      3. China
        1. By Type
        2. By Distribution Channel
      4. Australia
        1. By Type
        2. By Distribution Channel
      5. India
        1. By Type
        2. By Distribution Channel
      6. South Korea
        1. By Type
        2. By Distribution Channel
      7. Rest of Asia-Pacific
        1. By Type
        2. By Distribution Channel
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Type
        2. By Distribution Channel
      3. South Africa
        1. By Type
        2. By Distribution Channel
      4. Kuwait
        1. By Type
        2. By Distribution Channel
      5. Rest of Middle East & Africa
        1. By Type
        2. By Distribution Channel
  7. Company Profile
    1. AXA
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. American International Group Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Allianz
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations


Table of Content and Figure @ https://straitsresearch.com/report/contactless-payment-market/toc


Market News

  • In June 2022, A leading provider of security technologies, Giesecke+Devrient (G+D), announced the purchase of Valid USA's payment and identification solutions division. With this move, G+D hopes to hasten expansion in the United States, one of the world's most significant payments and identification markets. The increased business scale will benefit G+D clients facing ongoing supply chain issues affecting the whole industry.
  • In June 2022, G+D Ventures, the venture capital arm of Giesecke+Devrient (G+D), partnered with the European Investment Bank to invest in European startups working on solutions for greater security and trust in the digital world.
  • In May 2022, Giesecke+Devrient (G+D) presented a new type of banknote at the Global Currency Forum. The innovative "Green Banknote" acts as a blueprint for using ecological, resource-saving materials and production processes­ for banknotes. Coupled with durability and state-of-the-art security features, it contributes to a more environmentally friendly and efficient cash cycle.
  • In February 2022, PAX Technology, Inc., one of the world's largest global payment solution providers and the #2 mobile POS provider, was entrusted with providing contactless and secure ways to pay at the WM Phoenix Open.


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Mot-clé

Contactless Payments Market Near Field Communication wearable payment mobile Payment BFSI NFC RFID Digital payment mobile wallet

Hyperliens