Contactless Payments Market Size, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast 2020 - 2027

                                                                              
Consumers can use smart cards, wearables, key fobs, smartphones, and other devices to make contactless payments, which are a safe way to pay for goods and services.

        Contactless Payments Market



Consumers can use smart cards, wearables, key fobs, smartphones, and other devices to make contactless payments, which are a safe way to pay for goods and services. In order to support contactless transactions in the contactless payment business, radio-frequency identification (RFID) and near field communication (NFC) technologies are primarily used. Furthermore, transaction devices with an inbuilt chip and antenna allow customers to wave or tap their smart cards, key fobs, or mobile gadgets over a scanner at a point of sale (POS) terminal.


During the projected period, the global Contactless Payments Market is expected to increase significantly. Over the projected period, the market is expected to develop due to an increase in the adoption of digitalized payment solutions. To encourage customers to use digital transactions instead of cash transactions, emerging economies are lowering their tax regulations and businesses are offering loyalty bonuses on every purchase. The payment industry is moving toward EMV (Europay, MasterCard, and Visa) chip cards to better security and control for offline transactions, which is predicted to be another important reason driving the contactless payments market forward. When compared to cash payments, contactless payment cards provide more security.


Market Segmentation

By Device Type
  • Smart Cards
  • Smartphones
  • POS
  • NFC Chips
  • Others

By Component
  • Solution and Services
  • Consulting
  • Integration and Deployment
  • Support and Maintenance

By Vertical
  • Retail
  • Hospitality
  • Energy & Utilities
  • Transportation & Logistics
  • BFSI
  • Others

Increased bank payment rules and restrictions are some of the factors limiting the Contactless payment market's growth. Furthermore, expanding markets, particularly rising economies such as Australia, China, India, Singapore, and South Korea, give considerable prospects for contactless payment solution providers to extend and develop their solutions. Moreover, during the projected period, the integration of the Internet of Things (IoT) with an existing contactless payment terminal is expected to generate attractive opportunities.


The major players operating in the global contactless payments market include Thales Group, Infineon Technologies AG, Ingenico Group, Wirecard, VeriFone, Inc., Giesecke+Devrient GmbH, IDEMIA, Track Innovations LTD., Identiv, Inc., CPI Card Group Inc., Setomatic Systems, Valitor, PAX, PINPAD, Mobeewave, alcineo, and Paycor, Inc.

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