Contactless Payment Market Research Report Size, Share, Analysis & Forecast Report – 2022-2029

The Contactless Payment Market is Expected to grow at a significant CAGR of 13.5% during 2022-2029.

The factors driving the growth of Contactless Payment Market includes increasing use of contactless payment solutions by merchants selling low value products such snacks and drinks, rising number of digital transactions around the world, commercialization of 5G technology and improvements in the living standards. Moreover, incorporation of Internet of Things (IoT) and Blockchain with existing contactless payment terminals, proliferation of smartphone and tablets, rising demand for smartcards across the globe, increase in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and developments, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, growth of the Contactless Payment Market is hindered due to insufficient knowledge amongst people about contactless payment solutions.

The prominent players operating in the Contactless Payment Market are Ingenico Group, Mobeewave, Verifone, On Track Innovations LTD., Geisecke+Devrient, CPI Card Group, Infineon Technologies AG, Idemia, Gemalto NV, Valitor, Bitel, Setomatic Systems, Identiv, Inc., Wirecard, and Pax Global Technology Limited among others.

Based on Component, the Hardware segment is predicted to grow at a significant CAGR during the forecast period

point of sales terminals improves efficiency and accuracy and requires low cost, are propelling Contactless Payment Market size.

Based on Vertical, the Retail segment is projected to expand at a remarkable CAGR over the forecast period

Contactless payment solutions enhance the transaction process along with growing adoption of advanced technologies such as big data analytics and artificial intelligence, are some of the factors responsible for the segment’s growth.

Based on Region, the European region is anticipated to capture the largest market share during the forecast period

Rising penetration of smartphones and laptops, growing adoption of advanced technologies such as near field communication technology, increase in the volumes of digital transactions across United Kingdom and France and high per capita incomes, are some of the important factors augmenting the market growth in European region.

Key Developments

• In 2019, Idemia completed the acquisition of X-Core Technologies’ metal payment card business and associated patents. This acquisition will enhance company’s existing product portfolio.
• In 2018, Gemalto developed EMV biometric dual interface payment card for both contactless payments and chips. This payment card is enabled with payment terminal and does not require any embedded battery.

Market Segmentation

Segmentation by Technology

• Near Field Communication
• Radio Frequency Identification
• Host Card Emulation

Segmentation by Payment Mode

• Smartcards
• Smartphones
• Others

Segmentation by Component

• Hardware
  • Point of Sale
  • Cards
  • Others
• Services
  • Consulting
  • Integration & Deployment
  • Support & Maintenance
• Solutions

Segmentation by Vertical

• Healthcare
• Transportation & Logistics
• Retail
• Hospitality
• BFSI
• Energy & Utilities
• Other Verticals

Segmentation by Region

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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