Global Contactless Payment Market, By Technology (Radio Frequency Identification, Near Field Communication, Host Card Emulation), Payment Mode (Smartphones, Smartcards, Others), Component (Hardware, Services, Solutions), Operational Frequency (Low Frequency, High Frequency, Ultra High Frequency), Transaction Models (Speedpass, E-Z Pass, Track 1 and Track 2 Data, EMV Card, Offline Stored Value Card), Vertical (Banking, Financial Services and Insurance (BFSI), Retail, Healthcare, Hospitality, Energy and Utilities, Transportation and Logistics, Other Verticals), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Contactless Payment Market
Contactless payment market is expected to reach USD 24.08 billion by 2028 witnessing market growth at a rate of 11.20% in the forecast period of 2021 to 2028. Data Bridge Market Research report on contactless payment market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
Contactless Payment is the safe method for payment transactions that debit cards, credit cards, key fobs, smartphones, and many others. Contactless payments are served in places nearby. The embedded technology is used to include the contactless payment mode in the implementation of the integrated circuit chip and antenna. This action itself, without the input of a PIN, will be enough to be able to complete the transaction.
Increasing customer satisfaction and improved loyalty programs, rising number of contactless payments which ensure faster transactions, growing penetration of payment technology in smartphones and mobile handsets, less transaction time and convenience in the processing, rising adoption of digital payment platforms are some of the major as well as vital factors which will likely to augment the growth of the contactless payment market in the projected timeframe of 2021-2028. On the other hand, rising demand for mobile and wearable payment devices along with rising use of security features of emerging technologies, such as blockchain and 5G which will further contribute by generating massive opportunities that will lead to the growth of the contactless payment market in the above mentioned projected timeframe.
High cost of deploying technologies along with risk of stolen or lost contactless cards which will likely to act as market restraints factor for the growth of the contactless payment in the above mentioned projected timeframe. Banking laws and payment association rules along with lack of consumer awareness which will become the biggest and foremost challenge for the growth of the market.
This contactless payment market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on contactless payment market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Contactless Payment Market Scope and Market Size
Contactless payment market is segmented on the basis of technology, payment mode, component, operational frequency, transaction models and vertical. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- Contactless payment market on the basis of technology has been segmented as radio frequency identification, near field communication, and host card emulation.
- Based on payment mode, the contactless payment market has been segmented into smartphones, smartcards, and others.
- On the basis of component, the contactless payment market has been segmented into hardware, services, and solutions. Hardware has been further segmented into point of sale, cards, and others. Others have been further sub segmented into wearables, readers, key fobs, and tags. Services have been further segmented into consulting, integration and deployment, support and maintenance. Solutions have been further segmented into data management solution, payment terminal solution, contactless mobile payment solution, device management solution, security and fraud management solution, hosted point of sale solution, transaction management solution, and analytics solution.
- On the basis of operational frequency, the contactless payment market has been segmented into low frequency, high frequency and ultra-high frequency.
- Based on transaction models, the contactless payment market has been segmented into speedpass, E-Z pass, track 1 and track 2 data, EMV card, and offline stored value card.
- Contactless payment has also been segmented on the basis of vertical into banking, financial services and insurance (BFSI), retail, healthcare, hospitality, energy and utilities, transportation and logistics, and other verticals. Other verticals have been further segmented into government, telecommunications, and education.
Contactless Payment Market Country Level Analysis
Contactless payment market is analysed and market size, volume information is provided by country, technology, payment mode, component, operational frequency, transaction models and vertical as referenced above.
The countries covered in the contactless payment market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Europe will dominate the contactless payment market due to the high penetration of smartphones and advancements in smart chip technology along with increasing adoption of near field communication (NFC) technology while Asia-Pacific region will expect to grow in the forecast period of 2021-2028 due to the increasing adoption of mobile and contactless payment services along with increasing prevalence of various market players in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Contactless Payment Market Share Analysis
Contactless payment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to contactless payment market.
The major players covered in the contactless payment market report are Thales Group; Infineon Technologies AG; Ingenico.; Wirecard; VeriFone, Inc.; Giesecke+Devrient; IDEMIA; On Track Innovations LTD; Identiv, Inc.; CPI Card Group Inc.; BITEL CO.,LTD.; Setomatic Systems; Valitor.; PAX Global Technology Limited.; MYPINPAD Ltd; Mobeewave; alcineo; Castles Technology; SumUp Inc.; PAYCORE; among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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