Worldwide Contactless Payment Market Is Expected to Reach USD 6.25 Trillion by 2028

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Dec 13, 2021, 13:00 ET

DUBLIN, Dec. 13, 2021 /PRNewswire/ -- The "Global Contactless Payment Market Size, Share & Trends Analysis Report by Device, by Solution (Payment Terminal Solution, Security & Fraud Management), by Application, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global contactless payment market size is expected to reach USD 6.25 trillion by 2028.

It is anticipated to register a CAGR of 20.3% from 2021 to 2028. Various benefits, such as improved service delivery and reduction in transaction time offered by contactless payments, are expected to propel market growth over the forecast period.

Customers can immediately complete transactions with the tap of a card. Increasing integration of contactless payment technologies in smartphones and mobile handsets is expected to fuel the market growth.

Numerous customers across the globe are purchasing services or products with the use of devices, such as wearables, key fobs, smart cards, and smartphones, among others. This, as a result, is anticipated to drive market growth over the forecast period.

Contactless payment uses Near Field Communication (NFC) and Radio-frequency Identification (RFID) technologies to facilitate easy money transactions. Various benefits, such as real-time transaction processing and secured transactions, are driving the adoption of contactless payment solutions.

An increase in the adoption of technology by wholesalers or merchants for small value transactions is further expected to propel market growth.

The outbreak of the COVID-19 pandemic is expected to favorably impact the market. The COVID-19 outbreak is anticipated to change the payment behavior by users and firms as the World Health Organization (WHO) has been guiding customers to avoid cash handling and shift to contactless payments. This is expected to create growth opportunities for the market over the forecast period.

Contactless Payment Market Report Highlights

Increasing demand for secure and reliable payment transactions across the globe is expected to propel the smart cards segment growth over the forecast period
Numerous banks across the globe are focusing on integrating machine learning (ML), and artificial intelligence (AI) integrated security and fraud management solution to secure their payment transactions.
The COVID-19 pandemic has inspired retailers across the globe to turn to technology to help their businesses increase productivity, plan better, and serve their customers efficiently. This, as a result, is expected to create growth opportunities for contactless payment solutions in the retail industry
The presence of a large number of prominent market players in North America is expected to create growth opportunities for the regional market growth over the forecast period

Key Topics Covered

Industry Outlook

Market Segmentation
Contactless Payment Market Size and Growth Prospects
Contactless Payment Market Value Chain Analysis
Market Dynamics
Market driver analysis
Rising adoption of digital payment platforms
Growing customer convenience for low value payment
Technology innovation in contactless payment devices and services
Market restraint analysis
Risk of cyber attack
Lack of infrastructure in developing economies
Market opportunity analysis
Emerging digital currency
Key Opportunities - Prioritized
Key Company Analysis, 2020
List of Key Market Players
Industry Analysis - Porter's Five Forces Analysis
Contactless Payment Market - PESTEL Analysis
Key Regulatory Industry Initiatives, 2020

Contactless Payment Market : Device Estimates & Trend Analysis

Contactless Payment Market: Solution Estimates & Trend Analysis

Contactless Payment Market: Application Estimates & Trend Analysis

Contactless Payment Market: Regional Estimates & Trend Analysis

Competitive Landscape

Companies Mentioned

Gemalto N.V.
Visa Inc.
Giesecke & Devrient GmbH
Heartland Payment Systems
Verifone Systems Inc.
Ingenico Group SA
On Track Innovations (OTI) Ltd
Oberthur Technologies Morpho
Thales Group
Wirecard AG

For more information about this report visit https://www.researchandmarkets.com/r/n3o5fi

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