Comprehensive Contactless Payment Market Analysis 2024: Size, Share, And Key Trends
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The contactless payment market size has grown exponentially in recent years. It will grow from $47.87 billion in 2023 to $57.85 billion in 2024 at a compound annual growth rate (CAGR) of 20.9%. The growth in the historic period can be attributed to consumer convenience, regulatory initiatives, shift in consumer behavior, marketing and promotions, and integration with transit systems. The contactless payment market size is expected to see exponential growth in the next few years. It will grow to $124.16 billion in 2028 at a compound annual growth rate (CAGR) of 21.0%. The growth in the forecast period can be attributed to the expansion of contactless payment infrastructure, rising demand for frictionless and secure payment, increasing consumer awareness, government initiatives promoting cashless economies, and growing preference for convenient and hygienic payment methods. Major trends in the forecast period include a surge in mobile wallet adoption, expansion of wearable payments, the rise of contactless cards, integration of biometric authentication, and the emergence of QR code payments.
The surge in demand for mobile payment devices is expected to propel the growth of the contactless payment market going forward. Mobile payment devices typically refer to smartphones, tablets, or dedicated hardware that enable users to make transactions using digital wallets or payment apps. The rise in demand for mobile payment devices is driven by convenience, security, and the increasing digitization of commerce. Mobile payment devices enable contactless payments by utilizing near-field communication (NFC) technology, allowing users to simply tap their device at a compatible terminal to complete transactions. For instance, in February 2024, according to a report published by Uswitch Limited, a UK-based price comparison service, there were 71.8 million mobile connections in the UK, surpassing the country’s population by 4.2 million. This marked a 3.8% increase from 2021, equivalent to approximately 2.6 million more connections. It is anticipated that by 2025, 95% of the UK’s 68.3 million residents will be using smartphones. Therefore, the surge in demand for mobile payment devices is driving the growth of the contactless payment market.
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What Are The Key Trends That Influence Contactless Payment Share Analysis?
Major players in the contactless payments market are innovating with products like tokenizable payment wearables to improve convenience and ensure seamless transactions for consumers. These wearables utilize one-time tokens for transactions, enhancing both privacy and security. For example, in March 2024, IndusInd Bank Limited, an Indian financial services provider, introduced Indus PayWear. This device is the first of its kind in India, enabling users to tokenize their IndusInd Bank cards onto a chip-enabled wearable. This innovation allows for secure, swift tap-and-pay transactions at contactless terminals globally, eliminating the need for physical cards or payment apps.
Which Market Players Are Driving Growth In The Contactless Payment Market?
Major companies operating in the contactless payment market are Apple Inc., American Express Company, Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, Fiserv Inc., Square Inc., Stripe Inc., Intuit Inc., Adyen N.V., Global Payments Inc., Shopify Inc., Worldline, Klarna Bank AB, Ingenico Group, SumUp Inc., Verifone Inc., PayU, First Data Corporation, UnionPay International Co. Ltd., Wirecard AG
How Is The Global Contactless Payment Market Segmented?
1) By Component: Hardware; Solution; Service
2) By Technology: Near Field Communication (NFC); Radio Frequency Identification (RFID); Infrared (IR); Other Technologies
3) By Payment Mode: Smartphone; Smartcard; Other Payment Modes
4) By Vertical: Banking, Financial Services And Insurance (BFSI); Hospitality And Travel; Media And Entertainment; Retail; Transportation And Logistics; Healthcare; Other Verticals
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The Contactless Payment Global Market Report 2024 provides an overview of the contactless paymentmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The contactless payment market forecast analyzes contactless payment market size, contactless payment market share, leading competitor and their market positions.
The Table Of Content For The Contactless Payment Market Include
1. Contactless Payment Market Executive Summary
2. Contactless Payment Market Segments
3. Contactless Payment Market Size And Template Market Growth Rate
4. Key Contactless Payment Market Trends
5. Major Contactless Payment Market Drivers
……
25. Key Mergers And Acquisitions In The Contactless Payment Market
26. Top Contactless Payment Companies
27. Contactless Payment Market Opportunities And Strategies
28. Contactless Payment Market, Conclusions And Recommendations
29. Appendix
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