Save up to 30% on The Business Research Company’s comprehensive market research reports for a limited time only!

What is the Expected Growth Rate of the Contactless Payment Market from 2024 to 2033?

The contactless payment market has experienced remarkable growth recently, expected to expand from $47.87 billion in 2023 to $57.85 billion in 2024, at a CAGR of 20.9%. Key factors contributing to this growth include enhanced consumer convenience, regulatory initiatives, shifts in consumer behavior, effective marketing strategies, and integration with transit systems.

The contactless payment market is anticipated to see substantial growth, reaching $124.16 billion by 2028, with a CAGR of 21.0%. Factors contributing to this growth include the expansion of contactless infrastructure, rising demand for secure payments, increased consumer awareness, government support for cashless economies, and preferences for hygienic payment methods. Trends to watch include mobile wallet adoption, wearable payments, contactless card usage, biometric authentication, and QR code payment emergence.

Claim Your Free Sample of the Global Contactless Payment Market Report Today!

https://www.thebusinessresearchcompany.com/sample.aspx?id=15342&type=smp

What Key Factors Are Fueling the Growth of the Contactless Payment Market?

The increasing demand for mobile payment devices is likely to drive the growth of the contactless payment market. Mobile payment devices, such as smartphones and tablets, enable users to make transactions easily. The convenience and security offered by these devices, along with the rise of digital commerce, are driving demand. For example, Uswitch Limited reported in February 2024 that there were 71.8 million mobile connections in the UK, surpassing the population by 4.2 million. Therefore, the surge in mobile payment device demand is fueling the contactless payment market.

What Are the Major Segments of the Contactless Payment Market?

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

What New Trends Are Transforming the Contactless Payment Market?

Major companies in the contactless payments market are creating innovative products, like tokenizable payment wearables, to enhance consumer convenience and facilitate seamless transactions. These wearable devices generate one-time tokens for secure contactless payments, improving user privacy. For instance, in March 2024, IndusInd Bank Limited, an India-based financial services firm, launched Indus PayWear, the first tokenizable wearable device in India for contactless payments using debit and credit cards. This device allows users to tokenize their IndusInd Bank cards for quick and secure transactions at contactless payment terminals worldwide.

Order Now for Fast Delivery of Your Contactless Payment Market Report!

https://www.thebusinessresearchcompany.com/report/contactless-payment-global-market-report

Which Regions Are Driving Growth in the Contactless Payment Market?

North America was the largest region in the contactless payment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contactless payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Contactless Payment Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the contactless payment market, its market share, and analyzes key competitors along with 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

Discover Related Reports by The Business Research Company:

Contactless Biometrics Global Market Report 2024

https://www.thebusinessresearchcompany.com/report/contactless-biometrics-global-market-report

Contactless Biometrics Technology Global Market Report 2024

https://www.thebusinessresearchcompany.com/report/contactless-biometrics-technology-global-market-report

Payments Global Market Report 2024

https://www.thebusinessresearchcompany.com/report/payments-global-market-report

Learn More About The Business Research Company

The Business Research Company has published over 15000+ reports in 27 industries, spanning 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:

The Business Research Company: https://www.thebusinessresearchcompany.com/

Americas +1 3156230293

Asia +44 2071930708

Europe +44 2071930708

Email us at info@tbrc.info

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Found this article helpful? Share it on: