Contactless Payment Market Size, Share, Trends, Demand, Growth and Competitive Outlook

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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

"Contactless Payment Market - Overview, Size, Share, Industry Trends and Opportunities

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

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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.

**Segments**

- By Technology: Contactless Smart Cards, Contactless POS Terminals, NFC Chips, Mobile Devices
- By Payment Mode: Mobile Handsets, Contactless Card (Credit/Debit Card)
- By Industry: Retail, Healthcare, BFSI, Hospitality, Transportation

Amid the growing digitalization trend and the increasing adoption of cashless transactions, the global contactless payment market has been experiencing remarkable growth. One of the key segments within this market is based on technology, where various forms of technology have been utilized for enabling contactless payments. This includes contactless smart cards, contactless POS terminals, NFC chips, and mobile devices. The convenience and speed offered by such technologies have significantly contributed to their widespread acceptance.

Another crucial segment in the global contactless payment market is based on payment modes. Mobile handsets and contactless cards like credit/debit cards are the primary modes employed for contactless payments. With the advancement of mobile technology and the integration of contactless payment features into smartphones, the usage of mobile handsets for making contactless transactions is on the rise. Contactless cards have also gained popularity due to their ease of use and enhanced security features.

Furthermore, the industry segmentation of the global contactless payment market showcases its penetration across various sectors. The retail industry has witnessed substantial integration of contactless payment systems to streamline transactions and offer a seamless shopping experience to customers. Moreover, the healthcare sector has also embraced contactless payments for medical services and insurance claims, leading to operational efficiencies. The banking, financial services, and insurance (BFSI) sector have leveraged contactless payments to enhance customer convenience and security. Additionally, the hospitality and transportation industries have adopted contactless payment solutions to simplify booking processes and improve customer satisfaction.

**Market Players**

- Apple Inc.
- Google LLC
- Samsung Electronics Co., Ltd.
- Visa Inc.
- Mastercard
- American Express
- PayPal Holdings, Inc.
- Square, Inc.
- Ingenico Group
-The global contactless payment market is witnessing intense competition among key players striving to gain a competitive edge in this rapidly expanding sector. Apple Inc., Google LLC, and Samsung Electronics Co., Ltd. are some of the prominent names driving innovation and setting new standards in the contactless payment technology landscape. These companies have been at the forefront of developing advanced payment solutions that offer enhanced security, convenience, and efficiency to users worldwide.

Visa Inc., Mastercard, and American Express are major players in the financial services industry, providing robust contactless payment infrastructure and solutions to facilitate seamless transactions for consumers and businesses alike. Their global presence and established networks have played a pivotal role in promoting the adoption of contactless payment methods across various regions.

PayPal Holdings, Inc. and Square, Inc. have revolutionized online and mobile payments, offering users a secure and convenient way to make transactions without the need for physical cash or cards. These companies have expanded their services to encompass contactless payment capabilities, catering to the evolving needs of digital consumers and businesses.

Ingenico Group is a key player specializing in payment terminals and solutions, enabling merchants to accept a wide range of payment methods, including contactless transactions. The company's innovative technologies have been instrumental in driving the growth of contactless payments in the retail and hospitality sectors, where speed and efficiency are paramount.

As the contactless payment market continues to evolve, new players are entering the fray, bringing fresh perspectives and disruptive technologies to the table. These emerging players are focused on developing cutting-edge solutions that enhance the overall user experience, promote financial inclusion, and drive the widespread adoption of contactless payment methods across diverse industries.

Overall, the global contactless payment market is poised for significant growth in the coming years, driven by factors such as changing consumer preferences, technological advancements, and the increasing emphasis on digital transformation. Key players in the market are continuously innovating and collaborating to create a more seamless and secure payment ecosystem that caters to the evolving needs of businesses and consumers in an**Global Contactless Payment Market**

- **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

The global contactless payment market is witnessing significant growth and innovation across various technological segments. Radio Frequency Identification (RFID), Near Field Communication (NFC), and Host Card Emulation (HCE) are driving the evolution of contactless payment systems. RFID technology enables seamless transactions by allowing communication between contactless cards or devices and readers. NFC technology, commonly found in smartphones and POS terminals, facilitates secure data transfer

Countries Studied:

North America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
Middle-East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Key Coverage in the Contactless Payment Market Report:

Detailed analysis of Contactless Payment Market by a thorough assessment of the technology, product type, application, and other key segments of the report
Qualitative and quantitative analysis of the market along with CAGR calculation for the forecast period
Investigative study of the market dynamics including drivers, opportunities, restraints, and limitations that can influence the market growth
Comprehensive analysis of the regions of the Contactless Payment industry and their futuristic growth outlook
Competitive landscape benchmarking with key coverage of company profiles, product portfolio, and business expansion strategies

TABLE OF CONTENTS

Part 01: Executive Summary

Part 02: Scope of the Report

Part 03: Research Methodology

Part 04: Market Landscape

Part 05: Pipeline Analysis

Part 06: Market Sizing

Part 07: Five Forces Analysis

Part 08: Market Segmentation

Part 09: Customer Landscape

Part 10: Regional Landscape

Part 11: Decision Framework

Part 12: Drivers and Challenges

Part 13: Market Trends

Part 14: Vendor Landscape

Part 15: Vendor Analysis

Part 16: Appendix

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