The global contactless payment market size is expected to reach USD 164.15 billion by 2030, registering a CAGR of 19.1% during the forecast period, according to a new study conducted by Grand View Research, Inc. Growing adoption of new payment technologies, such as Host-based Card Emulation (HCE) and Near Field Communication (NFC) for the contactless payments, is anticipated to drive the market growth. Furthermore, a significant increase in digitalization and e-commerce platforms across the globe is boosting the growth of the contactless payment market.
Key Industry Insights & Findings from the report:
- The smartphone based payments segment is expected to witness rapid growth during the forecast period. Growing adoption of digital wallets for making contactless payments worldwide is expected to drive the growth of the segment.
- Retail segment dominated the market in 2021. Adoption of the new payment technologies by the retailers in order to increase revenue and reduce transaction time is expected to propel the growth of the segment.
- North America dominated the regional market in 2021. Growing demand for contactless payments across the region is expected to play an important role in driving the growth of the regional market.
Read 140-page market research report, “Contactless Payment Market Size, Share & Trends Analysis Report By Type (Smartphone Based Payments, Card Based Payments) By Application (Retail, Transportation, Healthcare, Hospitality), By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Contactless Payment Market Growth & Trends
Thales Group, in a survey, stated that by 2023, there would be more than 2.6 billion contactless payment cards in circulation, owing to the technology’s rapid adoption in the markets such as South Asia, the U.S., and Brazil. Contactless card transactions are rapidly increasing in early-adopter markets such as the U.K., Canada, Europe, and Australia. For instance, “tap and pay” now accounts for more than 40.0% share of all card transactions in the U.K.
An increasing number of companies in the North American region are focusing on innovative solutions for the e-wallet market. For instance, in January 2022, Rev USA, Inc., a Fintech company, announced the worldwide availability of The X World Wallet, an app-based wallet. The X World Wallet has the capability to easily load to the users existing bank accounts and can be linked to digital or physical Visa cards that can be easily added to the Google, Apple, and Samsung Pay wallets for tap-and-go convenience.
The COVID-19 outbreak played a vital role in driving the growth of the contactless payment market during the forecast period. Contactless payments are in demand among restaurants due to their greater convenience, ordering accuracy, and lack of human contact. Moreover, various digital wallet companies in Canada also experienced significant growth as consumers focused more on digital wallet solutions during COVID-19. For instance, Interac Debit for In-App and In-Browser Payments experienced double-digit growth in Canada since its launch in 2019.
Contactless Payment Market Segmentation
Grand View Research has segmented the global contactless payment market based on the type, application, and region
Type Outlook (Revenue, USD Million, 2017 – 2030)
- Smartphone Based Payments
- Card Based Payments
- Credit Cards
- Debit Cards
Application Outlook (Revenue, USD Million, 2017 – 2030)
- Consumer Electronics
- Fashion & Garments
Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
List of Key Players of Contactless Payment Market
- Visa Inc.
- Giesecke & Devrient GmbH
- Apple Inc.
- PayPal Holdings Inc.
- American Express Company
- Amazon.com, Inc.
- Pay U
Check out more related studies published by Grand View Research:
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- ATM Software Market – The global ATM software market size is anticipated to reach USD 7.50 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 4.5% from 2022 to 2030. The popularity of new ATM software technology in the banking & financial sector has been gaining momentum as the demand for cardless transaction through facial recognition, QR code, and UPI has risen tremendously over the years, acting as one of the key drivers of market growth.
- Outdoor Payment Terminal Market – The global outdoor payment terminal market size is expected to reach USD 2.9 billion by 2030, according to a new study conducted by Grand View Research, Inc. The market is expected to witness a CAGR of 8.7% from 2022 to 2030. Smartphone-based transactions are one type of payment method frequently used at the Outdoor Payment Terminal (OPT) at the global level. This is because of the rising consumer awareness about the security features such as facial recognition and biometric software offered by smartphone-based payments.
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