Global Contactless Payment Market to Grow at a CAGR of 20.1% in the Forecast Period of 2024-2032, Aided by the Increase in E-Commerce Sites

The global contactless payment market is dominated by the Asia Pacific region, owing to the increasing penetration of smartphones into the economy, flourishing e-commerce websites, and the rising use of digital wallets. People are increasingly opting for digital wallets and contactless cards globally. Contactless payments promote digital literacy in the world. It makes the transaction quick and adds convenience as contactless payment is not just restricted to cards but also includes smartphones. It is considered a safer option when compared to cash payments. It is beneficial for buyers and sellers as one can roam hassle-free without cash and generate business efficiency as less workforce is required. It reduces businesses' time on operating card machines or counting money. Providing contactless options does not require any extra charge or processing fees.

The government is also promoting contactless payments as it is easy to track the expenses, confronts the inflow of fake currency into the economy, and reduces the cost of printing notes and maintaining the money supply. Service providers offer loyalty points and discounts to their regular users; some banks also offer cashback and incentives when using the contactless payment feature. The COVID-19 pandemic has also positively impacted the contactless payment market. Lockdowns and restrictions have made shopping through e-commerce more popular. Many small and medium businesses have survived the pandemic due to e-commerce. It has encouraged everyone from large organisations to small vendors to adopt contactless payments. The preference for digital payments is likely to be high even after the COVID-19 pandemic.

The intense competition among the key players is a key element responsible for the rise of the global industry. In June 2021, Pax Technologies (OTCMKTS: PXGYF), the world's prime contactless payment provider, and OIYAA, a new generation circular loyalty platform that rewards local people for supporting local businesses, are collaborating to offer retail merchants the capacity to efficient ordering, payment, and loyalty processes. It allows consumers to save money while supporting local businesses. Such developments are expected to augment the demand for contactless payments in the coming years.

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Market Analysis by Device Type, Application, and Regions:

• The industry can be divided into smartphones and wearables, smart cards, and post terminals based on types of devices.
• It finds wide applications in food and groceries, pharmacy and drug stores, restaurants and bars, consumer electronics, media, and entertainment, amongst others.
• The regional markets for contactless payment market include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The adoption of e-commerce is the primary factor driving the growth of the contactless payment market.
• The penetration of smartphones and technological advancement has accelerated the market's growth.
• Factors like easy to use, safer options, and no extra charge, among others, have further propelled the demand for contactless payments.
• Governments are encouraging contactless cards, and digital wallets boosted the demand for contactless payments.

Key Offerings of the Report:

• The EMR report gives an overview of the global contactless payment industry [AN3] for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for the device type, applications, and major regions of contactless payments.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global contactless payment industry are Pax Technologies Pvt. Ltd., VeriFone Holdings, Inc., Wirecard AG, On Track Innovations Ltd., Ingenico Group S.A., and Proxama PLC. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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