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Global Contactless Payments Market: By Device Type: Smartphones and Wearables, Smart Cards, Post Terminals; By Application: Food and Groceries, Pharmacy and Drug Stores, Others; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: Swot Analysis; Competitive Landscape; Industry Events and Developments
Global Contactless Payments Market Outlook
The global contactless payments market attained a value of USD 1403 billion in 2020. The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 20.1% to reach USD 4210 billion by 2026.
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The Asia Pacific is Expected to be a Significant Regional Market for Contactless Payment
The Asia Pacific is expected to be a major regional market for contactless payments in the coming years and is projected to witness a robust growth over the forecast period. The market in the region is being driven by the rising penetration of smartphones and flourishing e-commerce, leading to an increased adoption of digital wallets. QR codes are gaining increasing popularity in the Asia Pacific, which is further propelling the growth of the market in the region. The COVID-19 pandemic has also positively affected the contactless payments industry in the Asia Pacific region. Online shopping became necessary during lockdowns and various restrictions on physical stores amidst the pandemic, further fuelling the growth of the digital payment industry in the region.
Within the Asia Pacific, India is witnessing a strong growth in terms of the adoption of digital payments. The contactless payment market has been witnessing robust growth in India, especially since the demonetisation of a few currency notes, which happened in 2016. The introduction of favourable government initiatives and the development of the UPI system has further propelled the growth of the market.
Contactless Payments: Market Segmentation
Contactless payments refer to the mode of payment that does not require the use of physical money. It allows the customers to pay for goods and services through debit card, credit card, and smart cards, amongst others, including mobile devices that use near frequency communication (NFC) or radio frequency identification (RFID), such as chip cards or bank’s mobile apps, without the need to enter the pin or swipe the card or sign the transaction.
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The major devices types using contactless payments are:
- Smartphones and Wearables
- Smart Cards
- Post Terminals
The market can be broadly categorised on the basis of its applications into:
- Food and Groceries
- Pharmacy and Drug Stores
- Restaurants and Bars
- Consumer Electronics
- Media and Entertainment
- Others
The EMR report looks into the regional markets of contactless payment like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rise in the E-Commerce Industry is Driving the Market Growth of Contactless Payment
The increase in e-commerce sales worldwide is one of the main factors boosting the market growth. People across the world are using digital wallets and contactless cards for making online payments. Contactless payment is considered a safer option when compared to payment by cards as fraudsters can steal the information from magnetic stripes on the back of payment cards. Contactless payment cuts down the risk for both the consumer and the merchant . Thus, these favourable factors are expected to support the growth of the market in the coming years. The market is further anticipated to be aided by the growing penetration of smartphones and the internet, especially in emerging economies. The introduction of favourable government initiatives aiding the development and expansion of contactless payment platforms is also expected to catalyse the market growth in the coming years.
Key Industry Players in the Global Contactless Payments Market
The report presents a detailed analysis of the following key players in the global contactless payments market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Pax Technologies Pvt. Ltd.
- Proxama PLC
- VeriFone Holdings, Inc.
- Wirecard AG
- On Track Innovations Ltd.
- Ingenico Group S.A.
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Device Type, Application, Region |
| Breakup by Device Type | Smartphones and Wearables, Smart Cards, Post Terminals |
| Breakup by Application | Food and Groceries, Pharmacy and Drug Stores, Restaurants and Bars, Consumer Electronics, Media and Entertainment, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Pax Technologies Pvt. Ltd., Proxama PLC, VeriFone Holdings, Inc., Wirecard AG, On Track Innovations Ltd., Ingenico Group S.A. |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Contactless Payments Market Analysis
8.1 Key Industry Highlights
8.2 Global Contactless Payments Historical Market (2018-2022)
8.3 Global Contactless Payments Market Forecast (2023-2028)
8.4 Global Contactless Payments Market by Device Type
8.4.1 Smartphones and Wearables
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Smart Cards
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Post Terminals
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.5 Global Contactless Payments Market by Application
8.5.1 Food and Groceries
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Pharmacy and Drug Stores
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Restaurants and Bars
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Consumer Electronics
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2022)
8.5.4.3 Forecast Trend (2023-2028)
8.5.5 Media and Entertainment
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2018-2022)
8.5.5.3 Forecast Trend (2023-2028)
8.5.6 Others
8.6 Global Contactless Payments Market by Region
8.6.1 North America
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Europe
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Asia Pacific
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Latin America
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Middle East and Africa
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2022)
8.6.5.3 Forecast Trend (2023-2028)
9 North America Contactless Payments Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Contactless Payments Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Contactless Payments Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Contactless Payments Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Contactless Payments Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Pax Technologies Pvt. Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Proxama PLC
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 VeriFone Holdings, Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Wirecard AG
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 On Track Innovations Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Ingenico Group S.A.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Contactless Payments Market: Key Industry Highlights, 2018 and 2028
2. Global Contactless Payments Historical Market: Breakup by Device Type (USD Billion), 2018-2022
3. Global Contactless Payments Market Forecast: Breakup by Device Type (USD Billion), 2023-2028
4. Global Contactless Payments Historical Market: Breakup by Application Industry (USD Billion), 2018-2022
5. Global Contactless Payments Market Forecast: Breakup by Application Industry (USD Billion), 2023-2028
6. Global Contactless Payments Historical Market: Breakup by Region (USD Billion), 2018-2022
7. Global Contactless Payments Market Forecast: Breakup by Region (USD Billion), 2023-2028
8. North America Global Contactless Payments Historical Market: Breakup by Country (USD Billion), 2018-2022
9. North America Global Contactless Payments Market Forecast: Breakup by Country (USD Billion), 2023-2028
10. Europe Global Contactless Payments Historical Market: Breakup by Country (USD Billion), 2018-2022
11. Europe Global Contactless Payments Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Asia Pacific Global Contactless Payments Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Asia Pacific Global Contactless Payments Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Latin America Global Contactless Payments Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Latin America Global Contactless Payments Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Middle East and Africa Global Contactless Payments Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Middle East and Africa Global Contactless Payments Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Global Contactless Payments Market Structure
Key Questions Answered in the Report
In 2020, the global contactless payments market attained a value of nearly USD 1403 billion.
The market is projected to grow at a CAGR of 20.1% between 2021 and 2026.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 4210 billion by 2026.
The rising e-commerce industry, rising internet penetrations, and favourable government initiatives are the major drivers aiding the growth of the contactless payment industry.
The rising technological advancements in the industry and its downstream sectors is expected to be the key trend guiding the growth of the market.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Smartphones and wearables, smart cards, and post terminals are the major device types using contactless payments in the industry.
The leading applications of contactless payments are food and groceries, pharmacy and drug stores, restaurants and bars, consumer electronics and media and entertainment, amongst others.
The major players in the industry are Pax Technologies Pvt. Ltd., Proxama PLC, VeriFone Holdings, Inc., Wirecard AG, On Track Innovations Ltd. and Ingenico Group S.A., among others.
Analyst Review
The global contactless payments market attained a value of USD 1403 billion in 2020, driven by the implementation of favourable governmental initiatives. Aided by the growing technological advancements, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 20.1%. The market is projected to reach USD 4210 billion by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on device types, the industry can be segmented into smartphones and wearables, smart cards and post terminals, among others. On the basis of application, the market is segmented into food and groceries, pharmacy and drug stores, restaurants and bars, consumer electronics and media and entertainment, amongst others. The major regional markets for contactless payments are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Pax Technologies Pvt. Ltd., Proxama PLC, VeriFone Holdings, Inc., Wirecard AG, On Track Innovations Ltd. and Ingenico Group S.A., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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