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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

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Global Contactless Payments Market Size, Share, Trends: By Device Type: Smartphones and Wearables, Smart Cards, Post Terminals; By Application: Food and Groceries, Pharmacy and Drug Stores, Restaurants and Bars, Consumer Electronics, Media and Entertainment, Others; Regional Analysis; Competitive Landscape; 2024-2032

Global Contactless Payments Market Outlook

The global contactless payments market attained a value of USD 2,430.45 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 20.1% to reach USD 12,633.98 billion by 2032.

Global Contactless Payments Market

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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.

Global Contactless Payments Market by Segment

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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.

Global Contactless Payments Market by Region

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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.

Key Highlights of the Report

REPORT FEATURES	DETAILS
Base Year	2023
Historical Period	2018-2023
Forecast Period	2024-2032
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 United States of America Canada Europe United Kingdom Germany France Italy Others Asia Pacific China Japan India ASEAN Australia Others Latin America Brazil Argentina Mexico Others Middle East and Africa Saudi Arabia United Arab Emirates Nigeria South Africa Others
Market Dynamics	SWOT Analysis Porter's Five Forces Analysis Key Indicators for Demand Key Indicators for Price
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. Others
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 (2018-2023)
   8.3   Global Contactless Payments Market Forecast (2024-2032)
   8.4   Global Contactless Payments Market by Device Type
       8.4.1   Smartphones and Wearables
           8.4.1.1 Historical Trend (2018-2023)
           8.4.1.2 Forecast Trend (2024-2032)
       8.4.2   Smart Cards
           8.4.2.1 Historical Trend (2018-2023)
           8.4.2.2 Forecast Trend (2024-2032)
       8.4.3   Post Terminals
           8.4.3.1 Historical Trend (2018-2023)
           8.4.3.2 Forecast Trend (2024-2032)
   8.5   Global Contactless Payments Market by Application
       8.5.1   Food and Groceries
           8.5.1.1 Historical Trend (2018-2023)
           8.5.1.2 Forecast Trend (2024-2032)
       8.5.2   Pharmacy and Drug Stores
           8.5.2.1 Historical Trend (2018-2023)
           8.5.2.2 Forecast Trend (2024-2032)
       8.5.3   Restaurants and Bars
           8.5.3.1 Historical Trend (2018-2023)
           8.5.3.2 Forecast Trend (2024-2032)
       8.5.4   Consumer Electronics
           8.5.4.1 Historical Trend (2018-2023)
           8.5.4.2 Forecast Trend (2024-2032)
       8.5.5   Media and Entertainment
           8.5.5.1 Historical Trend (2018-2023)
           8.5.5.2 Forecast Trend (2024-2032)
       8.5.6   Others
   8.6   Global Contactless Payments Market by Region
       8.6.1   North America
           8.6.1.1 Historical Trend (2018-2023)
           8.6.1.2 Forecast Trend (2024-2032)
       8.6.2   Europe
           8.6.2.1 Historical Trend (2018-2023)
           8.6.2.2 Forecast Trend (2024-2032)
       8.6.3   Asia Pacific
           8.6.3.1 Historical Trend (2018-2023)
           8.6.3.2 Forecast Trend (2024-2032)
       8.6.4   Latin America
           8.6.4.1 Historical Trend (2018-2023)
           8.6.4.2 Forecast Trend (2024-2032)
       8.6.5   Middle East and Africa
           8.6.5.1 Historical Trend (2018-2023)
           8.6.5.2 Forecast Trend (2024-2032)
9   North America Contactless Payments Market Analysis
   9.1   United States of America
       9.1.1 Historical Trend (2018-2023)
       9.1.2 Forecast Trend (2024-2032)
   9.2   Canada
       9.2.1 Historical Trend (2018-2023)
       9.2.2 Forecast Trend (2024-2032)
10   Europe Contactless Payments Market Analysis
   10.1   United Kingdom
       10.1.1 Historical Trend (2018-2023)
       10.1.2 Forecast Trend (2024-2032)
   10.2   Germany
       10.2.1 Historical Trend (2018-2023)
       10.2.2 Forecast Trend (2024-2032)
   10.3   France
       10.3.1 Historical Trend (2018-2023)
       10.3.2 Forecast Trend (2024-2032)
   10.4   Italy
       10.4.1 Historical Trend (2018-2023)
       10.4.2 Forecast Trend (2024-2032)
   10.5   Others
11   Asia Pacific Contactless Payments Market Analysis
   11.1   China
       11.1.1 Historical Trend (2018-2023)
       11.1.2 Forecast Trend (2024-2032)
   11.2   Japan
       11.2.1 Historical Trend (2018-2023)
       11.2.2 Forecast Trend (2024-2032)
   11.3   India
       11.3.1 Historical Trend (2018-2023)
       11.3.2 Forecast Trend (2024-2032)
   11.4   ASEAN
       11.4.1 Historical Trend (2018-2023)
       11.4.2 Forecast Trend (2024-2032)
   11.5   Australia
       11.5.1 Historical Trend (2018-2023)
       11.5.2 Forecast Trend (2024-2032)
   11.6   Others
12   Latin America Contactless Payments Market Analysis
   12.1   Brazil
       12.1.1 Historical Trend (2018-2023)
       12.1.2 Forecast Trend (2024-2032)
   12.2   Argentina
       12.2.1 Historical Trend (2018-2023)
       12.2.2 Forecast Trend (2024-2032)
   12.3   Mexico
       12.3.1 Historical Trend (2018-2023)
       12.3.2 Forecast Trend (2024-2032)
   12.4   Others
13   Middle East and Africa Contactless Payments Market Analysis
   13.1   Saudi Arabia
       13.1.1 Historical Trend (2018-2023)
       13.1.2 Forecast Trend (2024-2032)
   13.2   United Arab Emirates
       13.2.1 Historical Trend (2018-2023)
       13.2.2 Forecast Trend (2024-2032)
   13.3   Nigeria
       13.3.1 Historical Trend (2018-2023)
       13.3.2 Forecast Trend (2024-2032)
   13.4   South Africa
       13.4.1 Historical Trend (2018-2023)
       13.4.2 Forecast Trend (2024-2032)
   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 2032
2.   Global Contactless Payments Historical Market: Breakup by Device Type (USD Billion), 2018-2023
3.   Global Contactless Payments Market Forecast: Breakup by Device Type (USD Billion), 2024-2032
4.   Global Contactless Payments Historical Market: Breakup by Application Industry (USD Billion), 2018-2023
5.   Global Contactless Payments Market Forecast: Breakup by Application Industry (USD Billion), 2024-2032
6.   Global Contactless Payments Historical Market: Breakup by Region (USD Billion), 2018-2023
7.   Global Contactless Payments Market Forecast: Breakup by Region (USD Billion), 2024-2032
8.   North America Global Contactless Payments Historical Market: Breakup by Country (USD Billion), 2018-2023
9.   North America Global Contactless Payments Market Forecast: Breakup by Country (USD Billion), 2024-2032
10.   Europe Global Contactless Payments Historical Market: Breakup by Country (USD Billion), 2018-2023
11.   Europe Global Contactless Payments Market Forecast: Breakup by Country (USD Billion), 2024-2032
12.   Asia Pacific Global Contactless Payments Historical Market: Breakup by Country (USD Billion), 2018-2023
13.   Asia Pacific Global Contactless Payments Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.   Latin America Global Contactless Payments Historical Market: Breakup by Country (USD Billion), 2018-2023
15.   Latin America Global Contactless Payments Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.   Middle East and Africa Global Contactless Payments Historical Market: Breakup by Country (USD Billion), 2018-2023
17.   Middle East and Africa Global Contactless Payments Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.   Global Contactless Payments Market Structure

Key Questions Answered in the Report

What was the global contactless payments market size in 2023?

In 2023, the global contactless payments market attained a value of nearly USD 2,430.45 billion.

What is the growth rate of the market?

The market is projected to grow at a CAGR of 20.1% between 2024 and 2032.

What is the forecast outlook of the market for 2024-2032?

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 12,633.98 billion by 2032.

What are the major market drivers?

The major drivers of the market include the growing e-commerce sector, rising internet penetration, and favourable government initiatives aimed at promoting contactless payments.

What are the key trends of the market?

The key trends guiding the market include technological advancements and innovations and the rising use of contactless payments as a safe option as compared to payments by cards.

What are the major regional markets of contactless payments, according to the EMR report?

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the major device types considered in the market report?

Smartphones and wearables, smart cards, and post terminals are the major device types considered in the market report.

What are the leading applications of contactless payments?

The various applications of contactless payments are food and groceries, pharmacy and drug stores, restaurants and bars, consumer electronics, and media and entertainment, among others.

Who are the key contactless payments market players, according to the report?

The major players in the market 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 2,430.45 billion in 2023, 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 2024-2032, growing at a CAGR of 20.1%. The market is projected to reach USD 12,633.98 billion by 2032.

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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