Global Contactless Payment Market was valued at USD 9.8 billion in 2019 which is expected to reach USD 18.85 billion by 2027 at a CAGR 11.9%.
Contactless payment method is important part of payments process in various industries. Many businesses are rapidly accepting contactless payments that are safe and highly convenient method. Basically contactless payment service is provided by banks. It is secure way of purchasing services or goods by using smart cards.
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Rise in adoption of new emergent system owing to technological advancements is the key driving factor which is expected to boost the global contactless payment market growth. For instance, in April 2020, Upgrade Inc., had launched first contactless and mobile payment versions of Upgrade card. It is available in digital form through Google pay and Apple pay. Furthermore, increase in penetration of smartphones will raise the need of contactless payment which is expected to propel the market growth. Moreover, increase in COVID 19 pandemic will have the positive impact on global contactless payment market growth. Due to increase in number of positive or confirmed cases of COVID 19 demand of contactless payment is increased. Contactless payments are helpful to protect consumers against COVID 19.
Market Restraints
However, safety and privacy concern is the challenging factor which is expected to hamper the global contactless payment market growth. Also, huge cost associated with deployment will affect the growth of global contactless payment industry.
Market Key Players
Various key players are discussed in this report such as Heartland Payment Systems, Inc, Verifone Systems, Inc, Oberthur Technologies SA, Wirecard AG, Inside Secure, Giesecke & Devrient GmbH, Proxama, PLC, Ingenico Group, and Gemalto N.V.
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Market Taxonomy
By Devices
• Smart Cards
• NFC Chips
• Point of Sale Terminals
• Mobile Handsets
• Others
By Component
• Services
o Professional Services
o Multi-Channel Payment Services
o Managed Services
• Solutions
o Device Management Solution
o Data Management Solutio
o Contactless Mobile Payment Solution
o Others
By Vertical
• Government
• IT and Telecommunication
• Healthcare
• BFSI
• Others
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
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