"Smart Strategies, Giving Speed to your Growth Trajectory"

Contactless Payments Market Size, Share & Industry Analysis, By Solution (Payment Terminal Solution, Device Management Solution, Contactless Mobile Payment Solution, Transaction & Data Management, Security and Fraud Management), By Industry (BFSI, Retail, Hospitality, Government, Others), By Payment Mode (Mobile Handsets, Smart Cards, Point of Sale Terminals, NFC Chips, Smart Watches, Others) Others and Regional Forecast, 2023-2030

Region : Global | Report ID: FBI102225 | Status : Ongoing

 

KEY MARKET INSIGHTS

Contactless payment is a digital payment method to purchase products or services using a debit, credit, QR (quick response), smartcards, digital wallets, or near-field communication (NFC). The contactless payments offer speedy transactions just by entering the unique PIN by users. Contactless payments are majorly used for transactions in BFSI, retail, IT & telecom, transportation, hospitality, government, and among others.


The contactless payment provides fast and instant money transactions. The smartcards or the NFC cards can be prepaid and can be redeemed while shopping. The contactless payment also offers payment directly through one bank account to the other such as digital wallets, QR code among others. With the rising payment options, the adoption of contactless payment is rising.


Key Market Driver -

• Increase in demand for smartphones and gadgets • Easy and instant payment from the bank account directly

Key Market Restraint -

• Security concerns associated with contactless payments


Regardless of whether it’s a ticket or a sports jersey or grocery shopping, the users are more inclined towards buying products instantly and effectively. As contactless payment offers quick approvals from banks, the money is transferred to the account instantly. During the emergency situations like x-rays, CT scans, accidental cases, or purchasing medicines, contactless payment can make a huge difference than the other time-consuming payment modes.


Key Players Covered:


Few of the key vendors in contactless payments market are MasterCard Inc., Visa Inc., Giesecke & Devrient GmbH, Google Inc., Apple Inc., Samsung Electronics Co. Ltd., Thales Group, PayPal Holdings Inc., Amazon.com Inc., among others. The retailers are applying various strategies to attract users and customers to enhance the adoption of contactless payments. The retailers such as Samsung Electronics Co. Ltd., Starbucks are offering cash backs, rewards, and discounts for paying through contactless payment gateways. Also, many networks providing companies are collaborating with different payment technology vendors.


Regional Analysis:


To gain extensive insights into the market, Request for Customization


North America is expected to cover the maximum share in the global contactless payment market. The adoption of the payment process through online debit or credit cards is more preferred in the U.S. APAC region is also witnessing the adoption of contactless payment at the point of sale. The increasing smartphone users and high penetration of internet networks are boosting the adoption of contactless payment in APAC. Europe has also gained traction in the contactless payment market. The majority of people in Europe region have a bank account; thus, people are adopting payment solutions offering direct transactions through bank accounts. The Middle East and Africa and Latin America regions are also adopting the contactless payments owing to various collaborations between the banks, network provider and contactless payment providers.


Segmentation


























 ATTRIBUTE


 DETAILS

By Solution




  • Payment Terminal Solution

  • Device Management Solution

  • Contactless Mobile Payment Solution

  • Transaction & Data Management

  • Security and Fraud Management



By Industry




  • BFSI

  • Retail

  • IT & Telecom

  • Transportation

  • Hospitality

  • Government

  • Others



By Payment Mode




  • Mobile Handsets

  • Smart Cards

  • Point of Sale Terminals

  • NFC Chips

  • Smart Watches

  • Others



By Geography




  • North America (U.S. and Canada)

  • Europe (UK, Germany, France, Scandinavia and Rest of Europe)

  • Asia Pacific (Japan, China, India and Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico and Rest of Latin America)



Key Industry Developments



  • January 2019: ICBC, bank in China announced the agreement with the Gemalto (Thales Group), to continue providing contactless cards owing to increasing demand for digital transactions. ICBC’s Thales Group (formerly Gemalto) dual interface card will offer users to pay by inserting or tapping the card at the point of sale.

  • May 2018: Wirecard, the leading specialist for digital financial technology, has joined forces with Garmin, the main GPS innovation organization, to offer completely advanced contactless instalments. In the coming weeks, all clients of Garmin Pay in Europe will profit by simple and secure versatile instalments by means of shelter at the purpose of offer.


  • Ongoing
  • 2022
  • 2019-2021

    CHOOSE LICENSE TYPE

  • $4850
    $5850
    $7850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Information & Technology Clients

Toshiba
Bain & Company
Fujitsu
Dell
Lg

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X