According to the latest report by IMARC Group, titled “Contactless Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global contactless payment market size reached US$ 10.50 Billion in 2020. Looking forward, IMARC Group expects the global market to grow at a CAGR of around 18% during 2021-2026.
Contactless payment refers to a secure method of paying for goods and services. The process makes use of smartphones, smart cards, wearables, and key fobs that can instantly complete a transaction with a wave or a tap. It consists of chips or antennas that are embedded in the device to facilitate contactless transactions at a point of sale (POS) terminal. Contactless payment is considered an efficient payment solution as it provides increased speed of transaction and enhanced security.
The global contactless payment market is primarily driven by the growing penetration of the internet, which is facilitating the adoption of digital payment platforms. This is further supported by the increasing demand for seamless payment processes in day-to-day life. Contactless payment offers various benefits such as ease of use, low deployment cost, and mobility. It helps reduce the time spent on queuing at various POS terminals and faster checkouts at banks. Besides this, contactless payment is gaining traction across merchant outlets selling low-value products, such as drinks and snacks. They also find applications in ticket and toll booths, fuel stations, and vending machines. Governments across the world are also providing incentives for developing smart solutions and networking infrastructures. Furthermore, the rising awareness regarding the various payment modes, shifting preference towards contactless technologies, and the need for safe and secure transactions are propelling the growth of the market.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Contactless Payment Market 2021-2026 Competitive Analysis and Segmentation:
The competitive landscape of the contactless payment market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the global contactless payment market on the basis of technology, device, solution, application and region.
Breakup by Technology:
Breakup by Device:
Breakup by Solution:
Breakup by Application:
Breakup by Region:
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Key highlights of the report:
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