Farmington, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The Global Contactless Payment Market Size Was Valued At $1,168 Billion In 2022, And Is Projected To Reach $5,424 Billion By 2030, Growing at a CAGR Of 20.6% From 2023 To 2030. Contactless payment is a way to pay that doesn't require people to touch each other to share digital information. It uses credit cards, debit cards, smart cards, key fobs, and apps for smartphones that let you pay online. Radio-frequency identification (RFID) or near field communication (NFC) is used with an integrated circuit (IC) chip and antenna to make secure payments. They are faster, safer, and easier to use than other payment methods that require contact. They also help to improve the overall customer experience. Because of this, they are used in many different fields, like retail, healthcare, energy, hospitality, transportation, banking, financial services, and insurance.
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Recent Developments:
- Apple empowers businesses to accept contactless payments through Tap to Pay on iPhone
February 8, 2022 - Apple today announced plans to introduce Tap to Pay on iPhone. The new capability will empower millions of merchants across the US, from small businesses to large retailers, to use their iPhone to seamlessly and securely accept Apple Pay, contactless credit and debit cards, and other digital wallets through a simple tap to their iPhone.
- Amazon One: The Future Of Contactless Payments
In the fall of 2021, Amazon partnered with Affirm to be its exclusive BNPL provider in the U.S. through January of 2023, while Amazon also announced it will accept Venmo as a payment method.
Segment Analysis:
Type Insights
In 2021, smartphone-based payments were the market leader and made up more than 50% of the world's revenue. The growing number of young people around the world who use their smartphones to pay for things is expected to open up growth opportunities for the segment. Using digital wallets to make payments without touching a card reader on a smartphone has made people more likely to use their phones for everyday tasks and activities. In the U.S., for example, the number of people with smartphones reached 85.0% in February 2021. Also, innovations in wearables, like payment bands and payment rings that let you pay without touching anything, are likely to help the segment grow.
Application Insights
In 2021, the retail segment led the market and made up more than 59.0% of the world's revenue. The rise of "tap-and-go" transactions around the world is a big reason for the growth of this segment. Many new technologies, like social networks, cloud computing, and digital stores, are being used by retailers to increase their presence in the market. Also, retailers know that contactless payments have benefits like shorter transaction times, more money coming in, and better operational efficiency. For example, 74.0% of retailers around the world plan to keep using contactless payments after the pandemic, according to a global MasterCard study of 2020.
Regional Outlook:
North America was the biggest market for contactless payments in 2021, bringing in more than 30% of the world's income. A lot of money is spent in North America on developing advanced technologies for contactless payments, such as NFCs and RFIDs. Also, a growing preference for digitization, the Internet of Things (IoT), and big data is likely to drive demand for advanced hardware and software solutions from contactless payment solution providers in the region, which is good for the growth of the regional market. At the same time, Canadians are focusing on using digital wallets, which let them load their debit card information onto their mobile wallet and pay in a few simple steps.
During the time frame of the forecast, Asia-Pacific is likely to grow the fastest. A lot of big names in mobile wallets, like Alipay, Paytm, Phone Pe, and Google Pay, show that the market for contactless payments in Asia and the Pacific has a lot of potential.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 20.6% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 5,424 Billion |
| By Device Type | Smartphones & Wearables, Smart Cards, Point-of-sale (POS) Terminals, Others |
| By Application | Food & Groceries, Pharmacy & Drug Stores, Restaurants & Bars, Consumer Electronics, Media & Entertainment, Others |
| By Companies | Thales, Visa Inc., Giesecke & Devrient GmbH, MasterCard, Apple Inc., PayPal Holdings Inc., American Express Company, com, Inc., com., PayU |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Enhance purchase experience is boosting the market growth
One of the main complaints about EMV chip technology is that transactions take longer than they used to. Contactless payments get rid of friction and make it easier for customers to buy things. Whether or not a shorter transaction time has positive effects depends on how many transactions are done during peak hours. If the line is shorter, it means that more people have been helped. Contactless payment technologies like NFC, HCE, and RFID speed up transactions with touch-and-go payments. This means more customers can be served during peak hours in the retail, BFSI, hospitality, and transportation industries, which cuts down on lines. More throughput will directly lead to more money coming in.
Rising demand for mobile and wearable payment devices proves to provide opportunities for market growth
Smart chips built into NFC-enabled mobile phones make it possible to store payment apps and account information safely on the phone. This information can be used easily as online payment cards. There are many different kinds of embedded smart chips, like Subscriber Identification Module (SIM) cards, secure elements built into the phone, and Secure Digital (SD) memory cards. NFC chips in mobile devices can work as both a card and a reader. This makes it easy for consumer devices to share information safely and make quick, secure payments. The contactless payment market is expected to grow a lot in the next 10 years, especially in the Middle East, Africa, and Asia-Pacific (MEA and APAC). This is because HCE technology is being made available for mobile phones.
Key Segments Covered:
Top Market Players:
Thales, Visa Inc., Giesecke & Devrient GmbH, MasterCard, Apple Inc., PayPal Holdings Inc., American Express Company, com, Inc., com., PayU, and others.
By Device Type
- Smartphones & Wearables
- Smart Cards
- Point-of-sale (POS) Terminals
- Other
By Application
- Food & Groceries
- Pharmacy & Drug Stores
- Restaurants & Bars
- Consumer Electronics
- Media & Entertainment
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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