The new report by Expert Market Research titled, ‘Global Contactless Payments Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global contactless payments market, assessing the market based on its segments like major device type, application, and regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 20.1 %
Asia Pacific is predicted to be a major regional market for contactless payments, as it is being pushed by expanding smartphone penetration and thriving e-commerce, which has resulted in higher acceptance of digital wallets. QR codes are becoming increasingly popular in Asia Pacific, which is fueling the region’s industry expansion. The COVID-19 epidemic has also benefited the Asia Pacific region’s contactless payments business. During the epidemic, online buying became required due to lockdowns and other limitations on physical establishments, fueling the expansion of the digital payment industry in the region. In Asia Pacific, India is leading the way in terms of digital payment usage. In India, the contactless payment business has been expanding rapidly, particularly since the demonetisation of a few bank notes in 2016. The market’s growth has been accelerated by the adoption of favourable government programmes and the development of the UPI system.
Contactless Payments Industry Definition and Major Segments
Payments that do not involve the usage of physical money are referred to as contactless payments. Customers can pay for goods and services using a debit card, credit card, or smart card, as well as mobile devices that use near-field communication (NFC) or radio frequency identification (RFID), such as chip cards or bank’s mobile apps, without having to enter a pin, swipe the card, or sign a transaction.
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Based on the major device types, the market can be broadly divided into:
- Smartphones and Wearables
- Smart Cards
- Post Terminals
The global contactless payments market can be broadly divided based on its applications into:
- Food and Groceries
- Pharmacy and Drug Stores
- Restaurants and Bars
- Consumer Electronics
- Media and Entertainment
On the Basis of region, the market can be divided into:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
Contactless Payments Market Trends
One of the primary factors driving market expansion is the increase in e-commerce sales around the world. People all across the world are making online payments with digital wallets and contactless cards. When opposed to card payment, contactless payment is regarded a safer alternative because hackers can steal information from magnetic stripes on the back of payment cards. Both the consumer and the retailer benefit from contactless payment since it reduces risk. As a result of these favourable aspects, the market is likely to develop in the approaching years. The market is also expected to benefit from the increasing use of smartphones and the internet, particularly in emerging markets. In the next years, the adoption of favourable government measures to aid the development of contactless payment platforms is likely to catalyse market growth.
Key Market Players
The major players in the market are Pax Technologies Pvt. Ltd., Proxama PLC, VeriFone Holdings, Inc., Wirecard AG, On Track Innovations Ltd., Ingenico Group S.A., and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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