The global contactless payment market was estimated to USD 7,150 million in 2018 and expected to grow at a considerable CAGR of 15.5% during the forecast period 2019-2025. Contactless payment services are being adopted rapidly in order to make the financial transaction easy and fast. Contactless payment has evolved with the emergence of digital payments over the last decades. Fintech sector is responsible for development in digital payment services. The sector is revolutionizing the payment services in the potential region of Asia-Pacific due to increasing demand for digital platforms for the financial sector. Contactless payments work on the RFID (Radio Frequency Identification) or NFC technology. Contactless payment is effectively adopted in sectors dealing with a huge number of financial transactions such as BFSI (Banking, Financial Services, and Insurance), supermarkets, shopping centers, transportation, and various other sectors. Additionally, with the ease of operation, consumers are inclined to contactless payment services. Government initiatives for the adoption of digital financial services in order to develop a digital economy and to curb unaccounted money is augmenting the value for global contactless payment market.

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Global contactless payment market is segmented on the basis of devices into smartphones, smart cards, PoS terminals, and others such as wearable devices. On the basis of end-user, the market is segmented into retail, telecommunication, BFSI, and others such as healthcare. The retail sector is estimated to increase the adoption of contactless payment services in order to reduce payment time for costumers and ease the process.

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Global Contactless Payment Market Segmentation

By Device

Smartphones

Smart cards

Point of Sale (PoS) Terminals

Others

By End-User

Retail

Telecommunication

BFSI

Others

Regional Analysis

North America

United States

Canada

Europe

UK

Germany

Italy

Spain

France

Rest of Europe

Asia-Pacific

China

India

Japan

Rest of Asia-Pacific

Rest of the World

Company Profiles

Advanced Card Systems Ltd.

Bank of America Corp.

Garmin Ltd.

Gemalto NV

Giesecke+Devrient GmbH

Glance Technologies Inc.

Heartland Payment Systems Inc.

IBM Corp.

Infineon Technologies AG

Ingenico Group SA

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