Contactless Payment Market Current and Future Growth by Forecast to 2025

Market Highlights

Global Contactless Payment Market is expected to register a CAGR of 11.2% during the review period, 2019–2025.

Contactless payment is a secure payment method using a debit, credit, or other smartcards by using RFID technology or near-field communication. To use the system, a consumer taps the payment card near a point-of-sale terminal equipped with the technology.

Major factors driving the growth of the market are the demand for faster and convenient payment modes. However, the lack of awareness about contactless payment offerings, and the lack of adequate infrastructure are hindering the market growth.

The global Contactless Payment market is dominated by a few major players; however, new players are expected to enter the market due to new revenue opportunities in regions such as Asia-Pacific, the Middle East & Africa, and South America. The entry of new players is expected to increase the competition in the market.

Segmentation:

The Global Contactless Payment Market Trends have been segmented based on Component, Deployment Mode, Organization Size, Vertical, and Region.

By Technology, the market has been segmented into radio frequency identification, near field communication, and host card emulation. According to MRFR analysis, the radio frequency identification segment is expected to have the largest market share and register the highest CAGR during the forecast period.

By component, the market has been segmented into hardware, solution, and service. The hardware segment has been further segmented into point of sale, cards, and others. The service segment has been further segmented into consulting, integration and deployment, and support and maintenance. According to MRFR analysis, in the hardware sub-segment, point of sale is expected to hold the largest market share and register the highest CAGR during the forecast period.

By payment mode, the market has been segmented into smartphones, smartcards, and others. The smartcards segment is expected to have the largest market share, whereas the smartphone segment is expected to register the highest CAGR during the forecast period.

By vertical, the market has been divided into BFSI, hospitality & travel, media & entertainment, retail, transportation & logistics, healthcare, and others. According to MRFR analysis, the BFSI segment is expected to have the largest market share, whereas the retail segment is expected to register the highest CAGR during the forecast period.

Regional Analysis

Geographically, the global Contactless Payment market has been categorized as North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Europe is expected to dominate the market with the largest share during the forecast period owing to the presence of key market players such as Wirecard, Ingenico, and Valitor. The Asia-Pacific region is expected to advance at the highest CAGR during the forecast period due to the growing utilization of electronic payment technologies.

Key Players

The Global Contactless Payment Market is characterized by the presence of several regional and local providers. Some of the key players in the market are Wirecard AG (Germany), Ingenico. (France), Giesecke+Devrient (India), Identiv (US), Valitor (Iceland), Mypinpad (London), Idemia (France), Gemalto NV (Netherlands), Infineon Technologies (Germany), Idemia (France), Verifone Holdings, Inc (US), CPI Card Group (US), On Track Innovations (Israel), Paycore (Turkey), and Alcenio (France).

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