The contactless payment global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Contactless Payment Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The contactless payment market size has grown exponentially in recent years. It will grow from $47.87 billion in 2023 to $57.85 billion in 2024 at a compound annual growth rate (CAGR) of 20.9%. The growth in the historic period can be attributed to consumer convenience, regulatory initiatives, shift in consumer behavior, marketing and promotions, and integration with transit systems.
The contactless payment market size is expected to see exponential growth in the next few years. It will grow to $124.16 billion in 2028 at a compound annual growth rate (CAGR) of 21.0%. The growth in the forecast period can be attributed to the expansion of contactless payment infrastructure, rising demand for frictionless and secure payment, increasing consumer awareness, government initiatives promoting cashless economies, and growing preference for convenient and hygienic payment methods. Major trends in the forecast period include a surge in mobile wallet adoption, expansion of wearable payments, the rise of contactless cards, integration of biometric authentication, and the emergence of QR code payments.
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Scope Of Contactless Payment Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Contactless Payment Market Overview
Market Drivers –
Major Driver Impacting Market Growth
Market Trends –
Major companies operating in the contactless payments market are developing innovative products, such as tokenizable payment wearables, to enhance convenience and promote seamless transactions for consumers. Tokenizable wearable devices enable secure and convenient contactless payments by generating one-time tokens for transactions, enhancing user privacy and security. For instance, in March 2024, IndusInd Bank Limited, an India-based financial services provider, launched Indus PayWear, the first all-in-one tokenizable wearable device for contactless payments using both debit and credit cards in India. It transforms the payment process by enabling users to seamlessly tokenize their IndusInd Bank cards onto a chip-enabled wearable device, facilitating swift and secure tap-and-pay transactions at contactless point-of-sale terminals worldwide, and eliminating the necessity for physical cards or payment apps.
The contactless payment market covered in this report is segmented –
1) By Component: Hardware, Solution, Service
2) By Technology: Near Field Communication (NFC), Radio Frequency Identification (RFID), Infrared (IR), Other Technologies
3) By Payment Mode: Smartphone, Smartcard, Other Payment Modes
4) By Vertical: Banking, Financial Services And Insurance (BFSI), Hospitality And Travel, Media And Entertainment, Retail, Transportation And Logistics, Healthcare, Other Verticals
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Regional Insights –
North America was the largest region in the contactless payment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contactless payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the contactless payment market are Apple Inc., American Express Company, Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, Fiserv Inc., Square Inc., Stripe Inc., Intuit Inc., Adyen N.V., Global Payments Inc., Shopify Inc., Worldline, Klarna Bank AB, Ingenico Group, SumUp Inc., Verifone Inc., PayU, First Data Corporation, UnionPay International Co. Ltd., Wirecard AG
Table of Contents
1. Executive Summary
2. Contactless Payment Market Characteristics
3. Contactless Payment Market Trends And Strategies
4. Contactless Payment Market – Macro Economic Scenario
5. Global Contactless Payment Market Size and Growth
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32. Global Contactless Payment Market Competitive Benchmarking
33. Global Contactless Payment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Contactless Payment Market
35. Contactless Payment Market Future Outlook and Potential Analysis
36. Appendix
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