Contactless payment system is protected by multiple layers of security in coordination with Radio-frequency Identification (RFID) and Near Field Communication (NFC) technologies for making a secure payment. In addition, it enables tapping of contactless card or payment-enabled devices for executive payments. Moreover, contactless payments are used in BFSI, retails, energy & utilities, and number of other sectors due to benefits offered by this technology, including reduced transaction time, increased convenience, and leveraging customers experience at POS terminal during transaction.
Rise in smartphone penetration, increased convenience & reduced transaction time provided by contactless payments, and increased demand for mobile & wearable payment devices boost the market growth. However, difficulties in process of replacement of POS terminal, lack of consumer awareness, and security issues associated with technology hamper the market growth. Moreover, integration of IoT and contactless payments technology, and increase in adoption in emerging economies are expected to boost the market growth in the coming years.
The contactless payment industry is segmented on the basis of device type, application, and region. By device type, the market is divided into smartphones & wearables, smart cards and point-of-sale (POS) terminals. In terms of application, it is bifurcated into food & groceries, pharmacy & drug stores, restaurants & bars, consumer electronics, media & entertainment and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyses the profiles of key players operating in the market include Gemalto, Giesecke+Devrient, Ingenico, InsideSecure, Oberthur Technologies S.A., On Track Innovations, PAX Technology, Inc., Proxama Plc, Verifone, and Wirecard. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key benefits for stakeholders
- The study provides in-depth analysis of the global contactless payment market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the market size are provided in the report.
- Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global contactless payment market from 2020 to 2027 is provided to determine the market potential.
Key market segments
Key market segments
By Device Type
- Smartphones & Wearables
- Smart Cards
- Point-of-sale (POS) Terminals
By Application
- Food & Groceries
- Pharmacy & Drug Stores
- Restaurants & Bars
- Consumer Electronics
- Media & Entertainment
- Others
By Region
- North America
o U.S.
o Canada
- Europe
o UK
o Germany
o France
o Spain
o Russia
o Netherlands
o Rest of Europe
- Asia-Pacific
o China
o India
o Japan
o Australia
o Singapore
o Rest of Asia-Pacific
- LAMEA
o Latin America
o Middle East
o Africa
Key market players
- Gemalto
- Giesecke+Devrient
- Ingenico
- InsideSecure
- Oberthur Technologies S.A.
- On Track Innovations
- PAX Technology, Inc.
- Proxama Plc
- Verifone
- Wirecard