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Contactless Payment Market Size & Share, By Type (Smartphone-Based Payments, Card Based Payments), Application (Retail, Transportation, Healthcare), Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Report ID: FBI 3713


Published Date: May-2024


Format : PDF, Excel

Market Outlook:

Contactless Payment Market size exceeded USD 13.25 Billion in 2023 and is likely to cross USD 25.83 Billion by end of the year 2032, witnessing more than 7.7% CAGR between 2024 and 2032.

Base Year Value (2023)

USD 13.25 Billion

19-23 x.x %
24-32 x.x %

CAGR (2024-2032)


19-23 x.x %
24-32 x.x %

Forecast Year Value (2032)

USD 25.83 Billion

19-23 x.x %
24-32 x.x %
Contactless Payment Market

Historical Data Period


Contactless Payment Market

Largest Region

North America

Contactless Payment Market

Forecast Period


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Market Dynamics:

Growth Drivers & Opportunity:

1. Increasing adoption of mobile payment solutions: One of the major growth drivers for the contactless payment market is the increasing adoption of mobile payment solutions. With the rise of smartphones and the growing trend of digital wallets, consumers are increasingly using their mobile devices to make contactless payments, driving the demand for contactless payment solutions.

2. Enhanced security features: The growing concerns regarding payment security have led to the development of more secure contactless payment solutions. The incorporation of advanced security features such as tokenization, encryption, and biometric authentication has increased consumer confidence in contactless payments, driving the market growth.

3. Growing acceptance in various industries: The contactless payment market is experiencing growth due to its increasing acceptance in various industries such as retail, healthcare, transportation, and hospitality. The convenience and speed of contactless payments have made them popular among businesses and consumers alike, driving the demand for contactless payment solutions.

4. Government initiatives and regulations: Government initiatives promoting cashless transactions and the implementation of regulations favoring contactless payments have also contributed to the growth of the market. Initiatives such as demonetization and the promotion of digital payments by governments have further accelerated the adoption of contactless payment solutions.

Report Scope

Report CoverageDetails
Segments CoveredType, Application
Regions Covered• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company ProfiledInsideSecure, Gemalto, Giesecke+Devrient, Ingenico, Oberthur Technologies S.A., On Track Innovations, PAX Technology,

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Industry Restraints:

1. Lack of infrastructure and awareness: One of the major restraints for the contactless payment market is the lack of infrastructure for contactless payments in certain regions. Additionally, there is a lack of awareness among consumers and businesses about the benefits and usage of contactless payment solutions, hindering market growth in some areas.

2. Security concerns: Despite advancements in security features, there are still concerns among consumers regarding the security of contactless payment transactions. The risk of unauthorized transactions and potential data breaches continues to be a restraint for the market, leading to hesitancy among some consumers to adopt contactless payment solutions.

3. Compatibility and standardization challenges: The contactless payment market faces challenges related to compatibility and standardization of contactless payment solutions across different devices and platforms. The lack of uniform standards for contactless payments can create complexities for businesses and consumers, hindering the widespread adoption of contactless payment solutions.

Regional Forecast:

Contactless Payment Market

Largest Region

North America

XX% CAGR through 2032

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North America:

The contactless payment market in North America, particularly in the U.S. and Canada, has witnessed significant growth in recent years. This can be attributed to the increasing adoption of contactless payment methods by businesses and consumers, as well as the availability of advanced payment infrastructure and technologies. The favorable regulatory environment and widespread acceptance of contactless payments in various sectors such as retail, transportation, and hospitality have also contributed to the market's growth in this region.

Asia Pacific:

In Asia Pacific, countries such as China, Japan, and South Korea have been at the forefront of contactless payment adoption. The region has seen rapid advancements in mobile payment technologies, with a large portion of the population using smartphones for everyday transactions. The growing preference for contactless payments due to their convenience and speed, coupled with the government's support for a cashless economy, has fueled the expansion of the contactless payment market in Asia Pacific.


In Europe, specifically in the United Kingdom, Germany, and France, contactless payment adoption has been widespread, with a high proportion of consumers using contactless cards and mobile wallets for their transactions. The well-established banking and financial services infrastructure, along with the proliferation of contactless-enabled POS terminals, has further accelerated the growth of the contactless payment market in the region. Moreover, the ongoing shift towards digital payments and the increasing emphasis on security and fraud prevention have bolstered the confidence of consumers and businesses in using contactless payment methods.

Report Coverage & Deliverables

Historical Statistics Growth Forecasts Latest Trends & Innovations Market Segmentation Regional Opportunities Competitive Landscape
Contactless Payment Market
Contactless Payment Market

Segmentation Analysis:


In terms of segmentation, the global contactless payment market is analyzed on the basis of Type, Application.

Contactless Payment Market Segment Analysis


The type segment in the contactless payment market refers to the different technologies and methods used for making contactless payments. This includes near field communication (NFC), radio frequency identification (RFID), and QR codes, among others. Each type offers its own unique advantages and limitations, catering to different consumer preferences and business requirements. Understanding the type segment is crucial for analyzing the growth and uptake of contactless payments across various industries and regions.


The application segment in the contactless payment market encompasses the various industries and use cases where contactless payments are being adopted. This includes retail, hospitality, healthcare, transportation, and entertainment, among others. Understanding the application segment is essential for identifying the trends and opportunities within specific verticals and for formulating targeted strategies for market penetration and expansion. The application segment also provides insights into the evolving consumer behavior and preferences in different sectors.

By delving deep into the type and application segments of the contactless payment market, businesses can gain a comprehensive understanding of the market dynamics, emerging trends, and growth opportunities. This analysis can help in formulating effective marketing, product development, and expansion strategies tailored to specific segments and consumer demands. Moreover, it can provide valuable insights for stakeholders, investors, and decision-makers to make informed choices and investments in the contactless payment market.

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Competitive Landscape:

The competitive landscape in the Contactless Payment Market is characterized by a growing number of companies vying for market share and dominance. With the adoption of contactless payment methods on the rise, companies are striving to develop innovative solutions and technologies to cater to the growing demand for convenient and secure payment options. The market is also witnessing an increase in partnerships and collaborations among key players to expand their reach and offer integrated solutions. In addition, there is a focus on enhancing user experience and customer engagement to stay ahead in the competitive landscape. Overall, the Contactless Payment Market is witnessing intense competition and rapid advancements in technology to meet the evolving needs of consumers.

Top Market Players:

1. Apple Inc.

2. Samsung Electronics Co. Ltd.

3. Visa Inc.

4. Mastercard Incorporated

5. American Express Company

6. PayPal Holdings, Inc.

7. Google LLC

8. Square, Inc.

9. Alibaba Group Holding Limited

10. Ant Group Co., Ltd.

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Contactless Payment Market Size & Share, By Type (...

RD Code : 24