August 11, 2022 16:10 ET | Source: Straits Research Straits Research

New York, United States, Aug. 11, 2022 (GLOBE NEWSWIRE) -- The contactless payment system is secured by numerous levels of security in coordination with Radio-frequency Identification (RFID) and Near Field Communication (NFC) technologies for making a secure payment. In addition, it permits tapping contactless cards or payment-enabled devices for administrative expenses. Moreover, contactless payments are employed in BFSI, retail, energy & utilities, and several other sectors due to benefits supplied by this technology, including reduced transaction time, greater convenience, and leveraging of customers' experience at POS terminal during the transaction.

The rise in smartphone adoption, enhanced convenience & reduced transaction time given by contactless payments, and rising demand for mobile & wearable payment devices boost the market growth. Moreover, the integration of IoT and contactless payments technology and an increase in acceptance in emerging economies will likely enhance the market growth in the following years.

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Surge in Demand for Mobile & Wearable Payment Devices Boost the Market Demand

The market is experiencing a constant increase in demand for mobile & wearable payments due to a significant shift in consumer payment preferences and behavior. Therefore, this mobile & wearable device usage surge encourages contactless payment methods. In addition, users are rapidly linking their bank accounts to mobile wallets and other devices, which drives the market need for contactless payments. Increased awareness of advanced payment devices and a surge in technology adoption also promote market expansion.

Emerging Economies Create New Growth Opportunities for the Global Contactless Payments Market

Developing economies have substantial potential for contactless solution providers to grow their products as consumers increasingly use contactless payment methods and merchants integrate advanced technology into their business operations. In addition, benefits associated with cashless technology, such as reduced tax evasion and enhanced monetary policy flexibility in payment systems, are anticipated to drive market expansion.

High expenditures in expanding and converting existing product lines, enhancing operations to meet client requests, and boosting the productivity of business operations are anticipated to be the primary factors driving market expansion. In addition, India, China, Australia, Singapore, and South Korea are becoming critical consumers of contactless payments systems. The rise in smartphone adoption in these economies is anticipated to offer lucrative market opportunities in the future.

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Europe is the highest revenue contributor and is estimated to grow at a CAGR of 19.3% during the forecast period. Companies in several European nations, including the United Kingdom, Germany, and France, use contactless payments technology to expedite business transactions between counterparts and improve operational efficiencies. In addition, the proliferation of new technologies such as machine learning and artificial intelligence is bringing about significant enhancements to the market for contactless payments, thereby assisting banks and financial institutions in streamlining their payment services. An increase in consumer demand for smartphones & wearables and smart cards is also anticipated to present a tremendous opportunity for the market in the following years.

Asia-Pacific is the second-largest region and is projected to reach USD 3,740 billion by 2030, growing at a CAGR of 22.3%. The Asia-Pacific market is analyzed across China, India, Japan, Australia, Singapore, and the Rest of Asia-Pacific. Asia-Pacific is regarded as a rising market and is anticipated to hold the largest market share in the years to come. China, India, and Singapore are the leading contributors to expanding the region's contactless payments sector. In addition, governments in Japan, Malaysia, and Indonesia are promoting contactless payments technology in the banking and financial sector.

North America is the third-largest region. The market is anticipated to expand due to technological advances and breakthroughs in contactless payment technologies. Additionally, using contactless payment solutions by banks and financial institutions is a factor in the market's expansion. In addition, several organizations have begun offering contactless payment solutions, which is anticipated to expand their existing product offerings. This is also expected to increase Point-of-Sale terminals across numerous end-use verticals. This is considered a primary growth driver for North American contactless payments.

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Global Contactless Payments Market: Segmentation

Table of Content and Figure @ https://straitsresearch.com/report/contactless-payment-market/toc

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