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As per the report published by Fior Markets, the global contactless payments market is expected to grow from USD 783.44 billion in 2021 and to reach USD 2575.55 billion by 2029, growing at a CAGR of 16.04% during the forecast period 2022-2029.
The contactless payments market is witnessing significant growth in the past years. This growth is attributed to merchants’ upgrade in the adoption of technology for small value transactions, the surge in demand for wearable & mobile payment devices, and the growing need from customers & merchants to decrease transaction & billing time. Further, the COVID-19 pandemic significantly affects the contactless payment market due to the increased use and adoption of online & digitalized payment procedures globally. Also, the retail sectors utilize contactless payments to protect premises & employees’ security and enforce them to pursue social distancing.
Contactless payment can also be described as a technique that does not need any physical contact between the POS & the consumer’s smartphone or credit card. There are several benefits of utilizing such a system as contactless payment. This system is highly suitable, easy to use, especially in comparison to traditional methods, and raises the overall efficiency in the payment process. Contactless payments incorporate QR (quick response) codes, RFID, NFC (near field communication), and mobile payments technology. The transactions occur across a specific radio frequency, initiating the communication between the smartphone or card and the reader. The contactless payment offers payment directly via one bank account to the other bank accounts like QR codes, digital wallets, etc.
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The global contactless payments market is expected to witness significant growth due to the growing adoption of digital payment platforms worldwide. Moreover, the different advantages, like enhanced service delivery & decrease in transaction time delivered via contactless payments, rising unification of contactless payments technologies in mobile & smartphones handsets, and an increase in the adoption of technology via wholesalers for small value transactions are anticipated to propel the market growth during the forecast period. Furthermore, increasing contactless technologies in multiple applications like ticketing, vending machines, toll booths, and power stations are expected to boost the market growth. The high price associated amidst the deployment of contactless payments technology is anticipated to hinder the market growth. The digital innovations & exceptional characteristics initiated in digital transaction platforms are expected to be opportunities for market growth. The safety issues while adopting payment procedures is the challenge for the market growth.
Key players operating in the global contactless payments market include Infineon, Gemalto, Wirecard, CPI Card Group, Verifone, IDEMIA, On Track Innovations, Bitel, PAX Global Technology, Setomatic Systems, Alcineo, Valitor, MYPINPAD, PayCore, SumUp, Castles, and among others. To gain a significant market share in the contactless payments market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. CPI Card Group, IDEMIA & Mobeewave, and Sisal Group & Wirecard Company are a vital manufacturer operating in the contactless payments market.
Payment terminal solution segment dominated the market and held the largest market share of 34.10% in the year 2021
On the basis of component, the global contactless payments market is segmented into transaction management, payment terminal solution, analytics, and hosted point-of-sales. Payment terminal solution segment dominated the market and held the largest market share of 34.10% in the year 2021. This growth is attributed to the rising implementation of point-of-sale (POS) terminals in the retail, hospitality, and banking industries.
Smartphones segment dominated the market and held the largest market share of 29.35% in the year 2021
On the basis of device type, the global contactless payments market is segmented into cards, POS, smartphones, NFC chips, and others. Smartphones segment dominated the market and held the largest market share of 29.35% in the year 2021. This growth is attributed to the innovation in wearables like payment rings & payment bands. Additionally, the increase in the adoption of wearable & smartphones gadgets among the youth of different countries is also helping the segment’s growth.
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Retail segment dominated the market and held the largest market share of 21.32% in the year 2021
On the basis of vertical, the global contactless payments market is segmented into retail, energy & utilities, government & defense, BFSI, manufacturing, healthcare, IT & telecom, and others. Retail segment dominated the market and held the largest market share of 21.32% in the year 2021. This growth is attributed to the rising preference for in-store experience, and the emergence of organized retail has raised the investment ability of the sector. Further, the retailers are adopting new technologies like cloud computing, digital stores, social networks, and big data analytics to improve their visibility & presence in the industry.
Regional Segment of Contactless Payments Market
On the basis of geography, the global Contactless Payments market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe region holds the largest market share of 33.19% in the year 2021. This growth is attributed to the high penetration of smartphones and enhancement in the technologies. Moreover, Euro Mastercard Visa (EMV) cards & near field communication (NFC) technology are growing. Furthermore, the upgrade in government industries for increasing the adoption of wearable & contactless payment in France, Germany, and the UK are also helping to encourage the region’s growth. The market in the Asia Pacific is expected to witness significant growth due to the increasing urbanization in countries like China & India.
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About the report:
The global contactless payments market is analysed on the basis of value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others.
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