Contactless Payment Market: Security And Fraud Management Segment Is Anticipated To Register The Fastest CAGR
Contactless Payment Industry
The global contactless payment market size was valued at USD 1.34 trillion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 20.3% from 2021 to 2028. The growth can be attributed to the increasing adoption of digital payment platforms across the globe. Nowadays, customers are focusing on making seamless payments for many of their daily transactions. Moreover, increasing expectations for secure and integrated ways to pay for any service or product are expected to drive market growth. The growing convenience of the low-value payment offered by contactless payment solutions is anticipated to propel market growth. Cardholders are encouraged to use these solutions by advertising campaigns that highlight the convenience and speed of contactless payment. These solutions are widely deployed by merchant outlets that sell low‑value products such as snacks and drinks. Moreover, card issuers are increasingly adding contactless functionality to their payment cards.
Gather more insights about the market drivers, restrains and growth of the Global Contactless Payment market
The continuous innovation in products and services and development in payment security technologies are strengthening the market growth. Moreover, contactless payments enable money transactions to be carried out between a point-of-sale terminal and a consumer’s payment device. The paradigm shift in payment awareness and preferences among customers is expected to fuel the market growth over the forecast period. Furthermore, growing contactless technologies in numerous applications, such as ticketing, toll booths, fuel stations, and vending machines, are expected to boost market growth.
Increasing demand from merchants and consumers to reduce billing and transaction time will propel market growth. The safety and security of money transactions is the primary concern of merchants and consumers. Various factors, such as rising government initiatives and ongoing advancements in networking infrastructure for the development of smart solutions, are expected to fuel the market growth. Several government administrations across the globe are encouraging their merchants to implement advanced payment solutions.
The outbreak of COVID-19 is expected to have a positive impact on the market. The COVID-19 pandemic has significantly impacted the market owing to the increase in adoption and use of digitalized and online payment methods across the globe. Furthermore, to curb the spread of the virus, numerous governments have imposed lockdown, which has resulted in lowered usage of cash. However, the rise of cyber-attack and lack of infrastructure in developing economies are expected to hamper the market growth.
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Contactless Payment Market Segmentation
Grand View Research has segmented the global contactless payment market based on device, solution, application, and region:
Contactless Payment Device Outlook (Transaction value, USD Billion, 2016 - 2028)
- Smartphones and Wearables
- Point-of-Sales Terminals
- Smart Cards
Contactless Payment Solution Outlook (Transaction value, USD Billion, 2016 - 2028)
- Payment Terminal Solution
- Transaction Management
- Security and Fraud Management
- Hosted Point-of-Sales
- Analytics
Contactless Payment Application Outlook (Transaction value, USD Billion, 2016 - 2028)
- Retail
- Transportation
- Healthcare
- Hospitality
- Government
Contactless Payment Regional Outlook (Transaction value, USD Billion, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global Contactless Payment market include
- Gemalto N.V.
- Visa Inc.
- Giesecke & Devrient GmbH
- Heartland Payment Systems
- Verifone Systems Inc.
- Ingenico Group SA
- On Track Innovations (OTI) Ltd
- IDEMIA
- Thales Group
- Wirecard AG
Order a free sample PDF of the Contactless Payment Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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