The Contactless Payment Market has rapidly expanded, driven by the convenience of swift transactions without physical touch. This growth is propelled by advancements in mobile technology, increasing consumer preference for hygiene-conscious payment methods, and evolving global payment landscapes. However, adoption rates, security considerations, and regional differences continue to influence the trajectory of this dynamic market.

The report "Global Contactless Payment Market, by Type (Hardware (Smart-cards, Point of Sale Terminals, and Smart-Card Readers) and Software (Smartcard Reader Drivers, POS Software, Application Programming Interface, Software Development Kit (SDK), and Mobile Applications)), by Mode of Payment (Contactless Card (NFC/RFID), Wearable Device, and Contactless Mobile Payment), by End-Use Industry (Banking, Financial Services and Insurance (BFSI), Retail, Public Sector, Transportation and Logistics, Hospitality, and Media and Entertainment), and Region - Global Forecast to 2030"  

 

Key Highlights:

  • In May 2011, Advanced Card Systems Limited launched ACOS3 COMBI and ACOS3 microprocessor card (contactless).

 

Analyst View:

The contactless payment market has surged due to convenience, security, and mobile wallet adoption. Accelerated by the pandemic, it's driven by IoT innovations and wearables. Challenges include infrastructure gaps and security concerns. Future trends involve biometric authentication, omnichannel integration, IoT expansion, and potential blockchain integration, signaling ongoing growth and transformation in the market.

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Key Market Insights from the report:          

 

The global contactless payment market accounted for US$ 123.58 billion by 2030 and is projected to register a moderate CAGR of 24.0% over the forecast period. The market report has been segmented on the basis of type, mode of payment, end-use industry, and region.

 

  • By type, the smart-cards segment accounted for major revenue share in 2019. This is due to increasing incidence of forgery and duplication of identity owing to technological advancements in turns creating demand for smart cards.
  • By mode of payment, the global contactless payment market is segmented into contactless card (NFC/RFID), wearable device, and contactless mobile payment.
  • By end-use industry, the hospitality segment accounted for major revenue share in 2019. This is owing to contactless payment is convenience of doctors and patients and for making bother free payments.
  • By region, North America contactless paymentmarket accounted for major revenue share of the global contactless payment market and is further anticipated to maintain its dominance over the forecast period, owing to increasing information and communications technology integration across different verticals in the countries of the North America. The market in Europe contactless payment market is expected to account for second-highest revenue share in 2019.

 

The prominent player operating in the global contactless payment market includes Advanced Card Systems Limited, Chip & PIN Solutions Ltd, Placard Pty Ltd, Ingenico Inc., Gemalto N.V., VeriFone Systems, Inc., Heartland Payment Systems, Inc., On Track Innovations Ltd., Castles Technology Co., Ltd., and Bindo Labs, Inc.

 

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