Contactless payments offer a safe, secure and convenient way to pay for goods and services without the need for cash or physical card contact. Contactless cards, devices and technologies aim to simplify payment processes for both merchants and consumers. From tap-and-go cards and smartphones to smartwatches and other wearable payment solutions, contactless technology brings the ease of tapping or waving to pay.
The global Contactless Payments Market is estimated to be valued at US$ 10.86 billion in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising mobile payment adoption is one of the key trends accelerating growth in the contactless payments market. Mobile proximity payments through digital wallets on smartphones allow users to pay for purchases with just a tap or scan, eliminating physical card or cash handling. Growing embrace of mobile commerce and on-the-go lifestyles is compelling more users to adopt contactless mobile payment solutions for their convenience. Rapid proliferation of smartphones coupled with availability of NFC technology and evolving payment infrastructure is making mobile contactless payments more viable. Growing merchant acceptance of mobile proximity payments is also boosting their usage across retail and transportation sectors.
Segment Analysis
The global contactless payments market is dominated by the NFC sub-segment due to growing adoption of smartphones integrated with NFC technology. NFC technology allows users to make transactions by waving their smartphones or cards near a payment terminal, replacing the need to insert or swipe a card. This eliminates physical contact and speeds up the payment process, driving its demand among customers.
Key Takeaways
The Global Contactless Payments Market Demand is expected to witness high growth over the forecast period of 2024 to 2028 driven by the rising penetration of smartphones and digital payment options.
Regional analysis: The Asia Pacific region is expected to witness the fastest growth in the contactless payments market. This can be attributed to rising disposable incomes, growing millennial population with high usage of digital payment options, and government initiatives to promote digital payments in countries like India and China.
Key players: Key players operating in the contactless payments market are Visa, Mastercard, American Express, PayPal, and Alipay. Visa and Mastercard together account for over 80% of global credit and debit transactions and are promoting contactless payments through partnerships with banks, merchants, and payment terminal manufacturers.
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