Contactless Payment Market is Growing Globally Forecast 2023-2031

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posted on 1 year ago — updated on 1 second ago

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Contactless Payment Market is Growing Globally Forecast 2023-2031

Global contactless payment market is estimated to experience a progressive growth during the forecast period. The extensive rise of smartphone ubiquity, smart watch, contactless credit/debit cards, and Samsung, Apple, & Google Pay enabled on almost every device is creating huge growth opportunities in the global market. Increasing trend towards digitalization and consumer preference for innovative payment procedures is also predicted to drive the market growth from 2019 to 2026.

Contactless payment, also called as a tap-and-go system is a secure mode where the transactions are done using technologies such as NFC (near field communication), RFID (radio frequency identification), infrared, and bluetooth. Contactless payment is hassle-free and convenient for customers as it takes only one-tenth of the time taken by the old-style electronic transaction.Contactless payment is becoming popular owing to its benefits such as secure and fast payments without any need for cash or identifying details. Initially, these type of payments or cards were used for the purpose oftravelling tickets only. But today, this technology has evolved and is helping customers to make payments for almost anything. However, the permissible amount for a contactless payment varies by country and by the bank.

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Recent Developments in the Contactless Payment Industry

As per a Research Dive blog, the digital economy has shown a major influence on the world’s trajectory coupled with the societal well-being of common citizens. The extensive evolution of the digital economy and the demand for digital platforms of the economy is mainly driven by its ability to collect, use and analyze huge amounts of machine-readable information. Also, as the technology is advancing, the top gaining players of the global contactless payment industry are coming up with new strategies and products to strengthen the position of the market.

In October 2019, a French-based firm, Idemia acquired X-Core Technologies’ associated patents and metal card business. The focus of Idemia is to supplement its existing product line with the cards that are
suitable for contactless payments.

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