Contactless Payment Market Trends 2023-2028, Growth Opportunities, Key Players and Competitive Landscape
The latest report published by IMARC Group, titled “Contactless Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the contactless payment market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global market size reached US$ 13.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 26.7 Billion by 2028, exhibiting a growth rate (CAGR) of 11.8% during 2023-2028.
Contactless payment refers to a secure method of paying for goods and services. The process makes use of smartphones, smart cards, wearables, and key fobs that can instantly complete a transaction with a wave or a tap. It consists of chips or antennas that are embedded in the device to facilitate contactless transactions at a point of sale (POS) terminal. Contactless payment is considered an efficient payment solution as it provides increased speed of transaction and enhanced security.
Market Trends and Drivers:
The global contactless payment market is primarily driven by the growing penetration of the internet, which is facilitating the adoption of digital payment platforms. This is further supported by the increasing demand for seamless payment processes in day-to-day life. Contactless payment offers various benefits such as ease of use, low deployment cost, and mobility. It helps reduce the time spent on queuing at various POS terminals and faster checkouts at banks. Besides this, contactless payment is gaining traction across merchant outlets selling low-value products, such as drinks and snacks. They also find applications in ticket and toll booths, fuel stations, and vending machines. Governments across the world are also providing incentives for developing smart solutions and networking infrastructures. Furthermore, the rising awareness regarding the various payment modes, shifting preference towards contactless technologies, and the need for safe and secure transactions are propelling the growth of the market.
Competitive Landscape With Key Players:
The competitive landscape of the contactless payment market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Giesecke & Devrient GmbH
- Heartland Payment Systems (Global Payments Inc.)
- IDEMIA (Advent International)
- Ingenico Group (Worldline S.A.)
- On Track Innovations Ltd.
- Pax Technology
- Setomatic Systems
- Thales Group
- Verifone Systems Inc. (Francisco Partners)
- Visa Inc.
Key Market Segmentation:
The report has segmented the global contactless payment market based on technology, device, solution, application and region.
Breakup by Technology:
- Near Field Communication (NFC)
- Radio Frequency Identification (RFID)
- Infrared (IR)
Breakup by Device:
- Smartphones and Wearables
- Point-of-Sale Terminals
- Smart Cards
Breakup by Solution:
- Payment Terminal Solution
- Transaction Management
- Security and Fraud Management
- Hosted Point-of-Sales
- Payment Analytics
Breakup by Application:
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/contactless-payment-market
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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