Contactless Payment Market Research Report - Global Forecast till 2025

Global Contactless Payment Market Research Report: By Technology (radio frequency identification, near field communication, host card emulation), Component [Hardware (Point of sale, Cards, Others), Solution and Service [Consulting, Integration and deployment, Support and maintenance)], Payment Mode (smartphones, smartcards, others), Vertical (BFSI, Hospitality & Travel, Media & Entertainment, Retail, Transportation & Logistics, Healthcare and others), Region (North America, Europe, Asia Pacific, Middle East & Africa and South America) - Forecast till 2025

ID: MRFR/ICT/8080-HCR | February 2021 | Region: Global | 100 pages

Market Snapshot

Contactless payment is a secure payment method using a debit, credit, or other smartcards by using RFID technology or near-field communication. To use the system, a consumer taps the payment card near a point-of-sale terminal equipped with the technology.

Global Contactless Payment Market is expected to register a CAGR of 11.2% during the review period, 2019–2025.

The growing demand for faster and convenient transaction modes and the shift towards better customer experiences has led to an increased demand for contactless payments, which is expected to drive the growth of the market during the forecast period.

Key Players

The Global Contactless Payment Market is characterized by the presence of several regional and local providers. Some of the key players in the market are Gemalto NV (Netherlands), Infineon Technologies (Germany), Idemia (France), Verifone Holdings, Inc (US), CPI Card Group (US), On Track Innovations (Israel), Wirecard AG (Germany), Ingenico. (France), Giesecke+Devrient (India), Identiv (US), Valitor (Iceland), Mypinpad (London), Idemia (France), Paycore (Turkey), and Alcenio (France).

Key Developments

  • September 2019: Oracle Corporation launched new updates for its Oracle Customer Experience (CX) Cloud Suite. The latest updates include new digital assistants for sales, customer service, and marketing professionals, new data enriched B2B sales capabilities, and new industry solutions for telecom and media, financial services, and the public sector.

  • January 2016: Zoho Corporation announced the launch of the Zoho Desk, a context-aware customer support software that presents customer issues against the broader context of their prior activities and interactions. The Zoho Desk helps agents automatically prioritize support tickets based on customer interactions. Filter tickets based on criteria like due-time, status, or customer type.

Market Segmentation

The Global Contactless Payment Market has been segmented based on technology, component, payment mode, vertical, and region.

By Technology, the market has been segmented into radio frequency identification, near field communication, and host card emulation.

By Component, the market has been segmented into hardware, solution, and service. The hardware segment has been further segmented into point of sale, cards, and others. The services segment has been further segmented into consulting, integration and deployment, and support and maintenance.

By Payment Mode, the market has been segmented into smartphones, smartcards, and others.

By Vertical, the market has been divided into BFSI, hospitality & travel, media & entertainment, retail, transportation & logistics, healthcare, and others.

The regions included in the study are North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Regional Analysis

Geographically, the global Contactless Payment market has been categorized as North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Europe is expected to dominate the market with the largest share during the forecast period owing to the presence of key market players such as Wirecard, Ingenico, and Valitor. The Asia-Pacific region is expected to advance at the highest CAGR during the forecast period due to the growing utilization of electronic payment technologies.

Key Questions Addressed by the Report

  • What was the historic market size (2018)?

  • What will be the growth rate by 2025?

  • Who are the key players in this market?

  • What are the strategies adopted by key players?

Frequently Asked Questions (FAQ) :

The convenient nature of the transaction modes is a prime factor predicted to spur the global market.

A robust income generation capacity is estimated to be noticed in the market through the forecast period.

A CAGR of 11.2% is predicted to benefit the market in the upcoming period.

The contenders in the market are Ingenico. (France), Giesecke+Devrient (India) Wirecard AG (Germany), and Identiv (U.S.) to name a few.

The European region is predicted to bring beneficial change in the global market.