Worldwide Contactless Payment Market Is Expected to Reach USD 6.25 Trillion by 2028

DUBLIN, Dec. 13, 2021 /PRNewswire/ -- The "Global Contactless Payment Market Size, Share & Trends Analysis Report by Device, by Solution (Payment Terminal Solution, Security & Fraud Management), by Application, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global contactless payment market size is expected to reach USD 6.25 trillion by 2028.

It is anticipated to register a CAGR of 20.3% from 2021 to 2028. Various benefits, such as improved service delivery and reduction in transaction time offered by contactless payments, are expected to propel market growth over the forecast period.

Customers can immediately complete transactions with the tap of a card. Increasing integration of contactless payment technologies in smartphones and mobile handsets is expected to fuel the market growth.

Numerous customers across the globe are purchasing services or products with the use of devices, such as wearables, key fobs, smart cards, and smartphones, among others. This, as a result, is anticipated to drive market growth over the forecast period.

Contactless payment uses Near Field Communication (NFC) and Radio-frequency Identification (RFID) technologies to facilitate easy money transactions. Various benefits, such as real-time transaction processing and secured transactions, are driving the adoption of contactless payment solutions.

An increase in the adoption of technology by wholesalers or merchants for small value transactions is further expected to propel market growth.

The outbreak of the COVID-19 pandemic is expected to favorably impact the market. The COVID-19 outbreak is anticipated to change the payment behavior by users and firms as the World Health Organization (WHO) has been guiding customers to avoid cash handling and shift to contactless payments. This is expected to create growth opportunities for the market over the forecast period.

Contactless Payment Market Report Highlights

• Increasing demand for secure and reliable payment transactions across the globe is expected to propel the smart cards segment growth over the forecast period
• Numerous banks across the globe are focusing on integrating machine learning (ML), and artificial intelligence (AI) integrated security and fraud management solution to secure their payment transactions.
• The COVID-19 pandemic has inspired retailers across the globe to turn to technology to help their businesses increase productivity, plan better, and serve their customers efficiently. This, as a result, is expected to create growth opportunities for contactless payment solutions in the retail industry
• The presence of a large number of prominent market players in North America is expected to create growth opportunities for the regional market growth over the forecast period

Key Topics Covered

Industry Outlook

• Market Segmentation
• Contactless Payment Market Size and Growth Prospects
• Contactless Payment Market Value Chain Analysis
• Market Dynamics
• Market driver analysis
• Rising adoption of digital payment platforms
• Growing customer convenience for low value payment
• Technology innovation in contactless payment devices and services
• Market restraint analysis
• Risk of cyber attack
• Lack of infrastructure in developing economies
• Market opportunity analysis
• Emerging digital currency
• Key Opportunities - Prioritized
• Key Company Analysis, 2020
• List of Key Market Players
• Industry Analysis - Porter's Five Forces Analysis
• Contactless Payment Market - PESTEL Analysis
• Key Regulatory Industry Initiatives, 2020

Contactless Payment Market : Device Estimates & Trend Analysis

Contactless Payment Market: Solution Estimates & Trend Analysis

Contactless Payment Market: Application Estimates & Trend Analysis

Contactless Payment Market: Regional Estimates & Trend Analysis

Competitive Landscape

Companies Mentioned

• Gemalto N.V.
• Visa Inc.
• Giesecke & Devrient GmbH
• Heartland Payment Systems
• Verifone Systems Inc.
• Ingenico Group SA
• On Track Innovations (OTI) Ltd
• Oberthur Technologies Morpho
• Thales Group
• Wirecard AG

For more information about this report visit https://www.researchandmarkets.com/r/n3o5fi

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