New York, USA, Aug. 09, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global contactless payment market. As per the report, the global market is projected to surpass $20,340.3 million by 2026, growing at a CAGR of 11.2% in the estimated period, of 2019-2026. This all-inclusive report delivers a comprehensive overview of the current and future situation of the contactless payment market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Access a Comprehensive PDF Sample of the Contactless Payment Market
Factors Impacting the Contactless Payment Market Growth
The key factors enhancing the growth of the global market are increasing use of contactless payment solutions due to their suitability and quick processing time, and mounting digitalization across the globe. Furthermore, massive progresses in digital economy is estimated to unlock lucrative opportunities for the market’s growth in the estimated period. However, massive investments needed for the deployment of contactless payment solutions is anticipated to deter the market growth.
The report segments the global contactless payment market into device type, industry verticals, and region.
Mobile Handsets Sub-Segment to be the Most Dominant
The mobile handsets sub-segment of the device type segment is anticipated to lead the market by surpassing $5,288.5 million in the estimated timeframe. This growth is mainly owed to the increasing usage of mobile phones to execute contactless payments, as such devices are easy to handle and convenient.
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BFSI (banking, financial services, and insurance) Sub-Segment to Grab a Foremost Market Share
The BFSI (banking, financial services, and insurance) sub-segment of the industry verticals segment is anticipated to dominate the market and garner $3,376.5 million in the estimated timeframe. This growth is mainly owing to the increasing adoption of contactless cards as well as innovative and safe technology platforms to execute payments.
North America Contactless Payment Market to Grow Magnificently
The report analyzes the global market across several regions such as Asia Pacific, Europe, North America, and LAMEA. Among these, the North America region market is estimated to hit $6,712.3 million in the projected period. The growth of this region market is mostly owed to the increasing adoption of smartphones, mounting need for easy mobile payments, and rising approval for NFC & QR/ barcode in this region.
Major Players of the Contactless Payment Market
The report states some of the foremost players operating in the global contactless payment market including
- VERIMATRIX
- Alcineo
- VeriFone, Inc.
- Castles Technology
- Paycor, Inc
- Ingenico Group.
- On Track Innovations LTD.
- SumUp Inc.
- Infineon Technologies AG, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. – Buy the full report here
For instance, in October 2021, ICICI Bank, a leading private sector bank in India, launched a contactless payment service on its banking app, iMobile Pay. This app allows customers to tap their smartphones and perform payments at POS (Point of Sale) machines of merchant outlets.
More about Contactless Payment Market:
- Recent Developments in the Industry to Help Global Contactless Payment Market to Witness Impressive Growth by 2026
- Is Contactless Payment the Future of Retail Transactions?
