Pune, March 21, 2023 (GLOBE NEWSWIRE) -- The Contactless Payment Market was valued at USD 39.23 billion in 2022 and is projected to reach USD 166.46 billion by 2030, growing at a compound annual growth rate (CAGR) of 19.8% during the forecast period of 2023-2030, as reported by SNS Insider.
Market Overview
Contactless payments are a modern and convenient method of making transactions that offer numerous benefits to consumers. With its speed, security, and hygiene, it is no wonder that contactless payments are gaining popularity as a preferred payment method. With contactless payments, customers do not need to hand over their cards to cashiers, reducing the risk of fraud or theft.
Market Analysis
The rise of the contactless payment market is primarily due to the growing popularity of digital payment platforms that offer speedy and convenient customer transactions. With the advent of intelligent hardware, innovative software, and smart services, traditional payment systems are being revolutionized to provide intelligent transactions that are not only secure but also user-friendly. The widespread adoption of contactless payments is being driven by the demand for faster and more efficient payment methods that are compatible with the digital era. One of the significant factors contributing to the growth of the market is the increasing implementation of contactless mechanisms by card issuers worldwide.
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Key Company Profiles Listed in this Report are:
- Thales
- Visa Inc.
- Giesecke&Devrient GmbH
- MasterCard
- Apple Inc.
- PayPal Holdings Inc.
- American Express Company
- Amazon.com, Inc.
- Alibaba.com.
- PayU
Impact of Recession on Contactless Payment Market Growth
The impact of a recession on the contactless payment market is likely to depend on a variety of factors, including the severity and duration of the economic downturn, consumer and business behavior, and the overall state of the financial industry. However, it is clear that the adoption of contactless payments has been steadily increasing in recent years, and this trend is likely to continue regardless of economic conditions.
Contactless Payment Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 39.23 Bn |
| Market Size by 2030 | US$ 166.46 Bn |
| CAGR | CAGR of 19.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Contactless Payment Market: Key Segments | • By Type (Smartphone-Based Payments, Card Based Payments)• By Application (Retail, Transportation, Healthcare, Hospitality) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
As consumers in the Asia Pacific region continue to embrace digital payments, the demand for contactless payment solutions is expected to surge. The rise of mobile wallets, in particular, has played a crucial role in driving the growth of the contactless payment market. Mobile wallets allow users to store their payment information securely on their smartphones, enabling them to make purchases quickly and easily, without the need for physical cards or cash.
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Key Takeaway from Contactless Payment Market Study
- The market has been revolutionized by the widespread adoption of smartphone-based payments. This segment has emerged as the leader in the market, primarily driven by the rising penetration of smartphones among the global youth population.
- The market has witnessed significant growth in recent years, with the retail segment emerging as the dominant player in this space. This growth can be attributed to the rise in the number of "tap-and-go" transactions across the globe.
Recent Developments Related to Contactless Payment Market
- Apple Pay, the popular digital wallet and mobile payment system developed by Apple, has officially launched in South Korea. With this launch, iPhone and Apple Watch users in the country can now add their credit and debit cards to Apple Pay and use it to make secure, contactless payments at millions of merchants and online retailers.
- Ridango, a leading provider of ticketing and payment solutions for public transportation, has recently introduced contactless payments to buses in Lithuania. This move comes as a part of the company's efforts to modernize public transportation and make it more convenient for passengers. With the new contactless payment system, passengers can now simply tap their contactless payment cards or mobile devices on the card readers installed in the buses to pay for their fares.
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