IMARC Group, a leading market research company, has recently released a report titled “Contactless Payment Market Report by Technology (Near Field Communication (NFC), Radio Frequency Identification (RFID), Infrared (IR), and Others), Device (Smartphones and Wearables, Point-of-Sales Terminals, Smart Cards), Solution (Payment Terminal Solution, Transaction Management, Security and Fraud Management, Hosted Point-of-Sales, Payment Analytics), Application (BFSI, Retail, Transportation, Healthcare, and Others), and Region 2025-2033”. The study provides a detailed analysis of the industry, including the global contactless payment market trends, share, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global contactless payment market size reached USD 16.8 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 39.6 Billion by 2033, exhibiting a growth rate (CAGR) of 10% during 2025-2033.
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Industry Trends and Drivers:
- Increased adoption of mobile wallets:
The increasing use of smartphones and mobile wallet apps is a key driver of contactless payment market. Mobile wallet transactions surged from about 32.7 million in 2013 to nearly four billion in 2021, highlighting the global shift towards digital transactions. India, one of the fastest-growing markets, is expected to hit 71 billion by 2025, fueled by rising mobile penetration, which is projected to reach 30% by 2025. This rapid expansion along with the integration of near-field communication (NFC) into wearable devices like smartwatches to improve user convenience is creating a positive outlook for market expansion.
Additionally, the rising preference for contactless debit and credit card payments in retail stores is boosting demand for contactless terminals, thereby strengthening the market share.
- Technological advancements:
Ongoing advancements in NFC and radio-frequency identification (RFID) technologies are significantly improving the efficiency, speed, and reliability of contactless payments. These technologies enable seamless, quick, and accurate data exchange, reducing transaction times and improving the overall user experience.
Additionally, continuous innovations in blockchain are enhancing the security and process efficiency of contactless payments, offering encrypted, tamper-proof records that strengthen transaction security and transparency. Blockchain’s decentralized nature minimizes risks associated with fraud and cyberattacks, bolstering consumer confidence in digital payment systems. These developments are driving the adoption of contactless payments by offering improved security, efficiency, and enhanced user experience, thereby supporting the market expansion.
- Regulatory initiatives and framework:
Governments worldwide are implementing measures to establish security standards and protect against fraud, fostering trust in the contactless payment market. Regulations like the General Data Protection Regulation (GDPR) in Europe ensure strong data protection, while guidelines from the Payment Card Industry Data Security Standard (PCI DSS) set secure transaction standards. Governments are also promoting contactless payments through initiatives that encourage digital transactions and reduce cash dependency. For example, in February 2024, the Reserve Bank of India (RBI) announced a policy addressing financial markets, lending regulations, digital currency, and fintech, including a review of Electronic Trading Platform (ETP) regulations for financial instruments, thus fostering the market growth.
Contactless Payment Market Report Segmentation:
Breakup By Technology:
- Near Field Communication (NFC)
- Radio Frequency Identification (RFID)
- Infrared (IR)
- Others
Based on technology, the market is classified into near field communication (NFC), radio frequency identification (RFID), infrared (IR), and others.
Breakup By Device:
- Smartphones and Wearables
- Point-of-Sale Terminals
- Smart Cards
On the basis of the device, the market is bifurcated into smartphones and wearables, point-of-sales terminals, and smart cards.
Breakup By Solution:
- Payment Terminal Solution
- Transaction Management
- Security and Fraud Management
- Hosted Point-of-Sales
- Payment Analytics
Based on the solution, the market is categorized into payment terminal solution, transaction management, security and fraud management, hosted point-of-sales, and payment analytics.
Breakup By Application:
- BFSI
- Retail
- Transportation
- Healthcare
- Others
On the basis of the application, the market is segmented into BFSI, retail, transportation, healthcare, and others.
Breakup By Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
On a regional basis, the market is segregated into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
Top Contactless Payment Market Leaders:
The contactless payment market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.
Some of the key players in the market are:
- 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
- Valitor
- Verifone Systems Inc.
- (Francisco Partners) and Visa Inc.
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
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.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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