Market Overview:
The global contactless payment transaction market is expected to grow at a CAGR of over 20% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing adoption of contactless payments by consumers and merchants across the globe. Contactless payments are transactions that are completed without the need for a physical card or cash, through the use of Near Field Communication (NFC) technology or Radio Frequency Identification (RFID). The global contactless payment transaction market is segmented on the basis of type, application and region. On the basis of type, it is segmented into wearable devices, contactless cards (RFID/NFC) and contactless mobile payments. The wearable devices segment is expected to grow at a high CAGR during the forecast period owing to rising demand for convenient and secure payment methods among consumers. By application, it is divided into transport, hospitality, media and entertainment, healthcare, retail and others segments. The retail sector dominates this market with highest share in terms of revenue contribution followed by hospitality sector during 2017-2018 owing to growing trend among retailers towards adopting new technologies for enhancing customer experience.
Product Definition:
A contactless payment transaction is a type of payment where the customer does not have to present their card or mobile phone to the merchant in order for the payment to be processed. Instead, a near field communication (NFC) chip within the customer's device will communicate with an NFC reader within the merchant's terminal in order to complete the transaction. Contactless payments are often faster and more convenient than traditional methods such as cash or debit cards, and they are becoming increasingly popular among consumers.
Wearable Devices:
Wearable devices are electronic devices that are directly attached to the body or worn on the body for enhancing a particular activity or function. They can be used for health-related purposes, fitness monitoring, and also in healthcare applications. Wearable device market is expected to witness significant growth over the forecast period owing to increasing demand from various application areas such as sports & fitness, healthcare and wellness along with consumer electronics industry such as smartwatches & fitness trackers and others.
Contactless Card (RFID/NFC):
The global contactless card (RFID/NFC) and it's usage in the market for a contactless payment transaction is expected to witness significant growth over the forecast period. The primary drivers of this market are increasing penetration of mobile devices, rising adoption of digital services, and growing preference for cashless payments.
Application Insights:
The media and entertainment segment accounted for the largest revenue share in 2017 owing to the increasing adoption of contactless payment methods across public transport, retail stores, restaurants and hotels among other places. The growing popularity of mobile payments is also a key factor driving the growth of this segment. Contactless payment methods are widely used in public transport as well as private vehicles to avoid waiting in long queues at bus or train ticket offices.
Hospitality sector is another lucrative segment that is expected to witness significant growth over forecast period due to rising demand for hospitality services across various industries including tourism, sports events, business meetings and conventions among others. Increasing investments by government organizations along with technological developments such as smart contracts & IoT have paved way for new innovative solutions that will enhance customer experience while booking hotel rooms through blockchain technology which will drive industry growth over forecast period.
Regional Analysis:
The North American region dominated the global contactless payment transaction market in 2017. The growth can be attributed to the presence of major players such as Apple Pay, Google Pay, and Samsung Pay. These companies are investing huge amounts in order to expand their services across all sectors including retail, transport, hospitality and entertainment. Moreover, these companies are also working with banks and financial institutions for expanding their services across other regions such as Europe and Asia Pacific.
Asia Pacific is expected to emerge as a lucrative regional market over the forecast period owing to increasing adoption of mobile payments in countries like China & Japan along with other Southeast Asian countries like Singapore & Malaysia among others). Furthermore, growing popularity of digital wallets is another factor contributing towards regional growth (examples include Alipay/WeChatPay; UnionPay/QR Code; Vpay). Additionally there has been significant increase in number of NFC enabled terminals since last few years which has further boosted adoption rates for contactless payments across this region.
Growth Factors:
- Increasing demand for convenience and faster transactions: Contactless payments are becoming increasingly popular due to the added convenience and speed they offer over traditional methods such as cash or card transactions. This is particularly true for small value transactions where speed is of the essence.
- Increased use of mobile devices for payments: With the increasing use of smartphones and other mobile devices, there is a corresponding increase in the use of contactless payment technologies. In fact, a number of banks are now offering contactless payment capabilities through their mobile apps.
- Proliferation of NFC-enabled POS terminals: Near Field Communication (NFC) technology has been instrumental in driving widespread adoption of contactless payments, with merchants upgrading their POS terminals to support NFC-based transactions. This trend is likely to continue in light of growing demand from consumers for tap-and-go payments.
- . Growing acceptance among retailers: Retailers are beginning to see the benefits offered by contactless payments and are thus starting to accept them as a form of payment at their stores/outlets.. This will help fuel further growth in this market segment going forward .5) Government initiatives supporting digital Payments : Governments around the world have been taking various steps towards promoting digital/electronic payments through various initiatives such as demonetization etc which would indirectly promote usage if not drive growth outrightofcontactlespaymenttransactions
Scope Of The Report
Report Attributes
Report Details
Report Title
Contactless Payment Transaction Market Research Report
By Type
Wearable Devices, Contactless Card (RFID/NFC), Contactless Mobile Payment
By Application
Transport, Hospitality, Media and Entertainment, Healthcare, Retail
By Companies
Barclays, Apple Inc, Gemalto NV, Heartland Payment Systems Inc, Giesecke & Devrient GmbH, Ingenico Group, On Track Innovations Ltd, Inside Secure, Samsung Electronics Ltd, Wirecard AG, Verifone Systems Inc
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
139
Number of Tables & Figures
98
Customization Available
Yes, the report can be customized as per your need.
Global Contactless Payment Transaction Market Report Segments:
The global Contactless Payment Transaction market is segmented on the basis of:
Types
Wearable Devices, Contactless Card (RFID/NFC), Contactless Mobile Payment
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Transport, Hospitality, Media and Entertainment, Healthcare, Retail
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Barclays
- Apple Inc
- Gemalto NV
- Heartland Payment Systems Inc
- Giesecke & Devrient GmbH
- Ingenico Group
- On Track Innovations Ltd
- Inside Secure
- Samsung Electronics Ltd
- Wirecard AG
- Verifone Systems Inc
Highlights of The Contactless Payment Transaction Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Wearable Devices
- Contactless Card (RFID/NFC)
- Contactless Mobile Payment
- By Application:
- Transport
- Hospitality
- Media and Entertainment
- Healthcare
- Retail
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Contactless Payment Transaction Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A contactless payment transaction is a type of electronic payment that uses near-field communication (NFC) technology. This type of transaction allows customers to pay for goods and services by touching their NFC-enabled devices against the reader located at the point of sale.
Some of the major companies in the contactless payment transaction market are Barclays, Apple Inc, Gemalto NV, Heartland Payment Systems Inc, Giesecke & Devrient GmbH, Ingenico Group, On Track Innovations Ltd, Inside Secure, Samsung Electronics Ltd, Wirecard AG, Verifone Systems Inc.
The contactless payment transaction market is expected to grow at a compound annual growth rate of 20%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Contactless Payment Transaction Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Contactless Payment Transaction Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Contactless Payment Transaction Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Contactless Payment Transaction Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Contactless Payment Transaction Market Size & Forecast, 2020-2028
4.5.1 Contactless Payment Transaction Market Size and Y-o-Y Growth
4.5.2 Contactless Payment Transaction Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Wearable Devices
5.2.2 Contactless Card (RFID/NFC)
5.2.3 Contactless Mobile Payment
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Transport
6.2.2 Hospitality
6.2.3 Media and Entertainment
6.2.4 Healthcare
6.2.5 Retail
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Contactless Payment Transaction Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Contactless Payment Transaction Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Wearable Devices
9.6.2 Contactless Card (RFID/NFC)
9.6.3 Contactless Mobile Payment
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Transport
9.10.2 Hospitality
9.10.3 Media and Entertainment
9.10.4 Healthcare
9.10.5 Retail
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Wearable Devices
10.6.2 Contactless Card (RFID/NFC)
10.6.3 Contactless Mobile Payment
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Transport
10.10.2 Hospitality
10.10.3 Media and Entertainment
10.10.4 Healthcare
10.10.5 Retail
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Wearable Devices
11.6.2 Contactless Card (RFID/NFC)
11.6.3 Contactless Mobile Payment
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Transport
11.10.2 Hospitality
11.10.3 Media and Entertainment
11.10.4 Healthcare
11.10.5 Retail
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Wearable Devices
12.6.2 Contactless Card (RFID/NFC)
12.6.3 Contactless Mobile Payment
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Transport
12.10.2 Hospitality
12.10.3 Media and Entertainment
12.10.4 Healthcare
12.10.5 Retail
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Wearable Devices
13.6.2 Contactless Card (RFID/NFC)
13.6.3 Contactless Mobile Payment
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Transport
13.10.2 Hospitality
13.10.3 Media and Entertainment
13.10.4 Healthcare
13.10.5 Retail
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Contactless Payment Transaction Market: Competitive Dashboard
14.2 Global Contactless Payment Transaction Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Barclays
14.3.2 Apple Inc
14.3.3 Gemalto NV
14.3.4 Heartland Payment Systems Inc
14.3.5 Giesecke & Devrient GmbH
14.3.6 Ingenico Group
14.3.7 On Track Innovations Ltd
14.3.8 Inside Secure
14.3.9 Samsung Electronics Ltd
14.3.10 Wirecard AG
14.3.11 Verifone Systems Inc
