Contactless Payment Market Increasing Demand, Growth Analysis and Future Outlook by 2031

The global contactless payment market was estimated to USD 7,150 million in 2018 and expected to grow at a considerable CAGR of 15.5% during the forecast period 2019-2025. Contactless payment services are being adopted rapidly in order to make the financial transaction easy and fast. Contactless payment has evolved with the emergence of digital payments over the last decades. Fintech sector is responsible for development in digital payment services. The sector is revolutionizing the payment services in the potential region of Asia-Pacific due to increasing demand for digital platforms for the financial sector. Contactless payments work on the RFID (Radio Frequency Identification) or NFC technology. Contactless payment is effectively adopted in sectors dealing with a huge number of financial transactions such as BFSI (Banking, Financial Services, and Insurance), supermarkets, shopping centers, transportation, and various other sectors. Additionally, with the ease of operation, consumers are inclined to contactless payment services. Government initiatives for the adoption of digital financial services in order to develop a digital economy and to curb unaccounted money is augmenting the value for global contactless payment market.

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The global contactless payment market is segmented by payment type and application. Based on payment type, the market is sub-segmented into smartphone based and card based. Based on application, the market is sub-segmented into retail, healthcare, transportation, and hospitality. Among payment types, the smartphone based segment is expected to hold the largest market share. As the customer preference for smartphone-based payment methods such as contactless payment methods at POS systems grows, card and financial service providers are either delivering their own solutions on smartphones or through third-party vendors.

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  • Market Coverage

  • Market number available for – 2025-2031

  • Base year- 2025

  • Forecast period- 2025-2031

  • Segment Covered- By Source, By Product Type, By Applications

  • Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill

  • , and others


The Report Contactless Payment Market – Segment by Region
North America 

  • United States

  • copyright


Europe

  • Germany

  • United Kingdom

  • France

  • Spain

  • Italy

  • Rest of Europe


Asia-Pacific

  • China

  • Japan

  • India

  • Rest of Asia-Pacific


Rest of the World

  • Middle East & Africa

  • Latin America


The report covers:

  • Comprehensive research methodology of the global contactless payment market .

  • This report also includes a detailed and extensive market overview with key analyst insights.

  • An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.

  • Analysis of regional regulations and other government policies impacting the global contactless payment market.

  • Insights about market determinants which are stimulating the global contactless payment.

  • Detailed and extensive market segments with regional distribution of forecast revenues.

  • Extensive profiles and recent developments of market players.


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