Global Contactless Payment Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

By Technology;

Radio Frequency Identification, Near Field Communication, and Host Card Emulation.

By Payment Mode;

Smartphones, Smartcards, and Others.

By Component;

Hardware and Services.

By Vertical;

Retail, Hospitality, Healthcare, Energy and Utilities, Transportation and Logistics, BFSI, and Others.

By Geography;

North America, Europe, Asia Pacific, Middle East and Africa and Latin America - Report Timeline (2021 - 2031).
Report ID: Rn149241148 Published Date: January, 2025 Updated Date: February, 2025

Introduction

Global Contactless Payment Market (USD Million), 2021 - 2031

In the year 2024, the Global Contactless Payment Market was valued at USD 16,122.47 million. The size of this market is expected to increase to USD 35,198.51 million by the year 2031, while growing at a Compounded Annual Growth Rate (CAGR) of 11.8%.

The Global Contactless Payment Market is experiencing unprecedented growth fueled by a convergence of technological advancements, shifting consumer preferences, and evolving regulatory landscapes. Contactless payments have emerged as a transformative force in the way transactions are conducted, offering unparalleled convenience, security, and speed. This payment method enables consumers to complete transactions swiftly and securely by simply tapping their cards, smartphones, or wearable devices on compatible terminals, eliminating the need for physical contact or the insertion of cards.

The widespread adoption of contactless payments is driven by several key factors. Firstly, the increasing demand for seamless and efficient payment experiences has propelled the rapid expansion of contactless payment infrastructure across various industries. Consumers, accustomed to the convenience of digital transactions, are gravitating towards contactless payments as they seek faster and more convenient ways to pay for goods and services. Moreover, the heightened awareness of hygiene and safety, particularly in the wake of the COVID-19 pandemic, has accelerated the adoption of contactless payment methods as consumers prioritize touch-free transactions to minimize physical contact.

Technological innovations, such as Near Field Communication (NFC), biometric authentication, and tokenization, are enhancing the security and reliability of contactless payment systems. These advancements instill confidence in consumers and businesses alike, mitigating concerns related to data breaches, identity theft, and fraudulent transactions. Additionally, the proliferation of smartphones and wearable devices equipped with NFC capabilities is driving the penetration of contactless payments among tech-savvy consumers, further fueling market growth.

Governments and regulatory bodies worldwide are actively promoting the adoption of contactless payments as part of broader initiatives to modernize payment systems and enhance financial inclusion. Incentives such as reduced interchange fees for contactless transactions and mandates for upgrading payment infrastructure incentivize merchants and financial institutions to embrace contactless payment technologies. As a result, the global contactless payment market presents significant opportunities for innovation, collaboration, and expansion across diverse industries, driving continued growth and transformation in the way transactions are conducted worldwide.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Technology
    2. Market Snapshot, By Payment Mode
    3. Market Snapshot, By Component
    4. Market Snapshot, By Vertical
    5. Market Snapshot, By Region
  4. Global Contactless Payment Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Technological Advancements
        2. Government Initiatives and Regulations
        3. Rising Smartphone Penetration
      2. Restraints
        1. Consumer Trust and Education
        2. Resistance from Traditional Payment Methods
        3. Cost of Implementation
      3. Opportunities
        1. Integration with Emerging Technologies
        2. Customization and Personalization
        3. Cross-Border Expansion and Globalization
    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Global Contactless Payment Market, By Technology, 2021- 2031(USD Million)
      1. Radio Frequency Identification
      2. Near Field Communication
      3. Host Card Emulation
    2. Global Contactless Payment Market, By Payment Mode, 2021- 2031(USD Million)
      1. Smartphones
      2. Smartcards
      3. Others
    3. Global Contactless Payment Market, By Component, 2021- 2031(USD Million)
      1. Hardware
      2. Services
    4. Global Contactless Payment Market, By Vertical, 2021- 2031(USD Million)
      1. Retail
      2. Hospitality
      3. Healthcare
      4. Energy and Utilities
      5. Transportation and Logistics
      6. BFSI
      7. Others
    5. Global Contactless Payment Market, By Geography, 2021- 2031(USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea
        6. ASEAN (Association of South East Asian Countries)
        7. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. Gemalto
      2. Infineon
      3. Ingenico
      4. Wirecard
      5. Verifone
      6. Giesecke+Devrient
      7. Idemia
      8. On Track Innovations
      9. Identiv
      10. Cpi Card Group
      11. Bitel
      12. Setomatic Systems
      13. Valitor
      14. Pax Global Technology
      15. Mypinpad
      16. Mobeewave
      17. Alcineo
      18. Castles
      19. Sumup
      20. Paycore
  7. Analyst Views
  8. Future Outlook of the Market