Contactless Payments Market, By Device Type (Smart Cards, Smartphones, POS, NFC Chips, and Others), By Component (Solution and Services (Consulting, Integration and Deployment, and Support and Maintenance)), By Vertical (Retail, Hospitality, Energy & Util

Contactless Payments Market, By Device Type (Smart Cards, Smartphones, POS, NFC Chips, and Others), By Component (Solution and Services (Consulting, Integration and Deployment, and Support and Maintenance)), By Vertical (Retail, Hospitality, Energy & Utilities, Transportation & Logistics, BFSI, and Others (Government, Telecommunication, and Education)), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

Contactless payment is a payment method where secure payment is done by using technologies such as radio frequency identification (RFID), near field communication (NFC), Bluetooth, and infrared. Contactless payment can take one-tenth of the time as compared to other conventional payment methods. Contactless payment mainly provides more convenient way to do payment without having cash, card or other identity details. Moreover, contactless payment has become an important part of the payment process in various industries. Consumers along with businesses are accepting ways that are highly safe by making use of NFC and RFID technology. Increasing the frequency of purchases, rising awareness regarding plastic money, and rising need for fast transactions without any inconvenience are expected to drive the market growth during the forecast period.
Market Dynamics
The global contactless payments market is expected to grow significantly during the forecast period, owing to increasing internet penetration in developed and emerging economies. For instance, according to Coherent Market Insights’ analysis, internet penetration reached 4.9 billion in 2020. People are now preferring digital payment and contactless payment method as it is more convenient, easy to use, and also minimizes the check-out time. Smartphone manufacturers are developing contactless payment methods such as google pay, Samsung pay, Apple pay, and others. Moreover, with increasing penetration of the internet, people are adopting new technologies and have become more technology-oriented. Various applications such as Samsung pay, google pay, apple pay, and others are driving the market growth by providing ease of use, fast transaction, security, rewards, quick money transfer, and a lot of other perks. Hence, these factors are expected to drive the market growth during the forecast period.
Moreover, major global players across different regions are focusing on developing new products with new features and latest technologies to gain competitive edge in the market. Industries are developing contactless payments with new features to cater to the demand from the end users. For instance, in January 2020, Visa Inc. announced partnership with SAMSUNG to innovate tap to phone program. Through this partnership, tap to phone enable sellers to accept payment through android smartphone.
Key features of the study:
This report provides in-depth analysis of global contactless payments market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2022-2028), considering 2021 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by the leading market players
It profiles leading players in the global contactless payments market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, market capital, key developments, strategies, and future plans
Companies covered as a part of this study include Thales Group, Infineon Technologies AG, Ingenico Group, Wirecard, VeriFone, Inc., Giesecke+Devrient GmbH, IDEMIA, Track Innovations LTD., Identiv, Inc., CPI Card Group Inc., Setomatic Systems, Valitor, PAX, PINPAD, Mobeewave, alcineo, and Paycor, Inc.
Insights from this report would allow marketers and management authorities of companies to make informed decisions regarding future product launches, product upgrades, market expansion, and marketing tactics
The global contactless payments market report caters to various stakeholders in this industry including investors, suppliers, managed service providers, third-party service providers, distributors, new entrants, and value-added resellers
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global contactless payments market
Detailed Segmentation
Global Contactless Payments Market, By Device Type:
Smart Cards
Smartphones
POS
NFC Chips
Others
Global Contactless Payments Market, By Component:
Solution
Services
Consulting
Integration and Deployment
Support and Maintenance
Global Contactless Payments Market, By Vertical:
Retail
Hospitality
Energy & Utilities
Transportation & Logistics
BFSI
Others
Government
Telecommunication
Education
Global Contactless Payments Market, By Region:
North America
By Device Type:
Smart Cards
Smartphones
POS
NFC Chips
Others
By Component:
Solution
Services
Consulting
Integration and Deployment
Support and Maintenance
By Vertical:
Retail
Hospitality
Energy & Utilities
Transportation & Logistics
BFSI
Others
Government
Telecommunication
Education
By Country:
U.S.
Canada
Europe
By Device Type:
Smart Cards
Smartphones
POS
NFC Chips
Others
By Component:
Solution
Services
Consulting
Integration and Deployment
Support and Maintenance
By Vertical:
Retail
Hospitality
Energy & Utilities
Transportation & Logistics
BFSI
Others
Government
Telecommunication
Education
By Country:
Germany
U.K.
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
By Device Type:
Smart Cards
Smartphones
POS
NFC Chips
Others
By Component:
Solution
Services
Consulting
Integration and Deployment
Support and Maintenance
By Vertical:
Retail
Hospitality
Energy & Utilities
Transportation & Logistics
BFSI
Others
Government
Telecommunication
Education
By Country:
China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific
Latin America
By Device Type:
Smart Cards
Smartphones
POS
NFC Chips
Others
By Component:
Solution
Services
Consulting
Integration and Deployment
Support and Maintenance
By Vertical:
Retail
Hospitality
Energy & Utilities
Transportation & Logistics
BFSI
Others
Government
Telecommunication
Education
By Country:
Brazil
Mexico
Argentina
Rest of Latin America
Middle East and Africa
By Device Type:
Smart Cards
Smartphones
POS
NFC Chips
Others
By Component:
Solution
Services
Consulting
Integration and Deployment
Support and Maintenance
By Vertical:
Retail
Hospitality
Energy & Utilities
Transportation & Logistics
BFSI
Others
Government
Telecommunication
Education
By Country:
GCC Countries
South Africa
Rest of Middle East and Africa
Company Profiles
Thales Group
Company Overview
Product Portfolio
Financial Performance
Key Strategies
Recent Developments/ Updates
Infineon Technologies AG
Ingenico Group
Wirecard, VeriFone, Inc.
Giesecke+Devrient GmbH
IDEMIA
Track Innovations LTD.
Identiv, Inc.
CPI Card Group Inc.
Setomatic Systems
Valitor
PAX
PINPAD
Mobeewave
alcineo
Paycor, Inc.
“*” marked represents similar segmentation in other categories in the respective section.