Contactless Payment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030

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Contactless Payment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030

Status : February, 2023 | Technology & Media

Report Digest

Contactless Payment Market: Overview

Magnetic-stripe cards, a thing of the 1960s, have become passe, giving way to spectrum of contactless payments. They are similar to EMV payments but far more secure and flexible for merchants and users. The contactless payment framework is based on NFC or RFID, and enable consumers to make contactless payments when the card is within a specific distance of the machines, typically 10 cm or less, such as near POS or retail counters. Contactless mobile payments market have made some striking strides on the back of rapidly increasing penetration of smart mobile devices, such as smartphones. A wide array of contactless payment apps are being used for making online purchases and also in paying utility bills. Easy-to-use apps by stalwarts such as Google and Apple have enriched the landscape of the contactless payment market. The Covid-19 pandemic-led social distancing measures caused an upsurge in contactless payments, expanding the horizon for industry stakeholders to make these prompt and safe. Several financial merchants such as banks are offering facility of contactless payment through their cards. Some of the key services used are payment terminal solution, security and fraud management.

The study on the contactless payment market presents statistically-derived insights on historic trends, impacts of various developments on the technological and microeconomic landscape, analysis of the recent regulatory changes. The data-based insights and estimations of current and future opportunities in various segments comprise the quantitative assessment of the evolving trajectories in the contactless payment market.

Contactless Payment Market: Key Trends

The past few decades have seen the surge in adoption of payment systems that are hassle-free both for merchants and consumers. Rise in online payment transactions on-the-go is another key trend in the contactless payment market. Rise in use of credit cards at POS has also fuelled the opportunities in the market. Advancements in financial technologies are key to expanding the customer reach of contactless payments in various geographies. Ceaselessly growing penetration of smartphones is a key trend boosting the use of contactless payment modules. Governments in various developing economies over the past few years have been emphasizing on the use of cashless transactions for multiple reasons, notably for paper reduction, ease for record keeping, and reducing the frauds by keeping trail of transactions. These initiatives have been highly instrumental in expanding the utilization of contactless payments, thereby boosting investments in the market. The advantage for faster checkouts for customers at retail outlets using contactless payment modules is another attractiveness proposition for spurring the popularity of these.

Contactless Payment Market: Competitive Dynamics and Key Developments

Strides in digital payment services have increasingly shaped the competitive scenario in the contactless payment market. Need for maintaining distance due to COVID has spurred the preference of contactless payments even among the smallest retailers in 2020. Thus, companies offering mobile wallets have been keenly advancing the underlying payment systems to make them safer and hassle-free. A number of players also opt for offers and loyalty points for attracting users. Large-scale disruptions in the brick-and-mortar banks in several parts of the world have also favorably influence the competitive dynamics in the contactless payment market.

Some of the key industry players in the market are;

  • Wirecard AG
  • Verifone Systems Inc.
  • Thales Group
  • Ingenico Group SA
  • Visa Inc.

Contactless Payment Market: Regional Assessment

Numerous economies in Asia Pacific have emerged as markedly lucrative regions in the contactless payment market. The region has high latent demand, fueled in part by the growing focus of governments on digital payments.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?