Contactless Payment Transaction Market Size, Share, Trends, Growth and Forecast 2032

Contactless Payment Transaction Market Insights

According to the report published by Zion Market Research, the global Contactless Payment Transaction Market size was valued at USD 14.93 Billion in 2023 and is predicted to reach USD 72.52 Billion by the end of 2032. The market is expected to grow with a CAGR of 19.2% during the forecast period. The report analyzes the global Contactless Payment Transaction Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Contactless Payment Transaction industry.

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Global Contactless Payment Transaction Market: Overview

Contactless payment is gradually becoming an important part of the payments process in various industries. Consumers along with businesses are rapidly accepting various ways that are highly safe and convenient for the payment of their purchases via contactless methods including contactless wearable devices, contactless card (RFID/NFC), and devoted contactless mobile payment apps, by making use of the RFID or NFC technologies.

Global Contactless Payment Transaction Market: Growth Factors

Increasing retail and transportation industries all over the world along with the need for better service delivery models and enhanced customer service is anticipated to boost the global contactless payment transaction market growth. The global market is expected to witness high growth in the near future mainly owing to the swift technological advancements in digital infrastructure specifically in developing and developed countries around the world and increasing use of NFC-enabled wearable devices and consumer electronics devices.

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Global Contactless Payment Transaction Market: Segmentation

The global contactless payment transaction market is segmented on the basis of mode of payment, end-use, and region.

Based on the mode of payment, the global market is segmented as wearable devices, contactless card (RFID/NFC), and contactless mobile payment.

On the basis of end-use, the global contactless payment transaction market is segmented as transport, hospitality, media and entertainment, healthcare, and retail.

Contactless Payment Transaction Market: Report Scope

Global Contactless Payment Transaction Market: Regional Analysis

In the global contactless payment transaction market, Europe is expected to witness high growth in the near future. It is anticipated to provide high growth opportunities in the global market mainly due to the increasing adoption of NFC-based consumer electronic devices and smart wearables along with rising use of contactless cards. In addition, Europe is anticipated to contribute the highest share in terms of mode of payment in the contactless cards segment; this is further expected to boost the global market growth. The region also expected to give its contribution in terms of revenue owing to the growth in transport and retail industries in economies such as Germany, the UK, and Poland. Following Europe is Asia Pacific that is expected to witness considerable growth in the global contactless payment transaction market.

This growth will be attributed to the increasing adoption of NFC-based contactless wearables & devices, and the introduction of mobile apps and wallets including Samsung Pay. The e-commerce/retail, transportation, and hospitality segments are anticipated to be the major end-users of the contactless payment transactions along with growth in countries such as Japan, Australia, and China.

Global Contactless Payment Transaction Market: Competitive Players

Major players in the global 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.

Other key players in the global market include

• Samsung Electronics Ltd.
• Wirecard AG
• Verifone Systems Inc.

The Global Contactless Payment Transaction Market is segmented as follows:
    
By payment 

• wearable devices
• contactless card (RFID/NFC)
• contactless mobile payment

By end-use 

• transport
• hospitality
• media and entertainment
• healthcare
• retail

Global Contactless Payment Transaction Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Report Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.