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Contactless Payment Market Share

Report ID: GMI3380
Published Date: Aug 2020
Report Format: PDF

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Contactless Payment Market Share

Some of the key players operating in the contactless payment market are :

Alcineo
Giesecke & Devrient GmbH
Heartland Payment Systems, Inc
IDEMIA
Identiv
Ingenico Group SA
On Track Innovations Ltd
PAX Global Technology
PayCore
Thales Group
Valitor
Verifone
Visa, Inc
Wirecard AG

The industry participants are focusing on business strategies, such as new product development, to increase customer base and strengthen their product portfolio. For instance, in January 2020, Mastercard certified the first contactless fingerprint payment card by Thales Group. This new certification will ramp-up product adoption in the technologically advanced countries. Stakeholders are also adopting inorganic business strategies by acquiring companies that can enhance their value proposition and complement their existing product lines.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of contactless payment was exceeded USD 40 billion in 2019.

The industry share of contactless payment is projected to witness 15% growth rate over 2020-2026.

The global industry shipments may cross 15 billion units by 2026, owing to rising product demand from merchants and consumers pertaining to reducing billing and transaction time.

The Australia & New Zealand contactless POS terminals market may register 17% CAGR through 2026, driven by robust shift toward advanced POS terminals.

The NFC technology segment held 60% of the revenue share in 2019 and may retain popularity through 2026, owing to extensive technology usage that facilitates convenient real-time transactions and also enables quicker transaction process.

These solutions are expected to gain traction in APAC, owing to robust adoption of contactless PoS terminals, especially in the retail sector. Asia Pacific market may record 17% CAGR through 2026.

The COVID-19 pandemic has surprisingly had a very positive impact on the product adoption owing to increasing number of lockdowns, social distancing measures, and rising usage in the retail sector.