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Contactless Payment Market Size

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

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Contactless Payment Market Size

Contactless Payment Market size exceeded USD 40 billion in 2019 and is estimated to grow at over 15% CAGR from 2020 to 2026. The global industry shipments are projected to reach 15 billion units by 2026. Growing demand from consumers and merchants to reduce transaction & billing time is likely to propel the industry growth.

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Millennials are embracing contactless payments and care less about visiting brick & mortar branches or ATMs, fueling the demand for contactless POS terminals. Safety & security of transactions is the primary concern of consumers and merchants. The players in the payment ecosystem are focusing on improving the safety and security of contactless payment by integrating 128-bit and 256-bit encryption in the payment methods.

Contactless Payment Market Report Attributes
Report Attribute	Details
Base Year:	2019
Contactless Payment Market Size in 2019:	40 Billion (USD)
Forecast Period:	2020 to 2026
Forecast Period 2020 to 2026 CAGR:	15%
2026 Value Projection:	100 Billion (USD)
Historical Data for:	2016 to 2019
No. of Pages:	300
Tables, Charts & Figures:	455
Segments covered:	Product, Technology, Application and Region
Growth Drivers:	Demand for mobile and wearable payment devices in North America Growing demand for biometric contactless smart cards in the U.S. and Europe Increasing penetration of smartphones in Asia Pacific and South America Proliferation of RFID tagging in Japan Demonetization effect in India Rising adoption of technology by merchants for small value transactions Reduced transaction time and increased convenience
Pitfalls & Challenges:	Lack of consumer awareness High cost of deployment Rules and regulations imposed by banks and payment associations

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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.