Contactless payments allow customers to purchase items by waving their contactless credit or debit card or making a payment with their smartphone at a payment terminal instead of swiping or inserting a magnetic stripe card. The technology helps shoppers avoid touching surfaces like POS terminals during the COVID-19 pandemic outbreak and also allows them to make payments quickly without having to wait for transaction confirmation.
The global contactless payments market is estimated to be valued at US$ 15,782.66 million in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends fueling the growth of the contactless payments market is the increasing consumer preference for contactless transactions. Consumers find contactless transactions faster and more convenient compared to traditional payment methods like cash or chip and pin cards. This has prompted more consumers to shift towards contactless payments for retail purchases. According to statistics, the number of contactless transactions increased by over 70% in 2020 compared to the previous year. The ease of use and safety offered by contactless payments during the pandemic has accelerated this trend further. With growing consumer demand, more payment terminals are expected to support contactless payments globally, thus driving market growth over the forecast period.
Segment Analysis
The global contactless payments market is dominated by the mobile payments segment. This segment is growing rapidly owing to the high adoption of smartphones around the world. Mobile payments refers to payments made through mobile devices such as smartphones or tablets instead of cash or paper checks. Contactless payments are highly convenient and allow users to make purchases simply by waving their mobile phones near a payment terminal. The digital wallet applications along with near field communication (NFC) chips embedded in mobile devices are fueling the growth of contactless payments via mobiles.
Key Takeaways
The Global Contactless Payments Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global contactless payments market is estimated to be valued at US$ 15,782.66 million in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023-2030.
The market for contactless payments in Asia Pacific region is growing at the fastest rate owing to rising smartphone penetration and adoption of digital payment methods. Countries like India, China and Japan are leading the APAC contactless payments market. Rapid digitization of payment systems in emerging economies, expanding middle-class population and growing consumer preference for contactless payments are some major factors propelling market growth in APAC. According to reports, India has the highest rate of smartphone users who also prefer contactless payments for their daily transactions.
Key players related content comprises: Key players operating in the contactless payments market include F. Hoffmann-La Roche AG, Boehringer Ingelheim, Bayer AG, Pfizer Inc., Biogen, Daiichi Sankyo, Bristol-Myers Squibb, Johnson & Johnson, AstraZeneca, SanBio and Athersys Inc.
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