Contactless Payment Market is categorized on the basis of devices into mobile handsets, POS terminals, NFC chips, and smart cards. The POS terminals market is anticipated to hold a major share in the market due to the large-scale adoption of POS devices across retail channels and restaurants. Moreover, the integration of the NFC chip-enabled cards also presents a huge opportunity for the growth of the POS market. —
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The contactless payment technology has been widely used across retail, IT & telecom, transportation, hospitality, government, and BFSI sectors. The contactless payment market in retail sector is anticipated to attain a high CAGR over the forecast time period as the industry is constantly looking for payment technologies that can provide a convenient & quick way to conduct its financial transactions. In the hospitality industry, contactless payment systems have brought down the transaction times from hours to mere seconds. The hospitals are increasingly offering contactless payment options to their patients to improve their experience and prevent them from going through the hassles of waiting in long queues.
Europe's contactless payment market will grow significantly over the forecast period due to the wide adoption of contactless payment among retailers, restaurants, bars, pubs, service stations, and supermarkets. The constant improvements in the regional infrastructure of countries including Denmark, Greece, Greece, Hungary, Croatia, the Netherlands, Poland, and Russia have been further adding to the growth of the market. In addition, the increasing penetration of smartphones across the European countries also presents myriad opportunities for the growth of the market.
The Asia Pacific contactless payment market is projected to grow significantly over the forecast period. The supportive government initiatives in countries including India and China to promote the adoption of digital payments are driving the market growth. Furthermore, the increasing adoption of smartphones and the growing card network in the region is encouraging the adoption of non-contact payment solutions.
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The widespread adoption of smartphones across the globe also acts as a major driver for the contactless payment market. The smartphone manufacturers are incorporating various short-range communication technologies, such as Bluetooth, RFID, Wi-Fi, and Near Field Communication (NFC), in their smartphones. This has allowed smartphone users to securely store their card information in their smart devices, making payments on POS terminals secure. The non-contact payment solution does not rely on internet services to make the transaction, instead works on tags and readers to complete the transaction.
Contactless Payment Market size is set to rise exponentially from 2019 to 2025 due to increasing awareness about digital money as it helps reduce the transaction time, offers convenience in processing low-value payments, and increases revenue opportunities for sellers. The safety & security offered by the non-contact payment solution further augments its demand among customers. Moreover, it helps eliminate the cumbersome need to carry physical money and allows customers to simply tap their cards at Point of Sale (POS) terminals to authenticate their purchase.
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