Contactless Payment Transaction Market Size, Share, Growth, Competition Analysis & Forecast 2027

by Sarena Peter Sr. Research Manager

The latest market report published by Credence Research, Inc. The contactless payment transaction market worldwide is expected to grow with a CAGR of 43.7% during the forecast period from 2019 to 2027, starting from US$ 14.8 Bn in 2018.

In today's fast-paced world, convenience reigns supreme, and the financial industry has taken note. The contactless payment transaction market stands as a testament to this, revolutionizing the way consumers and businesses handle transactions. This seamless method, devoid of any physical contact between the payment instrument and the terminal, has become the new norm, and for a good reason.

Several driving forces have pushed contactless payments to the forefront. One of the most significant is technological innovation. The rise of Near Field Communication (NFC) and Radio Frequency Identification (RFID) technologies has allowed for swift, effortless transactions, with just a simple tap of a card or device. The time saved at checkouts and the elimination of the need for PINs for smaller amounts make the process a win-win for both customers and retailers.

The COVID-19 pandemic further accelerated the trend. With health and safety becoming paramount, reducing physical touchpoints became crucial. Contactless payments provided an ideal solution, reducing the need for cash handling and physical contact at payment terminals. Consequently, many who were initially hesitant became ardent adopters, recognizing the method's benefits in a socially distanced world.

From a security standpoint, contactless transactions offer robust protection. Each transaction comes with a unique encryption, making it challenging for malicious actors to skim or clone data. This dynamic security measure, coupled with the inherent speed of contactless transactions, has bolstered consumer trust.

Regionally, the adoption patterns of contactless payments have been interesting to observe. Europe, especially places like the UK and Scandinavia, has seen a significant uptick. The Asia-Pacific region, with tech-savvy countries like South Korea and Australia, has also showcased enthusiastic adoption. As infrastructure develops and awareness spreads, even regions traditionally reliant on cash are beginning to see the allure of contactless transactions.

Browse the Full Report: https://www.credenceresearch.com/report/contactless-payment-transaction-market

However, no growth story is without its challenges. Merchants need to consistently update their systems to accommodate the latest in contactless technology. Moreover, a segment of the population remains skeptical, necessitating ongoing education about the method's safety and efficacy.

To sum up, the contactless payment transaction market is not just a passing trend but a reflection of the evolving consumer mindset. Prioritizing convenience, speed, and safety, it's clear that as we move forward, the world will be tapping more and reaching for cash less.

List of Companies Covered:

Some prominent players operating in the contactless payment transaction market are Gemalto N.V., Group, Apple Inc., Giesecke & Devrient GmbH, Heartland Payment Systems, Inc., Ingenico Group, Inside Secure, On Track Innovations Ltd., Samsung Electronics Ltd., Verifone Systems, Inc. among others.

By Segmentation Type

By Device Type