According to a research report “Contactless Payment Market by Component (Hardware (PoS and Cards), Solutions, and Services (Consulting, Integration and Deployment, and Support and Maintenance)), Vertical (Retail and hospitality), and Region – Global Forecast to 2025″, published by MarketsandMarkets, the global contactless payment market size expected to grow from USD 10.3 billion in 2020 to USD 18.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period.
The major advantage offered by contactless payments is that customers can instantly complete transactions with the tap of a card. This increases the speed of transactions, making contactless payments even more efficient. With the increasing integration of contactless payment technologies in mobile handsets and smart phones, the demand for contactless payment solutions has grown tremendously across all the countries.
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Based on component, the hardware segment to account for the largest market size during the forecast period
This section studies the contactless payment hardware portfolio. Contactless payments are about wave and pay payments. The Point of Sale (POS) terminal is an electronic device that is used to process the payment transaction from a retailer’s store. Near-Field Communication (NFC) chips are built on a specific set of Radio Frequency Identification (RFID) standards that help devices, such as smartcards, POS, and wearables to communicate with each other by bringing them together or in close proximity. A smartcard is a small plastic chip card, embedded with an integrated chip, which is used to store and transfer data. Smart cards and wearables are the two most important devices used in contactless payment solutions.
Based on services, the integration and deployment services segment to account for the largest market size during the forecast period
The system integration services in the contactless payment market aim at streamlining business applications by integrating various modules of the day-to-day operations. System integration services include project management, designing, engineering, procurement, testing, installation, commissioning, and after-sales services. These services enable the effective and smooth running of processes at reduced costs while maintaining their operational environment for end users.
Among regions, Europe to account for the highest market share during the forecast period
The contactless payment market in Europe is the largest in terms of market size and is highly fragmented based on multi-currencies and multi-languages. The region comprises a diverse range of countries, from economically and technologically advanced countries, such as the UK and Germany to severely debt-ridden countries, such as Greece and Austria. The UK, Poland, Spain, and Germany are the leading countries in the European contactless payment market.
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The major contactless payment market vendors include Gemalto (Netherlands), Infineon (Germany), Ingenico (France) , Wirecard (Germany), Verifone (US), Giesecke+Devrient (Germany), IDEMIA (France), On Track Innovations (Israel), Identiv (US), CPI Card Group (US), Bitel (South Korea), Setomatic Systems (US), Valitor (Iceland), PAX Global Technology (China), MYPINPAD (UK), Mobeewave (UK), Alcineo (South Africa), Castles (Taiwan), SumUp (UK), and PayCore (Istanbul).
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