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Report Overview
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
Contactless Payments Market Growth
The rise in the E-Commerce Industry is Driving the Market Growth of Contactless Payment
The increase in e-commerce sales worldwide is one of the main factors boosting the growth of the contactless payments market. People across the world are using digital wallets and contactless cards for making online payments. Contactless payment is considered a safer option when compared to payment by cards as fraudsters can steal the information from magnetic stripes on the back of payment cards. Contactless payment cuts down the risk for both the consumer and the merchant. Thus, these favourable factors are expected to support the growth of the market in the coming years.
The contactless payments market value is further anticipated to be increased by the growing penetration of smartphones and the Internet, especially in emerging economies. The introduction of favourable government initiatives aiding the development and expansion of contactless payment platforms is also expected to catalyse market growth in the coming years.
Contactless Payments Market Report Snapshots
Contactless Payments Market Size
Contactless Payments Market Growth
Contactless Payments Market Trends
Contactless Payments Companies
Contactless Payments Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2024, the global contactless payments market attained a value of nearly USD 2,430.45 billion.
The market is projected to grow at a CAGR of 20.1% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach about USD 12,633.98 billion by 2034.
The major drivers of the market include the growing e-commerce sector, rising internet penetration, and favourable government initiatives aimed at promoting contactless payments.
The key trends guiding the market include technological advancements and innovations and the rising use of contactless payments as a safe option as compared to payments by cards.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Smartphones and wearables, smart cards, and post terminals are the major device types considered in the market report.
The various applications of contactless payments are food and groceries, pharmacy and drug stores, restaurants and bars, consumer electronics, and media and entertainment, among others.
The major players in the market are Pax Technologies Pvt. Ltd., Proxama PLC, VeriFone Holdings, Inc., Wirecard AG, On Track Innovations Ltd., and Ingenico Group S.A., among others.
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