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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Contactless Payments Market Regional Analysis
The Asia Pacific is expected to be a Significant Regional Market for Contactless Payment
The Asia Pacific is expected to be a major regional market for contactless payments in the coming years and is projected to witness robust growth over the forecast period. The contactless payments industry in the region is being driven by the rising penetration of smartphones and flourishing e-commerce, leading to an increased adoption of digital wallets. QR codes are gaining increasing popularity in the Asia Pacific, which is further propelling the growth of the market in the region. The COVID-19 pandemic has also positively affected the contactless payments industry in the Asia Pacific region. Online shopping became necessary during lockdowns and various restrictions on physical stores amidst the pandemic, further fuelling the growth of the digital payment industry in the region.
Within the Asia Pacific, India is witnessing strong growth in terms of the adoption of digital payments. The contactless payment market has been witnessing robust growth in India, especially since the demonetisation of a few currency notes, which happened in 2016. The introduction of favourable government initiatives and the development of the UPI system has further propelled the growth of the market.
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 2023, 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 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 12,633.98 billion by 2032.
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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