Summary

The contactless payments market is expected to grow from US$ 33.27 billion in 2023 to US$ 91.80 billion by 2031; it is estimated to record a CAGR of 13.5% from 2023 to 2031.

According to a 2021 report by Mastercard, over 85% of consumers in the Middle East & Africa (MEA) have experimented with new payment methods, including mobile wallets and devices that facilitate payments. In the evolving retail landscape, digital payments have transitioned from being a luxury to a necessity. Even before the COVID-19 pandemic, tech-savvy consumers were using their mobile phones for in-store purchases. However, the pandemic accelerated the shift to digital payments, as people sought to minimize physical touch points and cash usage. Consequently, governments in the MEA have introduced initiatives to promote touch-free payments, which is further driving the contactless payments market in the region.

Companies are launching innovative solutions in South America to expand their reach in the market. For instance, in January 2024, Visa, a global frontrunner in digital payments, unveiled its latest pilot program in Latin America and the Caribbean. This cutting-edge technology enables consumers to seamlessly complete online transactions by simply tapping their Visa debit, prepaid, or credit cards on their NFC-enabled Android smartphones, enhancing the payment process with added convenience, speed, and security. This pioneering solution effectively turns consumers' phones into their contactless payment terminals, streamlining the e-commerce experience.

According to figures from the Reserve Bank of India, as of March 2022, there were over 73.6 million credit cards, over 917 million debit cards, and more than 6 million terminals in India. At the same time, contactless card adoption and the rollout of NFC-capable terminals have continued to increase. Furthermore, as per Worldline India, the proportion of contactless transactions in supermarkets increased from 25% in January 2020 to 31% in January 2022. Grocery, fuel stations, restaurants, and QSRs stand out as the primary market segments for card expenditure, accounting for 80% of the volume and 60% of the value of all card transactions. These stats highlight the widespread usage of contactless payment in the country, driving the market growth.

In Japan, contactless payment options have gained significant traction, providing both residents and visitors with enhanced convenience and efficiency. Contactless payment smartphone applications and QR code payment methods, such as PayPay, LinePay, Rpay (Rakuten Pay), and MerPay, are widely embraced in Japan and can be pre-downloaded to streamline transactions and save time. Additionally, Japan's association with contactless payments is distinctive, exemplified by the widespread adoption of digital Pasmo and Suica transport cards as a popular form of electronic payment, initially intended for public transport but now widely accepted at various retail outlets across the country. Moreover, the utilization of contactless electronic payment systems, known as cashless payments in Japan, has expanded significantly, with RFID technology enabling secure transactions using debit or credit cards, IC cards, or other payment devices. Contactless payments are already accessible at most major convenience stores, retailers, and other establishments throughout Japan.

Infineon Technologies AG, Ingenico, Giesecke+Devrient GmbH, IDEMIA, CPI Card Group Inc., PAX Technology, SumUp Payments Pty Limited, Castles Technology, Visa Inc., and Mastercard are among the key contactless payments market players profiled in this market study. Several other essential contactless payments market players were also analyzed for a holistic view of the market and its ecosystem.

The overall contactless payments market size has been derived using both primary and secondary sources. To begin the contactless payments market research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the contactless payments market. The process also serves the purpose of obtaining an overview and market forecast of the contactless payments market growth with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the contactless payments market.

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Table of Contents

TABLE OF CONTENTS

1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Contactless Payments Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Hardware Providers
4.3.2 Solution and Service Providers
4.3.3 Logistics and Supply Chain Management Providers
4.3.4 End Users
4.3.5 List of Vendors in the Value Chain
5. Contactless Payments Market – Key Market Dynamics
5.1 Contactless Payments Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Increase in Government Initiatives to Promote Digital Payments
5.2.2 Efficiency and Cost-Effectiveness of Contactless Payments
5.3 Market Restraints
5.3.1 Potential Security Concerns and Limitations
5.4 Market Opportunities
5.4.1 Technological Advancements in Contactless Payments
5.4.2 IoT-Embedded Contactless Payment
5.5 Future Trends
5.5.1 Voice-Based Payments with Voice Match Confirmation
5.6 Impact of Drivers and Restraints:
6. Contactless Payments Market – Global Market Analysis
6.1 Contactless Payments Market Revenue (US$ Million), 2021–2031
6.2 Contactless Payments Market Forecast Analysis
7. Contactless Payments Market Analysis – by Payment Mode
7.1 Smartphones
7.1.1 Overview
7.1.2 Smartphones: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Smart Cards
7.2.1 Overview
7.2.2 Smart Cards: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
7.3 PoS Terminals
7.3.1 Overview
7.3.2 PoS Terminals: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
7.4 Others
7.4.1 Overview
7.4.2 Others: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
8. Contactless Payments Market Analysis – by Components
8.1 Hardware
8.1.1 Overview
8.1.2 Hardware: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Solutions
8.2.1 Overview
8.2.2 Solutions: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Services
8.3.1 Overview
8.3.2 Services: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9. Contactless Payments Market Analysis – by Industry Verticals
9.1 Retail
9.1.1 Overview
9.1.2 Retail: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Hospitality
9.2.1 Overview
9.2.2 Hospitality: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Healthcare
9.3.1 Overview
9.3.2 Healthcare: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9.4 Transportation and Logistics
9.4.1 Overview
9.4.2 Transportation and Logistics: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9.5 Media and Entertainment
9.5.1 Overview
9.5.2 Media and Entertainment: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10. Contactless Payments Market – Geographical Analysis
10.1 Overview
10.2 North America
10.2.1 North America Contactless Payments Market Overview
10.2.2 North America: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.2.3 North America: Contactless Payments Market Breakdown, by Payment Mode
10.2.3.1 North America: Contactless Payments Market – Revenue and Forecast Analysis – by Payment Mode
10.2.4 North America: Contactless Payments Market Breakdown, by Components
10.2.4.1 North America: Contactless Payments Market – Revenue and Forecast Analysis – by Components
10.2.5 North America: Contactless Payments Market Breakdown, by Industry Verticals
10.2.5.1 North America: Contactless Payments Market – Revenue and Forecast Analysis – by Industry Verticals
10.2.6 North America: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.2.6.1 North America: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.2.6.2 United States: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.2.6.2.1 United States: Contactless Payments Market Breakdown, by Payment Mode
10.2.6.2.2 United States: Contactless Payments Market Breakdown, by Components
10.2.6.2.3 United States: Contactless Payments Market Breakdown, by Industry Verticals
10.2.6.3 Canada: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.2.6.3.1 Canada: Contactless Payments Market Breakdown, by Payment Mode
10.2.6.3.2 Canada: Contactless Payments Market Breakdown, by Components
10.2.6.3.3 Canada: Contactless Payments Market Breakdown, by Industry Verticals
10.2.6.4 Mexico: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.2.6.4.1 Mexico: Contactless Payments Market Breakdown, by Payment Mode
10.2.6.4.2 Mexico: Contactless Payments Market Breakdown, by Components
10.2.6.4.3 Mexico: Contactless Payments Market Breakdown, by Industry Verticals
10.3 Europe
10.3.1 Europe Contactless Payments Market Overview
10.3.2 Europe: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.3.3 Europe: Contactless Payments Market Breakdown, by Payment Mode
10.3.3.1 Europe: Contactless Payments Market – Revenue and Forecast Analysis – by Payment Mode
10.3.4 Europe: Contactless Payments Market Breakdown, by Components
10.3.4.1 Europe: Contactless Payments Market – Revenue and Forecast Analysis – by Components
10.3.5 Europe: Contactless Payments Market Breakdown, by Industry Verticals
10.3.5.1 Europe: Contactless Payments Market – Revenue and Forecast Analysis – by Industry Verticals
10.3.6 Europe: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.3.6.1 Europe: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.3.6.2 Germany: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.2.1 Germany: Contactless Payments Market Breakdown, by Payment Mode
10.3.6.2.2 Germany: Contactless Payments Market Breakdown, by Components
10.3.6.2.3 Germany: Contactless Payments Market Breakdown, by Industry Verticals
10.3.6.3 United Kingdom: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.3.1 United Kingdom: Contactless Payments Market Breakdown, by Payment Mode
10.3.6.3.2 United Kingdom: Contactless Payments Market Breakdown, by Components
10.3.6.3.3 United Kingdom: Contactless Payments Market Breakdown, by Industry Verticals
10.3.6.4 France: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.4.1 France: Contactless Payments Market Breakdown, by Payment Mode
10.3.6.4.2 France: Contactless Payments Market Breakdown, by Components
10.3.6.4.3 France: Contactless Payments Market Breakdown, by Industry Verticals
10.3.6.5 Italy: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.5.1 Italy: Contactless Payments Market Breakdown, by Payment Mode
10.3.6.5.2 Italy: Contactless Payments Market Breakdown, by Components
10.3.6.5.3 Italy: Contactless Payments Market Breakdown, by Industry Verticals
10.3.6.6 Russian Federation: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.6.1 Russian Federation: Contactless Payments Market Breakdown, by Payment Mode
10.3.6.6.2 Russian Federation: Contactless Payments Market Breakdown, by Components
10.3.6.6.3 Russian Federation: Contactless Payments Market Breakdown, by Industry Verticals
10.3.6.7 Rest of Europe: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.7.1 Rest of Europe: Contactless Payments Market Breakdown, by Payment Mode
10.3.6.7.2 Rest of Europe: Contactless Payments Market Breakdown, by Components
10.3.6.7.3 Rest of Europe: Contactless Payments Market Breakdown, by Industry Verticals
10.4 Asia Pacific
10.4.1 Asia Pacific Contactless Payments Market Overview
10.4.2 Asia Pacific: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.4.3 Asia Pacific: Contactless Payments Market Breakdown, by Payment Mode
10.4.3.1 Asia Pacific: Contactless Payments Market – Revenue and Forecast Analysis – by Payment Mode
10.4.4 Asia Pacific: Contactless Payments Market Breakdown, by Components
10.4.4.1 Asia Pacific: Contactless Payments Market – Revenue and Forecast Analysis – by Components
10.4.5 Asia Pacific: Contactless Payments Market Breakdown, by Industry Verticals
10.4.5.1 Asia Pacific: Contactless Payments Market – Revenue and Forecast Analysis – by Industry Verticals
10.4.6 Asia Pacific: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.4.6.1 Asia Pacific: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.4.6.2 Australia: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.2.1 Australia: Contactless Payments Market Breakdown, by Payment Mode
10.4.6.2.2 Australia: Contactless Payments Market Breakdown, by Components
10.4.6.2.3 Australia: Contactless Payments Market Breakdown, by Industry Verticals
10.4.6.3 China: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.3.1 China: Contactless Payments Market Breakdown, by Payment Mode
10.4.6.3.2 China: Contactless Payments Market Breakdown, by Components
10.4.6.3.3 China: Contactless Payments Market Breakdown, by Industry Verticals
10.4.6.4 India: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.4.1 India: Contactless Payments Market Breakdown, by Payment Mode
10.4.6.4.2 India: Contactless Payments Market Breakdown, by Components
10.4.6.4.3 India: Contactless Payments Market Breakdown, by Industry Verticals
10.4.6.5 Japan: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.5.1 Japan: Contactless Payments Market Breakdown, by Payment Mode
10.4.6.5.2 Japan: Contactless Payments Market Breakdown, by Components
10.4.6.5.3 Japan: Contactless Payments Market Breakdown, by Industry Verticals
10.4.6.6 South Korea: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.6.1 South Korea: Contactless Payments Market Breakdown, by Payment Mode
10.4.6.6.2 South Korea: Contactless Payments Market Breakdown, by Components
10.4.6.6.3 South Korea: Contactless Payments Market Breakdown, by Industry Verticals
10.4.6.7 Rest of APAC: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.7.1 Rest of APAC: Contactless Payments Market Breakdown, by Payment Mode
10.4.6.7.2 Rest of APAC: Contactless Payments Market Breakdown, by Components
10.4.6.7.3 Rest of APAC: Contactless Payments Market Breakdown, by Industry Verticals
10.5 Middle East and Africa
10.5.1 Middle East and Africa Contactless Payments Market Overview
10.5.2 Middle East and Africa: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.5.3 Middle East and Africa: Contactless Payments Market Breakdown, by Payment Mode
10.5.3.1 Middle East and Africa: Contactless Payments Market – Revenue and Forecast Analysis – by Payment Mode
10.5.4 Middle East and Africa: Contactless Payments Market Breakdown, by Components
10.5.4.1 Middle East and Africa: Contactless Payments Market – Revenue and Forecast Analysis – by Components
10.5.5 Middle East and Africa: Contactless Payments Market Breakdown, by Industry Verticals
10.5.5.1 Middle East and Africa: Contactless Payments Market – Revenue and Forecast Analysis – by Industry Verticals
10.5.6 Middle East and Africa: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.5.6.1 Middle East and Africa: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.5.6.2 South Africa: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.2.1 South Africa: Contactless Payments Market Breakdown, by Payment Mode
10.5.6.2.2 South Africa: Contactless Payments Market Breakdown, by Components
10.5.6.2.3 South Africa: Contactless Payments Market Breakdown, by Industry Verticals
10.5.6.3 Saudi Arabia: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.3.1 Saudi Arabia: Contactless Payments Market Breakdown, by Payment Mode
10.5.6.3.2 Saudi Arabia: Contactless Payments Market Breakdown, by Components
10.5.6.3.3 Saudi Arabia: Contactless Payments Market Breakdown, by Industry Verticals
10.5.6.4 United Arab Emirates: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.4.1 United Arab Emirates: Contactless Payments Market Breakdown, by Payment Mode
10.5.6.4.2 United Arab Emirates: Contactless Payments Market Breakdown, by Components
10.5.6.4.3 United Arab Emirates: Contactless Payments Market Breakdown, by Industry Verticals
10.5.6.5 Rest of Middle East and Africa: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.5.1 Rest of Middle East and Africa: Contactless Payments Market Breakdown, by Payment Mode
10.5.6.5.2 Rest of Middle East and Africa: Contactless Payments Market Breakdown, by Components
10.5.6.5.3 Rest of Middle East and Africa: Contactless Payments Market Breakdown, by Industry Verticals
10.6 South and Central America
10.6.1 South and Central America Contactless Payments Market Overview
10.6.2 South and Central America: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.6.3 South and Central America: Contactless Payments Market Breakdown, by Payment Mode
10.6.3.1 South and Central America: Contactless Payments Market – Revenue and Forecast Analysis – by Payment Mode
10.6.4 South and Central America: Contactless Payments Market Breakdown, by Components
10.6.4.1 South and Central America: Contactless Payments Market – Revenue and Forecast Analysis – by Components
10.6.5 South and Central America: Contactless Payments Market Breakdown, by Industry Verticals
10.6.5.1 South and Central America: Contactless Payments Market – Revenue and Forecast Analysis – by Industry Verticals
10.6.6 South and Central America: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.6.6.1 South and Central America: Contactless Payments Market – Revenue and Forecast Analysis – by Country
10.6.6.2 Brazil: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.6.6.2.1 Brazil: Contactless Payments Market Breakdown, by Payment Mode
10.6.6.2.2 Brazil: Contactless Payments Market Breakdown, by Components
10.6.6.2.3 Brazil: Contactless Payments Market Breakdown, by Industry Verticals
10.6.6.3 Argentina: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.6.6.3.1 Argentina: Contactless Payments Market Breakdown, by Payment Mode
10.6.6.3.2 Argentina: Contactless Payments Market Breakdown, by Components
10.6.6.3.3 Argentina: Contactless Payments Market Breakdown, by Industry Verticals
10.6.6.4 Rest of South and Central America: Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.6.6.4.1 Rest of South and Central America: Contactless Payments Market Breakdown, by Payment Mode
10.6.6.4.2 Rest of South and Central America: Contactless Payments Market Breakdown, by Components
10.6.6.4.3 Rest of South and Central America: Contactless Payments Market Breakdown, by Industry Verticals
11. Competitive Landscape
11.1 Company Positioning & Concentration
11.2 Heat Map Analysis by Key Players
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
13. Company Profiles
13.1 Thales SA
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Infineon Technologies AG
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Ingenico Group SA
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Giesecke+Devrient GmbH
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 IDEMIA France SAS
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 PAX Technology
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 SumUp Inc.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Visa Inc
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Mastercard Inc
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 CPI Card Group Inc
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 Word Index
14.2 About The Insight Partners