Contactless Payment Market 2025: The Critical Role of Mobile Payment Devices And The Contactless Payment Market Surge Driver in Industry Evolution
The contactless payment market size is expected to see exponential growth in the next few years. It will grow to $150.06 billion in 2029 at a compound annual growth rate (CAGR) of 21.0%. The growth in the forecast period can be attributed to the expansion of contactless payment infrastructure, rising demand for frictionless and secure payment, increasing consumer awareness, government initiatives promoting cashless economies, and growing preference for convenient and hygienic payment methods. Major trends in the forecast period include a surge in mobile wallet adoption, expansion of wearable payments, the rise of contactless cards, integration of biometric authentication, and the emergence of QR code payments.
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What key drivers have fueled the contactless payment market’s development over the years?
The surge in demand for mobile payment devices is expected to propel the growth of the contactless payment market going forward. Mobile payment devices typically refer to smartphones, tablets, or dedicated hardware that enable users to make transactions using digital wallets or payment apps. The rise in demand for mobile payment devices is driven by convenience, security, and the increasing digitization of commerce. Mobile payment devices enable contactless payments by utilizing near-field communication (NFC) technology, allowing users to simply tap their device at a compatible terminal to complete transactions. For instance, in February 2024, according to a report published by Uswitch Limited, a UK-based price comparison service, there were 71.8 million mobile connections in the UK, surpassing the country's population by 4.2 million. This marked a 3.8% increase from 2021, equivalent to approximately 2.6 million more connections. It is anticipated that by 2025, 95% of the UK's 68.3 million residents will be using smartphones. Therefore, the surge in demand for mobile payment devices is driving the growth of the contactless payment market.
What is the segmentation for the contactless payment market?
The contactless payment market covered in this report is segmented –
1) By Component: Hardware, Solution, Service
2) By Technology: Near Field Communication (NFC), Radio Frequency Identification (RFID), Infrared (IR), Other Technologies
3) By Payment Mode: Smartphone, Smartcard, Other Payment Modes
4) By Vertical: Banking, Financial Services And Insurance (BFSI), Hospitality And Travel, Media And Entertainment, Retail, Transportation And Logistics, Healthcare, Other Verticals
Subsegments:
1) By Hardware: Point Of Sale (Pos) Terminals, Contactless Card Readers, Near Field Communication (Nfc) Chips, Smartphones And Wearables (With Nfc), Contactless Payment Terminals (Mobile And Fixed)
2) By Solution: Contactless Payment Processing Solutions, Mobile Wallet Solutions, Contactless Payment Gateway Solutions, Digital Payment Platforms, Cloud-Based Payment Solutions, Security And Fraud Prevention Solutions, Tokenization Solutions
3) By Service: Consulting And Advisory Services, Integration And Implementation Services, Transaction And Payment Processing Services, Security And Compliance Services, Customer Support And Maintenance Services, Payment Authentication Services
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Who are the most influential companies in the contactless payment market?
Major companies operating in the contactless payment market are Apple Inc., American Express Company, Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, Fiserv Inc., Square Inc., Stripe Inc., Intuit Inc., Adyen N.V., Global Payments Inc., Shopify Inc., Worldline, Klarna Bank AB, Ingenico Group, SumUp Inc., Verifone Inc., PayU, First Data Corporation, UnionPay International Co. Ltd., Wirecard AG
What are the top industry trends projected to impact the contactless payment market?
Major companies operating in the contactless payments market are developing innovative products, such as tokenizable payment wearables, to enhance convenience and promote seamless transactions for consumers. Tokenizable wearable devices enable secure and convenient contactless payments by generating one-time tokens for transactions, enhancing user privacy and security. For instance, in March 2024, IndusInd Bank Limited, an India-based financial services provider, launched Indus PayWear, the first all-in-one tokenizable wearable device for contactless payments using both debit and credit cards in India. It transforms the payment process by enabling users to seamlessly tokenize their IndusInd Bank cards onto a chip-enabled wearable device, facilitating swift and secure tap-and-pay transactions at contactless point-of-sale terminals worldwide, and eliminating the necessity for physical cards or payment apps.
What are the major regional insights for the contactless payment market, and which region holds the top position?
North America was the largest region in the contactless payment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contactless payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Contactless Payment Market Report 2025 Offer?
The contactless payment market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Contactless payment refers to a method where transactions are completed by tapping or waving a contactless-enabled card, smartphone, or wearable device near a terminal, allowing for quick and secure payments without the need for physical contact or the insertion of a card. This method decreases friction at the checkout, speeds up transactions, and improves efficiency for both customers and businesses by eliminating the requirement for physical contact between the payment card or device and the POS (point-of-sale) terminal.
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