Contactless Payments Market to Grow at 5,424 billion by 2027: COVID Impact & Post COVID Analysis, Business Opportunities, and Strategies



 Consumers can use smart cards, wearables, key fobs, smartphones, and other devices to make contactless payments, which are a safe way to pay for goods and services. To support contactless transactions in the contactless payment business, radio-frequency identification (RFID) and near field communication (NFC) technologies are primarily used. Furthermore, transaction devices with an inbuilt chip and antenna allow customers to wave or tap their smart cards, key fobs, or mobile gadgets over a scanner at a point of sale (POS) terminal.

From 2020 to 2027, the global contactless payment market is expected to develop at a CAGR of 20.6 percent, from $1,168 billion in 2019 to $5,424 billion in 2027.

The speedy and secure transactions, real-time transaction processing, and reduced time for performing payments, as well as other benefits given by contactless payment options, have contributed to the rise of the contactless payment market. In addition, the market is expected to grow due to an increase in demand for mobile and wearable payment devices, as well as merchant acceptance of technology for low-value transactions.

Increased laws and regulations enforced by banks on payment are some of the issues that are limiting the expansion of the Contactless payment business. Furthermore, expanding markets, particularly rising economies such as Australia, China, India, Singapore, and South Korea, gives considerable prospects for contactless payment solution providers to extend and develop their solutions. Moreover, during the projected period, the integration of the Internet of Things (IoT) with an existing contactless payment terminal is expected to generate attractive opportunities.

In 2019, the smartphone and wearable category dominated the contactless payment market, and this trend is expected to continue throughout the forecast period. The rise in the adoption of smartphones and wearable devices among the youth of various countries drives the growth of the market in this segment. However, the smart cards segment is expected to witness a significant growth rate during the forecast period, owing to the growing demand for smartcards across various industries and the penetration of blockchain technology among various smartcard providers to enhance the security of the cards.

Because of the increased use and the popularity of online and digitalized payment methods around the world, the COVID-19 pandemic has had a tremendous impact on the contactless payment business. Furthermore, to prevent the spread of the virus, certain localities have enforced a lockdown, which has resulted in a decrease in currency usage. As a result, the demand for contactless payments is increasing.

The following are some of the most well-known players in the global contactless payment market:

 

Gemalto N.V.

Visa Inc.

Giesecke & Devrient GmbH,

Heartland Payment Systems 

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