According to a report, “Contactless Payment Market Size, Share & Trends Analysis Report By Device (Smartphones & Wearables, Point-of-Sales Terminals, Smart Cards), By Solution, By Application, By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc.,The global contactless payment market is expected to witness a CAGR of 19.8%, according to the new report by Grand View Research, Inc. Contactless payment solutions are gradually becoming a vital part of the payments process across various industries. Several businesses are making use of the NFC or RFID technologies in different ways which is a safe and convenient payment option of their purchases via contactless methods such as contactless card (RFID/NFC), wearable devices, and devoted contactless mobile payment apps.
The market is exponentially driven by benefits such as improved service delivery and reduction in transaction time offered by contactless payments. This has resulted in a substantial rise in the number of users. Cost effectiveness and easy installation are the two key features of contactless solutions. The popularly booming trend of making payments using QR codes via mobile phone applications is anticipated to drive the market demand. People fundamentally prefer using such payment options as it has eliminated the need to carry cash. According to an August 2020 survey conducted by the National Retail Federation and Forrester, 67% of retailer respondents are proactively using some form of no-touch payment solution. The survey found that more than 58% accept contactless cards and has increase from 40% last year.
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Further findings from the report suggest:
Application Insights
In terms of transaction value, the retail application segment accounted for around 62% of the market share in 2019. The growth can be attributed to an increase in the number of ‘tap-and-go’ transactions across the globe. The tap-and-go feature speeds up the check-out process and thus contactless payments are being preferred by the customers in developed as well as developing nations. Besides, contactless payments also find uses in service businesses, such as movie theaters, gas stations, restaurants, and convenience stores, thereby boosting the payments in the retail sector.
Major Players:
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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