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Global Contactless Payment Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report – Segmentation By Device (Smartphones And Accessories, Point Of Sale Terminals And Smart Cards), Solution (Payment Terminal Solution, Transaction Management, Fraud Management, Hosted POS), Application (Retail, Transportation, Healthcare, Hospitality and Government) and Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) – Industry Analysis (2024 to 2029)

Published: March, 2023
ID: 8287
Pages: 170
Formats: report pdf report excel report power bi report ppt

Global Contactless Payment Market Size (2024 to 2029)

The global contactless payments market size was valued at USD 44.81 billion in 2023. The global market is estimated to be growing at a CAGR of 21.5% from 2024 to 2029 and be worth USD 144.1 bn by 2029 from USD 54.44 bn in 2024.

Contactless payment is a way of securing payment transactions that are made using technologies such as Bluetooth, infrared (IR), radio frequency identification (RFID), and near-field communication (NFC). Contactless payment takes almost a tenth of the time that traditional electronic transactions take, making it easier for customers. The need to make payment safer and the convenience of paying quickly without cash or identity details make contactless payment a popular game changer. Initially, contactless cards were only used in the form of travel tickets; They have evolved and helped consumers make payments for almost everything. A point to focus on is that these payments will have an upper limit and a restricted number of daily transactions. This allows the transaction to take place without any physical connection between the consumer's payment device and the point of sale terminal. Mobile phone payments, key chains, stickers and cards are some of the devices used to make contactless payments.

Contactless payments offer efficient and fast payment solutions via an EMV contactless card, an NFC mobile phone, or a standard contactless travel card. Near Field Communication (NFC) technology allows contactless payments with the use of standards-based wireless communication technology for the exchange of information between a device and a point-of-sale terminal, providing a better and trouble-free customer experience. In addition, NFC is used in the mobile wallet, which is handy for secure money transfers and ticket transactions.

Global Contactless Payment Market Drivers:

The global contactless payment market is primarily driven by the rising penetration of the Internet, as a robust Internet connection is vital for this kind of payment. The number of Internet users in 2018 has touched almost 4 billion, with a year-on-year growth rate of approximately 7%. In addition, with the rise of digitalization and smart cities, people will be more inclined to use contactless payment methods because they offer convenience and faster payment terms. Also, smartphone manufacturers are launching contactless payment methods like Samsung Pay. All of this will help develop the market for contactless payment terminals. Applications like Google Pay, Apple Pay, Samsung Pay and many others stimulate the market by offering money transfers, rewards and many other easy-to-use benefits. North America recorded the highest Internet penetration rate, trailed by Europe, Australia and Latin America. The average Internet penetration rate across the globe is 56.80%. With the increasing level of Internet penetration, people are adapting to new technologies and becoming more and more technology-oriented. This stimulates the contactless payment market.

Several factors are contributing to the growth of contactless payment systems, such as advancements in contactless payment technology, a greater awareness of plastic money among buyers, a higher frequency of purchases, and a need for fast transaction time with no hassle of staying in long queues. Contactless payment continues to evolve, making it a useful interface between consumers and retailers, advertisers and merchants. Increased penetration of the Internet will also stimulate the market for contactless payment in the coming years.

Global Contactless Payment Market Restraints:

The initial setup cost, the government limitation on the number of contactless payment transactions per day, and the limitation on the amount that can be done per day are some deficiencies of contactless payment that hinder the growth of the contactless payment market. The risk of spyware, malware and virus attacks from the use of multiple systems limits the adoption of contactless payments worldwide. The poor knowledge of this payment method, particularly in Asia-Pacific and Latin America, further restricts growth in the global contactless payments market.




Market Size Available

2023 to 2029

Base Year


Forecast Period

2024 to 2029



Segments Covered

By Device, Solution, Application and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa




Market Leaders Profiled

Gemalto (Netherlands), Infineon (Germany), Ingenico (France), Wirecard (Germany), Verifone (United States), Giesecke + Devrient (Germany), IDEMIA (France), On Track Innovations (Israel), Identiv (United States), CPI Card Group (United States), Bitel (South Korea), Setomatic Systems (United States), Valitor (Iceland), PAX Global Technology (China), MYPINPAD ( United Kingdom), Mobeewave (United Kingdom), Alcineo (South Africa), Castles (Taiwan), SumUp (United Kingdom), PayCore (Istanbul) and Others.


This research report on the global contactless payment market research report is segmented and sub-segmented into the following categories:

Contactless Payment Market - By Device:

  • Smartphones And Accessories
  • Point Of Sale Terminals
  • Smart Cards

Several financial service providers offer a more convenient payment mechanism and transaction volumes through secure transaction devices. The use of smartphones in daily activities has increased considerably. For example, people now use smartphones to make payments in stores. Also, innovations in wearable devices such as payment bands and rings are expected to stimulate market demand during the forecast period.

Contactless Payment Market - By Solution:

  • Payment Terminal Solution
  • Transaction Management
  • Fraud Management
  • Hosted POS

The payment terminal solution accounted for a significant share in 2023 and is expected to continue to grow over the forecast period. Transactions made through contactless payments are susceptible to fraud because people have become more aware of the use of these systems. Several contactless technology providers like Gemalto and Visa Inc., continually improve their security protocols to improve security management in the contactless payment market. As such, the fraud and security management segment is expected to grow over the outlook period.

Contactless Payment Market - By Application:

  • Retail
  • Transportation
  • Healthcare
  • Hospitality
  • Government

The retail and consumer goods sector offers quick transactions to speed up the payment process, which is likely to further stimulate demand in these segments. In addition, these payments also find uses in service companies, such as cinemas, service stations, restaurants, and convenience stores, which stimulate the demand for contactless payments in the retail industry.

Contactless Payment Market - By Region:

  • North America
  • Europe
  • Middle East & Africa
  • Latin America
  • Asia Pacific

North America is anticipated to dominate the market over the prediction period due to various advances in smart chip technology. The strong penetration of smartphones should stimulate demand in Europe. The growth in this area is mainly credited to the surge in the adoption rate, regulatory policies like Euro MasterCard Visa (EMV), the adoption of NFC technology and the strong standards related to smart cards.


The major companies in the global contactless payments market are Gemalto (Netherlands), Infineon (Germany), Ingenico (France), Wirecard (Germany), Verifone (United States), Giesecke + Devrient (Germany), IDEMIA (France), On Track Innovations (Israel), Identiv (United States), CPI Card Group (United States), Bitel (South Korea), Setomatic Systems (United States), Valitor (Iceland), PAX Global Technology (China), MYPINPAD ( United Kingdom), Mobeewave (United Kingdom), Alcineo (South Africa), Castles (Taiwan), SumUp (United Kingdom) and PayCore (Istanbul).


  • In January 2020, the CPI Card Group introduced dual-interface metal cards that uniquely combine high-quality design and contactless capabilities.
  • In October 2019, Mobeewave and IDEMIA widened their partnership to implement a secure mobile POS and the validation of tariffs in Australia.
  • In August 2019, Wirecard and Sisal Group signed a deal in the field of contactless payment solutions.
  • In April 2019, OTI, a renowned near field communication (NFC) and cashless payment solutions provider in the world, declared the receipt of a colossal order for rail ticketing systems with around 6,000 advanced payment systems.

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What factors are contributing to the growth of the global contactless payment market?

Factors such as the growing preference for convenient and hygienic payment methods, technological advancements in payment infrastructure, and the rise of mobile payment solutions are driving the growth of the global contactless payment market.

Which regions are leading in terms of market share for contactless payments?

Currently, regions such as North America, Europe, and Asia-Pacific are leading in terms of market share for contactless payments, with robust adoption rates and well-established contactless payment infrastructures.

What impact has the COVID-19 pandemic had on the global contactless payment market?

The COVID-19 pandemic has accelerated the adoption of contactless payments as consumers seek touch-free and hygienic payment options. This has led to an increased demand for contactless payment solutions globally.

Who are the key players in the contactless payment market?

Gemalto (Netherlands), Infineon (Germany), Ingenico (France), Wirecard (Germany), Verifone (United States), Giesecke + Devrient (Germany), IDEMIA (France), On Track Innovations (Israel), Identiv (United States), CPI Card Group (United States), Bitel (South Korea), Setomatic Systems (United States), Valitor (Iceland), PAX Global Technology (China), MYPINPAD ( United Kingdom), Mobeewave (United Kingdom), Alcineo (South Africa), Castles (Taiwan), SumUp (United Kingdom) and PayCore (Istanbul) are some of the major companies in the global contactless payment market. 

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