The global contactless payment market was estimated to USD 7,150 million in 2018 and expected to grow at a considerable CAGR of 15.5% during the forecast period 2019-2025. Contactless payment services are being adopted rapidly in order to make the financial transaction easy and fast. Contactless payment has evolved with the emergence of digital payments over the last decades. Fintech sector is responsible for development in digital payment services. The sector is revolutionizing the payment services in the potential region of Asia-Pacific due to increasing demand for digital platforms for the financial sector. Contactless payments work on the RFID (Radio Frequency Identification) or NFC technology. Contactless payment is effectively adopted in sectors dealing with a huge number of financial transactions such as BFSI (Banking, Financial Services, and Insurance), supermarkets, shopping centers, transportation, and various other sectors. Additionally, with the ease of operation, consumers are inclined to contactless payment services. Government initiatives for the adoption of digital financial services in order to develop a digital economy and to curb unaccounted money is augmenting the value for global contactless payment market.

Global contactless payment market is segmented on the basis of devices into smartphones, smart cards, PoS terminals, and others such as wearable devices. On the basis of end-user, the market is segmented into retail, telecommunication, BFSI, and others such as healthcare. The retail sector is estimated to increase the adoption of contactless payment services in order to reduce payment time for costumers and ease the process.

In the geographic overview, the market is divided into North America, Europe, Asia-Pacific and Rest of the World. North America region is leading the global contactless payment market due to the established user base for mobile payments. Adoption of digital financial services attributes to the substantial share of North America in global contactless payment market. Europe is the second largest market due to the rapid adoption of contactless payment at almost every point of sale terminal. Asia-Pacific is the fastest emerging region for global contactless payment market due to increasing efforts of governments for the adoption of digital payments.

Global contactless payment market comprises of various companies such as Wirecard AG, Gemalto N.V., Thales Group, Mifare Pvt. Ltd. Square Inc., and Glance Technologies Inc., among others. The companies are focused on platform innovation with the help of anti-fraud technologies. The companies are focused on the retail sector and are expanding the geographic presence according to the consumer base. Collaborations in the fintech sector remain one of the primary strategies which help to gain a competitive advantage over competitors.

Research methodology:

The market study of the global contactless payment market is incorporated by extensive primary and secondary research conducted by a research team at OMR.  Secondary research has been conducted to refine the available data to break down the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macroeconomic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.

Secondary sources include:

• Financial reports of companies involved in the market
• Authentic Public Databases such as the US Department of the Treasury, Bureau of the Fiscal Service
• Whitepapers, research-papers and news blogs
• Company websites and their product catalog.

The report is intended for ICT companies, payment security solution providers, investment companies, government organizations, end-user industry for overall market analysis and competitive analysis. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models delivering insights into the market for better business decisions.

Market segmentation:

1. Global Contactless Payment Market Research and Analysis by Device
2. Global Contactless Payment Market Research and Analysis by End-User

The report covers:

• Comprehensive research methodology of the global contactless payment market .
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global contactless payment market.
• Insights about market determinants which are stimulating the global contactless payment.
• Detailed and extensive market segments with regional distribution of forecast revenues.
• Extensive profiles and recent developments of market players.