Contactless Payments Market Market Research Insights with Upcoming Trends, Size, Share, Segmentation, Business Opportunities and Forecast to 2031

The Contactless Payments Market is expected to grow from US$ 33.27 billion in 2023 to US$ 91.80 billion by 2031; it is estimated to record a CAGR of 13.5% from 2023 to 2031.

According to a 2021 report by Mastercard, over 85% of consumers in the Middle East & Africa (MEA) have experimented with new payment methods, including mobile wallets and devices that facilitate payments. In the evolving retail landscape, digital payments have transitioned from being a luxury to a necessity. Even before the COVID-19 pandemic, tech-savvy consumers were using their mobile phones for in-store purchases. However, the pandemic accelerated the shift to digital payments, as people sought to minimize physical touch points and cash usage. Consequently, governments in the MEA have introduced initiatives to promote touch-free payments, which is further driving the contactless payments market in the region.

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Analysis of the Top Market Players:

1. Thales SA
2. Infineon Technologies AG
3. Ingenico Group SA
4. Giesecke+Devrient GmbH
5. IDEMIA France SAS
6. PAX Technology
7. SumUp Inc.
8. Visa Inc
9. Mastercard Inc
10. CPI Card Group Inc

In this report, the market has been segmented on the basis of:

Payment Mode
• Smartphones
• Smart Cards
• PoS Terminals

Component
• Hardware
• Solutions
• Services

Industry Vertical
• Retail
• Hospitality
• Healthcare
• Transportation & Logistics
• Media & Entertainment

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Companies are launching innovative solutions in South America to expand their reach in the market. For instance, in January 2024, Visa, a global frontrunner in digital payments, unveiled its latest pilot program in Latin America and the Caribbean. This cutting-edge technology enables consumers to seamlessly complete online transactions by simply tapping their Visa debit, prepaid, or credit cards on their NFC-enabled Android smartphones, enhancing the payment process with added convenience, speed, and security. This pioneering solution effectively turns consumers' phones into their contactless payment terminals, streamlining the e-commerce experience.

According to figures from the Reserve Bank of India, as of March 2022, there were over 73.6 million credit cards, over 917 million debit cards, and more than 6 million terminals in India. At the same time, contactless card adoption and the rollout of NFC-capable terminals have continued to increase. Furthermore, as per Worldline India, the proportion of contactless transactions in supermarkets increased from 25% in January 2020 to 31% in January 2022. Grocery, fuel stations, restaurants, and QSRs stand out as the primary market segments for card expenditure, accounting for 80% of the volume and 60% of the value of all card transactions. These stats highlight the widespread usage of contactless payment in the country, driving the market growth.

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