Contactless Payment Market Size By Type (POS Terminals, Smart Cards), By Technology (NFC, RFID, IR), By Application (Hospitality & Restaurant, Transportation, Healthcare, Retail, Warehouse & Logistics, Entertainment & Media), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Analysis, Competitive Market Share & Forecast, 2020 – 2026

Published on: 2024-07-07 | No of Pages : 240 | Industry : Media and IT

Publisher : MRA | Format : PDF&Excel

Contactless Payment Market Size By Type (POS Terminals, Smart Cards), By Technology (NFC, RFID, IR), By Application (Hospitality & Restaurant, Transportation, Healthcare, Retail, Warehouse & Logistics, Entertainment & Media), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Analysis, Competitive Market Share & Forecast, 2020 – 2026

Contactless Payment Market Size

Contactless Payment Market size exceeded USD 40 billion in 2019 and is estimated to grow at over 15% CAGR from 2020 to 2026. The global industry shipments are projected to reach 15 billion units by 2026. Growing demand from consumers and merchants to reduce transaction & billing time is likely to propel the industry growth.

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Millennials are embracing contactless payments and care less about visiting brick & mortar branches or ATMs, fueling the demand for contactless POS terminals. Safety & security of transactions is the primary concern of consumers and merchants. The players in the payment ecosystem are focusing on improving the safety and security of contactless payment by integrating 128-bit and 256-bit encryption in the payment methods.

Contactless Payment Market Report Attributes
Report Attribute	Details
Base Year	2019
Contactless Payment Market Size in 2019	40 Billion (USD)
Forecast Period	2020 to 2026
Forecast Period 2020 to 2026 CAGR	15%
2026 Value Projection	100 Billion (USD)
Historical Data for	2016 to 2019
No. of Pages	300
Tables, Charts & Figures	455
Segments covered	Product, Technology, Application and Region
Growth Drivers	Demand for mobile and wearable payment devices in North America Growing demand for biometric contactless smart cards in the U.S. and Europe Increasing penetration of smartphones in Asia Pacific and South America Proliferation of RFID tagging in Japan Demonetization effect in India Rising adoption of technology by merchants for small value transactions Reduced transaction time and increased convenience
Pitfalls & Challenges	Lack of consumer awareness High cost of deployment Rules and regulations imposed by banks and payment associations

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Contactless Payment Market Analysis

Ongoing advancements in networking infrastructure and rising government initiatives for the development of smart solutions are the key driving factors. Several government administrations are encouraging their merchants to adopt advanced payment solutions. The Australia & New Zealand (ANZ) contactless POS terminals market is predicted to register around 17% growth rate through 2026.

The NFC technology segment accounted for more than 60% of the market share in 2019 owing to the extensive usage of NFC technology, facilitating real-time transactions. Increasing penetration of NFC-based mobile handsets is contributing to the NFC-based contactless payment market growth. The technology provides short-range communication between electronic devices, providing a high degree of customer satisfaction & experience and helps in fast-tracking connections.

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The Asia Pacific contactless payment market size is poised to expand at about 17% gains till 2026. Contactless POS reduces transactional time and helps retailers to accelerate transaction process and reduce counter queues. Inserting an EMV chip takes 30 seconds while a contactless method only takes 15 seconds, saving 15 seconds per transaction. According to the Mastercard Survey, more than 68% of consumers in Asia Pacific prefer to shop at stores with contactless payment options.

The COVID-19 pandemic has become a catalyst in the widespread adoption of contactless payments. As a result of the pandemic, retail stores have limited the number of consumers in their stores, improved their sanitization regimen, and introduced social distancing markers. The pandemic will force retailers to implement protective measures and adopt contactless POS terminals within their stores.

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Europe held nearly 25% of the volume share in 2019 and is anticipated to dominate the contactless payment market through 2026 on account of consistently rising electronic payment transactions. Visa and Mastercard accounted for majority of electronic payment transactions and more than 85% of the transaction via payment cards in Europe were on these cards. The secured performance of smart card transactions along with payment solutions enabled by real-time and biometric will boost the demand for contactless payments.

Prominent companies in the region are Thales Group, IDEMIA, and Ingenico Group SA. Robust growth of account-to-account payment systems at the POS terminals in countries including Russia, Denmark, Sweden, Italy, and Spain will further augment the regional market demand. Moreover, favorable government regulations such as second payment services directive and open banking are also contributing to the market revenue.

Alcineo
Giesecke & Devrient GmbH
Heartland Payment Systems, Inc
IDEMIA
Identiv
Ingenico Group SA
On Track Innovations Ltd
PAX Global Technology
PayCore
Thales Group
Valitor
Verifone
Visa, Inc
Wirecard AG

The industry participants are focusing on business strategies, such as new product development, to increase customer base and strengthen their product portfolio. For instance, in January 2020, Mastercard certified the first contactless fingerprint payment card by Thales Group. This new certification will ramp-up product adoption in the technologically advanced countries. Stakeholders are also adopting inorganic business strategies by acquiring companies that can enhance their value proposition and complement their existing product lines.

This market research report on contactless payment includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2016 to 2026 for the following segments

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Market, By Type

POS terminals
Smart cards
Others

Market, By Technology

RFID
NFC
IR
Others

Market, By Application

Hospitality & restaurant
Transportation
Healthcare
Retail
Warehouse & logistics
Entertainment & media

The above information is provided on a regional and country basis for the following

North America
- U.S.
- Canada
- Mexico
Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- South East Asia
South America
- Brazil
- Argentina
- Chile
- Colombia
MEA
- UAE
- Saudi Arabia
- South Africa

Table of Content

Report Content

Chapter 1.    Methodology and Scope

1.1.    Scope & definitions

1.2.    Methodology and forecast parameters

1.3.    Data sources

1.3.1.    Secondary

1.3.2.    Primary

Chapter 2.    Executive Summary

2.1.    Contactless payment industry 360° synopsis, 2016 – 2026

2.1.1.    Business trends

2.1.2.    Type trends

2.1.3.    Technology trends

2.1.4.    Application trends

2.1.5.    Regional trends

Chapter 3.    Contactless Payment Industry Insights

3.1.    Industry segmentation

3.2.    Industry landscape, 2015 – 2026

3.3.    Impact analysis of coronavirus (COVID-19) pandemic

3.3.1.    Global outlook

3.3.2.    Impact by region

3.3.2.1.    North America

3.3.2.2.    Europe

3.3.2.3.    Asia Pacific

3.3.2.4.    South America

3.3.2.5.    MEA

3.3.3.    Industry value chain

3.3.3.1.    Research and development

3.3.3.2.    Manufacturing

3.3.3.3.    Marketing

3.3.3.4.    Supply

3.3.4.    Competitive landscape

3.3.4.1.    Strategy

3.3.4.2.    Distribution network

3.3.4.3.    Business growth

3.4.    Industry ecosystem analysis

3.4.1.    Distribution channel analysis

3.4.2.    Vendor matrix

3.5.    Technology & innovation landscape

3.5.1.    Artificial Intelligence (AI)

3.5.2.    Augmented reality (AR)/Virtual Reality (VR)

3.5.3.    Biometrics

3.5.4.    Blockchain

3.6.    Regulatory landscape

3.6.1.    North America

3.6.2.    Europe

3.6.3.    Asia Pacific

3.6.4.    South America

3.6.5.    MEA

3.7.    Industry impact forces

3.7.1.    Growth drivers

3.7.1.1.    Demand for mobile and wearable payment devices in North America

3.7.1.2.    Growing demand for biometric contactless smart cards in the U.S. and Europe

3.7.1.3.    Increasing penetration of smartphones in Asia Pacific and South America

3.7.1.4.    Proliferation of RFID tagging in Japan

3.7.1.5.    Demonetization effect in India

3.7.1.6.    Rising adoption of technology by merchants for small value transactions

3.7.1.7.    Reduced transaction time and increased convenience

3.7.2.    Industry pitfalls & challenges

3.7.2.1.    Lack of consumer awareness

3.7.2.2.    High cost of deployment

3.7.2.3.    Rules and regulations imposed by banks and payment associations

3.8.    Growth potential analysis

3.9.    Porter's analysis

3.9.1.    Supplier power

3.9.2.    Buyer power

3.9.3.    Threat of new entrants

3.9.4.    Threat of substitutes

3.9.5.    Internal rivalry

3.10.    PESTEL analysis

Chapter 4.    Competitive Landscape, 2019

4.1.    Introduction

4.2.    Company market share

4.2.1.    POS terminals industry

4.2.2.    Smart card industry

4.3.    Competitive analysis of prominent market players

4.3.1.    IDMEA

4.3.2.    Ingenico Group

4.3.3.    On Track Innovations Ltd.

4.3.4.    Thales Group

4.3.5.    VeriFone Systems, Inc.

4.4.    Competitive analysis of other prominent market players

4.4.1.    Diebold Nixdorf

4.4.2.    HID Global Corporation

4.4.3.    NEC Corporation

4.4.4.    Posiflex Technology

Chapter 5.    Contactless Payment Market, By Type

5.1.    Key trends by type

5.2.    POS terminals

5.2.1.    Market estimates and forecast, 2016 – 2026

5.3.    Smart card

5.3.1.    Market estimates and forecast, 2016 – 2026

5.4.    Others

5.4.1.    Market estimates and forecast, 2016 – 2026

Chapter 6.    Contactless Payment Market, By Technology

6.1.    Key trends by technology

6.2.    NFC

6.2.1.    Market estimates and forecast, 2016 – 2026

6.3.    RFID

6.3.1.    Market estimates and forecast, 2016 – 2026

6.4.    IR

6.4.1.    Market estimates and forecast, 2016 – 2026

6.5.    Others

6.5.1.    Market estimates and forecast, 2016 – 2026

Chapter 7.    Contactless Payment Market, By Application

7.1.    Key trends by application

7.2.    Hospitality & restaurant

7.2.1.    Market estimates and forecast, 2016 – 2026

7.3.    Transportation

7.3.1.    Market estimates and forecast, 2016 – 2026

7.4.    Healthcare

7.4.1.    Market estimates and forecast, 2016 – 2026

7.5.    Retail

7.5.1.    Market estimates and forecast, 2016 – 2026

7.6.    Warehouse & logistics

7.6.1.    Market estimates and forecast, 2016 – 2026

7.7.    Entertainment & media

7.7.1.    Market estimates and forecast, 2016 – 2026

Chapter 8.    Contactless Payment Market, By Region

8.1.    Key trends by region

8.2.    North America

8.2.1.    Market estimates and forecast, by type, 2016 – 2026

8.2.2.    Market estimates and forecast, by technology, 2016 – 2026

8.2.3.    Market estimates and forecast, by application, 2016 – 2026

8.2.4.    U.S.

8.2.4.1.    Market estimates and forecast, by type, 2016 – 2026

8.2.4.2.    Market estimates and forecast, by technology, 2016 – 2026

8.2.4.3.    Market estimates and forecast, by application, 2016 – 2026

8.2.5.    Canada

8.2.5.1.    Market estimates and forecast, by type, 2016 – 2026

8.2.5.2.    Market estimates and forecast, by technology, 2016 – 2026

8.2.5.3.    Market estimates and forecast, by application, 2016 – 2026

8.2.6.    Mexico

8.2.6.1.    Market estimates and forecast, by type, 2016 – 2026

8.2.6.2.    Market estimates and forecast, by technology, 2016 – 2026

8.2.6.3.    Market estimates and forecast, by application, 2016 – 2026

8.3.    Europe

8.3.1.    Market estimates and forecast, by type, 2016 – 2026

8.3.2.    Market estimates and forecast, by technology, 2016 – 2026

8.3.3.    Market estimates and forecast, by application, 2016 – 2026

8.3.4.    UK

8.3.4.1.    Market estimates and forecast, by type, 2016 – 2026

8.3.4.2.    Market estimates and forecast, by technology, 2016 – 2026

8.3.4.3.    Market estimates and forecast, by application, 2016 – 2026

8.3.5.    Germany

8.3.5.1.    Market estimates and forecast, by type, 2016 – 2026

8.3.5.2.    Market estimates and forecast, by technology, 2016 – 2026

8.3.5.3.    Market estimates and forecast, by application, 2016 – 2026

8.3.6.    France

8.3.6.1.    Market estimates and forecast, by type, 2016 – 2026

8.3.6.2.    Market estimates and forecast, by technology, 2016 – 2026

8.3.6.3.    Market estimates and forecast, by application, 2016 – 2026

8.3.7.    Italy

8.3.7.1.    Market estimates and forecast, by type, 2016 – 2026

8.3.7.2.    Market estimates and forecast, by technology, 2016 – 2026

8.3.7.3.    Market estimates and forecast, by application, 2016 – 2026

8.3.8.    Spain

8.3.8.1.    Market estimates and forecast, by type, 2016 – 2026

8.3.8.2.    Market estimates and forecast, by technology, 2016 – 2026

8.3.8.3.    Market estimates and forecast, by application, 2016 – 2026

8.3.9.    Russia

8.3.9.1.    Market estimates and forecast, by type, 2016 – 2026

8.3.9.2.    Market estimates and forecast, by technology, 2016 – 2026

8.3.9.3.    Market estimates and forecast, by application, 2016 – 2026

8.4.    Asia Pacific

8.4.1.    Market estimates and forecast, by type, 2016 – 2026

8.4.2.    Market estimates and forecast, by technology, 2016 – 2026

8.4.3.    Market estimates and forecast, by application, 2016 – 2026

8.4.4.    China

8.4.4.1.    Market estimates and forecast, by type, 2016 – 2026

8.4.4.2.    Market estimates and forecast, by technology, 2016 – 2026

8.4.4.3.    Market estimates and forecast, by application, 2016 – 2026

8.4.5.    India

8.4.5.1.    Market estimates and forecast, by type, 2016 – 2026

8.4.5.2.    Market estimates and forecast, by technology, 2016 – 2026

8.4.5.3.    Market estimates and forecast, by application, 2016 – 2026

8.4.6.    Japan

8.4.6.1.    Market estimates and forecast, by type, 2016 – 2026

8.4.6.2.    Market estimates and forecast, by technology, 2016 – 2026

8.4.6.3.    Market estimates and forecast, by application, 2016 – 2026

8.4.7.    South Korea

8.4.7.1.    Market estimates and forecast, by type, 2016 – 2026

8.4.7.2.    Market estimates and forecast, by technology, 2016 – 2026

8.4.7.3.    Market estimates and forecast, by application, 2016 – 2026

8.4.8.    South East Asia

8.4.8.1.    Market estimates and forecast, by type, 2016 – 2026

8.4.8.2.    Market estimates and forecast, by technology, 2016 – 2026

8.4.8.3.    Market estimates and forecast, by application, 2016 – 2026

8.4.9.    Australia & New Zealand (ANZ)

8.4.9.1.    Market estimates and forecast, by type, 2016 – 2026

8.4.9.2.    Market estimates and forecast, by technology, 2016 – 2026

8.4.9.3.    Market estimates and forecast, by application, 2016 – 2026

8.5.    South America

8.5.1.    Market estimates and forecast, by type, 2016 – 2026

8.5.2.    Market estimates and forecast, by technology, 2016 – 2026

8.5.3.    Market estimates and forecast, by application, 2016 – 2026

8.5.4.    Brazil

8.5.4.1.    Market estimates and forecast, by type, 2016 – 2026

8.5.4.2.    Market estimates and forecast, by technology, 2016 – 2026

8.5.4.3.    Market estimates and forecast, by application, 2016 – 2026

8.5.5.    Argentina

8.5.5.1.    Market estimates and forecast, by type, 2016 – 2026

8.5.5.2.    Market estimates and forecast, by technology, 2016 – 2026

8.5.5.3.    Market estimates and forecast, by application, 2016 – 2026

8.5.6.    Chile

8.5.6.1.    Market estimates and forecast, by type, 2016 – 2026

8.5.6.2.    Market estimates and forecast, by technology, 2016 – 2026

8.5.6.3.    Market estimates and forecast, by application, 2016 – 2026

8.5.7.    Colombia

8.5.7.1.    Market estimates and forecast, by type, 2016 – 2026

8.5.7.2.    Market estimates and forecast, by technology, 2016 – 2026

8.5.7.3.    Market estimates and forecast, by application, 2016 – 2026

8.6.    MEA

8.6.1.    Market estimates and forecast, by type, 2016 – 2026

8.6.2.    Market estimates and forecast, by technology, 2016 – 2026

8.6.3.    Market estimates and forecast, by application, 2016 – 2026

8.6.4.    Saudi Arabia

8.6.4.1.    Market estimates and forecast, by type, 2016 – 2026

8.6.4.2.    Market estimates and forecast, by technology, 2016 – 2026

8.6.4.3.    Market estimates and forecast, by application, 2016 – 2026

8.6.5.    UAE

8.6.5.1.    Market estimates and forecast, by type, 2016 – 2026

8.6.5.2.    Market estimates and forecast, by technology, 2016 – 2026

8.6.5.3.    Market estimates and forecast, by application, 2016 – 2026

8.6.6.    South Africa

8.6.6.1.    Market estimates and forecast, by type, 2016 – 2026

8.6.6.2.    Market estimates and forecast, by technology, 2016 – 2026

8.6.6.3.    Market estimates and forecast, by application, 2016 – 2026

Chapter 9.    Company Profiles

9.1.    Diebold Nixdorf

9.1.1.    Business Overview

9.1.2.    Financial Data

9.1.3.    Type Landscape

9.1.4.    Strategic Outlook

9.1.5.    SWOT Analysis

9.2.    Giesecke & Devrient GmbH

9.2.1.    Business Overview

9.2.2.    Financial Data

9.2.3.    Type Landscape

9.2.4.    Strategic Outlook

9.2.5.    SWOT Analysis

9.3.    Heartland Payment Systems, Inc.

9.3.1.    Business Overview

9.3.2.    Financial Data

9.3.3.    Type Landscape

9.3.4.    Strategic Outlook

9.3.5.    SWOT Analysis

9.4.    IDEMIA

9.4.1.    Business Overview

9.4.2.    Financial Data

9.4.3.    Type Landscape

9.4.4.    Strategic Outlook

9.4.5.    SWOT Analysis

9.5.    Ingenico Group

9.5.1.    Business Overview

9.5.2.    Financial Data

9.5.3.    Type Landscape

9.5.4.    Strategic Outlook

9.5.5.    SWOT Analysis

9.6.    Inside Secure

9.6.1.    Business Overview

9.6.2.    Financial Data

9.6.3.    Type Landscape

9.6.4.    Strategic Outlook

9.6.5.    SWOT Analysis

9.7.    Micros Systems, Inc.

9.7.1.    Business Overview

9.7.2.    Financial Data

9.7.3.    Type Landscape

9.7.4.    Strategic Outlook

9.7.5.    SWOT Analysis

9.8.    NCR Corporation

9.8.1.    Business Overview

9.8.2.    Financial Data

9.8.3.    Type Landscape

9.8.4.    Strategic Outlook

9.8.5.    SWOT Analysis

9.9.    NEC Corporation

9.9.1.    Business Overview

9.9.2.    Financial Data

9.9.3.    Type Landscape

9.9.4.    Strategic Outlook

9.9.5.    SWOT Analysis

9.10.    Oberthur Technologies SA

9.10.1. Business Overview

9.10.2. Financial Data

9.10.3. Type Landscape

9.10.4. Strategic Outlook

9.10.5. SWOT Analysis

9.11.    On Track Innovations Ltd.

9.11.1. Business Overview

9.11.2. Financial Data

9.11.3. Type Landscape

9.11.4. Strategic Outlook

9.11.5. SWOT Analysis

9.12.    Panasonic Corporation

9.12.1. Business Overview

9.12.2. Financial Data

9.12.3. Type Landscape

9.12.4. Strategic Outlook

9.12.5. SWOT Analysis

9.13.    PAR Tech

9.13.1. Business Overview

9.13.2. Financial Data

9.13.3. Type Landscape

9.13.4. Strategic Outlook

9.13.5. SWOT Analysis

9.14.    PAX Technology

9.14.1. Business Overview

9.14.2. Financial Data

9.14.3. Type Landscape

9.14.4. Strategic Outlook

9.14.5. SWOT Analysis

9.15.    Posiflex Technology

9.15.1. Business Overview

9.15.2. Financial Data

9.15.3. Type Landscape

9.15.4. Strategic Outlook

9.15.5. SWOT Analysis

9.16.    Proxama, PLC

9.16.1. Business Overview

9.16.2. Financial Data

9.16.3. Type Landscape

9.16.4. Strategic Outlook

9.16.5. SWOT Analysis

9.17.    Thales Group

9.17.1. Business Overview

9.17.2. Financial Data

9.17.3. Type Landscape

9.17.4. Strategic Outlook

9.17.5. SWOT Analysis

9.18.    Toshiba Corporation

9.18.1. Business Overview

9.18.2. Financial Data

9.18.3. Type Landscape

9.18.4. Strategic Outlook

9.18.5. SWOT Analysis

9.19.    VeriFone Systems, Inc.

9.19.1. Business Overview

9.19.2. Financial Data

9.19.3. Type Landscape

9.19.4. Strategic Outlook

9.19.5. SWOT Analysis

9.20.    Wirecard AG

9.20.1. Business Overview

9.20.2. Financial Data

9.20.3. Type Landscape

9.20.4. Strategic Outlook

9.20.5. SWOT Analysis

Alcineo

Giesecke & Devrient GmbH

Heartland Payment Systems, Inc

IDEMIA

Identiv

Ingenico Group SA

On Track Innovations Ltd

PAX Global Technology

PayCore

Thales Group

Valitor

Verifone

Visa, Inc

Wirecard AG