Contactless Payment Market Report 2024 (Global Edition)

Global Contactless Payment Market Report 2024 Market Size Split by Technology (NFC (Near Field Communication) Technology, RFID (Radio Frequency Identification) Technology, IR (Infrared) Technology, Ot...

Contactless Payment Market Report Description

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Contactless Payment Market Insights Video

Competitive Landscape of the Contactless Payment Market

Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge reagents, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.

Contactless Payment Industry News

• January 2020: CPI Card Group Inc. highlighted its dual interface metal card solution, which uniquely captures two major trends in consumer payments: metal and contactless. The Company’s patented Encased Steel and Encased Tungsten cards feature dual interface EMV technology, enabling contact and contactless transactions to elevate the overall customer experience even further.

(Source: https://www.businesswire.com/news/home/20200130005190/en/CPI-Card-Group%C2%AE%E2%80%99s-Dual-Interface-Metal-Cards-Uniquely-Combine-High-Quality-Design-and-Contactless-Capability )

Top Companies Market Share in Contactless Payment Industry: (In no particular order of Rank)

• Verifone
• Ingenico Group SA
• Gemalto
• Visa Inc.
• Giesecke & Devrient GmbH
• Heartland Payment Systems Inc.
• Thales Group
• Wirecard AG
• On Track Innovations Ltd.
• IDEMIA
• Confidential Data
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

In terms of revenue, the North American Contactless Payment Market share was 40% of the total market

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue due to rising investments in creating technologically cutting-edge solutions for contactless payments, such as NFCs and RFIDs. Additionally, the rising importance of digitization, the Internet of Things (IoT), and big data is expected to drive the market for cutting-edge hardware and software explanations from the incumbents of the contactless payment solution managers within the region, which indicates well for the expansion of the regional market. At the same time, customers in Canada are concentrating on adopting digital wallets as it permits them to load their debit card details onto their portable wallets and pay in a few easy steps.

Europe is the fastest-growing region over the projected period, owing to the rising adoption of digital payment methods, convenience, and heightened hygiene concerns. As consumers prioritize secure and seamless transactions, the contactless payment infrastructure continues to expand across the region. Government initiatives, technological advancements, and widespread acceptance by merchants contribute to the market's momentum.

The current report Scope analyzes Contactless Payment Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Contactless Payment Market

According to Cognitive Market Research, the global contactless payment market size was estimated at USD 29815.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 11926.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031 due to growing adoption of mobile payments and the need for secure, convenient transactions. The acceleration of digital transformation, coupled with changing consumer preferences for contactless options, is a key driver propelling the market's rapid expansion in the region. According to Cognitive Market Research, accelerated adoption is particularly notable in the energy and utilities sector, where the technology streamlines payments, enhances customer experience, and promotes efficiency in billing and transactions. In conclusion, the contactless payment market in North America is driven by convenience, security, and widespread adoption.

• According to Cognitive Market Research, the US had a major share in the contactless payment market, with a market size of USD 9409.68 million in 2024, and is projected to grow at a CAGR of 3.0% during the forecast period. The nation’s increasing preference for convenient and secure payment methods amplifies the demand.
• The Canadian contactless payment market had a market share of USD 1431.13 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. The nation's technological advancements amplify the demand.
• The Mexico contactless payment market is projected to grow at a CAGR of 3.7% during the forecast period, with a market size of USD 1085.27 million in 2024.

Europe Contactless Payment Market

According to Cognitive Market Research, the global contactless payment market size was estimated at USD 29815.2 Million, out of which Europe held the major market of more than 30% of the global revenue with a market size of USD 8944.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031 due to growing preference for convenient and secure transactions. Accelerated adoption of NFC-enabled devices, coupled with robust infrastructure, regulatory support, and changing consumer behavior, is a key driver, propelling the widespread acceptance of contactless payments across the continent. According to Cognitive Market Research, the surge in digital transactions heightened hygiene concerns and the adoption of contactless solutions in healthcare settings. The growing preference for secure and touch-free payment methods aligns with the healthcare sector's emphasis on safety and convenience. In conclusion, the region's contactless payment market is driven by its dominance, pointing towards a cashless future in the region.

• The United Kingdom's contactless payment market had a market share of USD 1502.69 million in 2024 and is projected to grow at a CAGR of 4.3% during the forecast period. This is due to the country's growing preference for secure, convenient, and hygienic transactions.
• The French contactless payment market is projected to grow at a CAGR of 2.7% during the forecast period, with a market size of USD 822.90 million in 2024.
• According to Cognitive Market Research, the size of the German contactless payment market was valued at USD 1771.02 million in 2024 and is projected to grow at a CAGR of 3.7% during the forecast period. In Germany, contactless payment sales surged due to the presence of major market players. 
• The Italian contactless payment market is projected to grow at a CAGR of 2.9% during the forecast period, with a market size of USD 769.23 million in 2024.
• The Russian contactless payment market is projected to grow at a CAGR of 2.5% during the forecast period, with a market size of USD 1386.41 million in 2024.
• The Spanish contactless payment market is projected to grow at a CAGR of 2.6% during the forecast period, with a market size of USD 733.45 million in 2024.
• The Luxembourg contactless payment market is projected to grow at a CAGR of 3.6% during the forecast period, with a market size of USD 277.28 million in 2024.
• The Portugal contactless payment market is projected to grow at a CAGR of 3.3% during the forecast period, with a market size of USD 187.84 million in 2024.
• The Greece contactless payment market is projected to grow at a CAGR of 3.8% during the forecast period, with a market size of USD 107.33 million in 2024.
• The Rest of Europe's contactless payment market is projected to grow at a CAGR of 2.2% during the forecast period, with a market size of USD 1386.41 million in 2024.

Asia Pacific Contactless Payment Market

According to Cognitive Market Research, the global Contactless Payment market size was estimated at USD 29815.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 6857.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031 due to region's widespread adoption of mobile payments, convenience, and hygiene concerns. The region's growing tech-savvy population and government initiatives promoting cashless transactions contribute to the rapid expansion of contactless payment solutions in the Asia Pacific. According to Cognitive Market Research, government initiatives promote digital transactions. Supportive policies and infrastructure development encourage widespread adoption. The region's governments play a pivotal role in advancing secure, convenient, and efficient contactless payment systems for economic development and financial inclusion. In conclusion, the region's contactless payment market is driven by rising awareness of plastic money and smart cards among buyers.

• According to Cognitive Market Research, the size of the Chinese contactless payment market size was valued at USD 3085.87 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period. This is due to increasing customer satisfaction and improved loyalty programs.
• The Japan contactless payment market is projected to grow at a CAGR of 5.5% during the forecast period, with a market size of USD 946.33 million in 2024. This is due to the country's significant increase in digitalization and e-commerce platforms.
• The India contactless payment market had a market share of USD 822.90 million in 2024 and is projected to grow at a CAGR of 8.8% during the forecast period. 
• The South Korean contactless payment market is projected to grow at a CAGR of 6.1% during the forecast period, with a market size of USD 685.75 million in 2024.
• The Australian contactless payment market is projected to grow at a CAGR of 6.7% during the forecast period, with a market size of USD 356.59 million in 2024.
• The South East Asia contactless payment market is projected to grow at a CAGR of 8.0% during the forecast period, with a market size of USD 473.17 million in 2024.
• The Rest of Asia Pacific's contactless payment market is projected to grow at a CAGR of 6.8% during the forecast period, with a market size of USD 486.88 million in 2024.

South America Contactless Payment Market

According to Cognitive Market Research, the global contactless payment market size was estimated at USD 29815.2 Million, out of which Latin America market has more than 5% of the global revenue with a market size of USD 1490.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031 due to favorable economic conditions and expansion of the mobile wallets in numerous retail applications boosts market growth. At the same period, the initiatives pursued by the government to transform financial services into a digital platform are expected to drive the market's growth. According to Cognitive Market Research, plastic cards with embedded contactless technology offer convenience and speed, accelerating the region's transition to cashless transactions. In conclusion, the region's contactless payment market is driven by an increasing integration of contactless payment technologies in mobile handsets and smartphones.

• According to Cognitive Market Research, Brazil's contactless payment market size was valued at USD 638.05 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. Contactless payment sales flourish in Brazil due to the nation's rising use of security features of emerging technologies.
• The Argentina contactless payment market had a market share of USD 250.45 million in 2024 and is projected to grow at a CAGR of 5.2% during the forecast period. There is a rising demand for mobile and wearable payment devices.
• The Colombia contactless payment market is projected to grow at a CAGR of 4.2% during the forecast period, with a market size of USD 132.68 million in 2024.
• The Peru contactless payment market is projected to grow at a CAGR of 4.6% during the forecast period, with a market size of USD 122.24 million in 2024.
• The Chile contactless payment market is projected to grow at a CAGR of 4.7% during the forecast period, with a market size of USD 107.33 million in 2024.
• The Rest of Latin America's contactless payment market is projected to grow at a CAGR of 3.5% during the forecast period with a market size of USD 240.01 million in 2024.

Middle East and Africa Contactless Payment Market

According to Cognitive Market Research, the global contactless payment market size was estimated at USD 29815.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with market size of USD 596.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031 due to growing adoption of mobile technology, rising consumer convenience preferences, and the ongoing shift towards cashless transactions, fostering a seamless and secure payment experience. According to Cognitive Market Research, the market is driven by the widespread adoption of RFID (radio frequency identification) technology. The seamless and secure transactions enabled by RFID contribute to the market's accelerated growth in the region. In conclusion, the region's contactless payment market is driven by the rising number of contactless payments, which ensures faster transactions.

• According to Cognitive Market Research, the GCC Countries' contactless payment market size was valued at USD 255.22 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. Contactless payment sales flourish in the GCC Countries due to the region's growing penetration of payment technology in smartphones.
• The Egyptian contactless payment market is projected to grow at a CAGR of 5.0% during the forecast period, with a market size of USD 62.61 million in 2024.
• The South African contactless payment market is projected to grow at a CAGR of 5.7% during the forecast period, with a market size of USD 94.22 million in 2024. Contactless Payment sales flourish in South Africa due to the region's rising adoption of digital payment platforms.
• The Turkish contactless payment market is projected to grow at a CAGR of 4.2% during the forecast period, with a market size of USD 51.28 million in 2024.
• The Nigeria contactless payment market is projected to grow at a CAGR of 3.8% during the forecast period, with a market size of USD 62.61 million in 2024.
• The Rest of MEA contactless payment market is projected to grow at a CAGR of 3.7% during the forecast period with a market size of USD 70.36 million in 2024.

Contactless Payment Market Analysis

Contactless Payment Type Segment Analysis

According to Cognitive Market Research, RFID (radio frequency identification) technology held the major market stake over the projected period due to the growing demand for convenient, secure transactions. RFID (radio frequency identification) technology enables seamless and secure transactions through proximity-based communication. Its efficiency in providing quick and secure transactions fosters widespread adoption, propelling the contactless payment market's expansion as consumers prioritize speed and safety. 

IR (Infrared) technology is the fastest-growing category over the forecast period due to the growing demand for secure, convenient transactions. An essential driver is integrating infrared (IR) technology, enhancing the speed and reliability of contactless transactions. IR technology ensures quick and efficient communication between devices, contributing to the widespread adoption of contactless payments and transforming the future of digital transactions.

• NFC (Near Field Communication) Technology
• RFID (Radio Frequency Identification) Technology
• IR (Infrared) Technology
• Others

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Contactless Payment Industry. Request a Free Sample PDF!

Contactless Payment Operational Frequency Segment Analysis

According to Cognitive Market Research, ultra-high frequency holds a prominent market share due to a growing preference for secure and convenient transactions. Ultra High Frequency (UHF) technology amplifies this trend, enabling faster and more efficient contactless transactions. UHF facilitates seamless communication between devices, enhancing the overall user experience.

High frequency is the fastest-growing category over the forecast period due to the growing need for quick and secure transactions. Accelerated adoption is fueled by the convenience, speed, and enhanced hygiene of contactless payments, especially in high-frequency environments like retail and transit. This trend is propelled by technological advancements and a shift towards a more digitized and cashless economy.

• Low Frequency
• High Frequency
• Ultra High Frequency

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Contactless Payment Devices Segment Analysis

According to Cognitive Market Research, mobile phones hold a prominent market share due to the rising penetration of smartphone devices utilized for making payments among the youth population across the globe. The utilization of digital wallets for making contactless payments via smartphones has expanded the use of smartphones in everyday tasks and activities.

Plastic cards are the fastest-growing category over the forecast period due to the rising adoption of contactless cards, including credit and debit cards, for making payments in sectors including BSFI, transportation, retail, hospitality, and the government. Additionally, retailers' acceptance of contactless cards is becoming more common worldwide.

• Plastic Cards
• Stickers
• Key Fobs
• Watch and Wrist Band
• Car Tag
• Mobile Phones
• Others

Contactless Payment Transaction Models Segment Analysis

According to Cognitive Market Research, the EMV card holds a prominent market share as it enhances payment security and is increasingly integrated with contactless features, promoting faster and more secure transactions. The convergence of EMV technology and contactless payments is a key driver in reshaping the payment landscape globally.

The offline stored value card is the fastest-growing category over the forecast period due to the rapid adoption of NFC technology, which facilitates secure, contactless payments. Offline stored value cards, a subset of this market, further boost growth, providing users with a convenient and reliable payment method, particularly in areas with limited connectivity, contributing to the market's expansion.

• Speedpass
• E-Z Pass
• Track 1 and Track 2 Data
• EMV Card
• Offline Stored Value Card

Contactless Payment Industries Segment Analysis

According to Cognitive Market Research, retail holds a prominent market share due to increased 'tap-and-go' transactions globally. Retailers are adopting various innovative technologies, such as cloud computing, social networks, and digital stores, to expand their existence in the market.

Hospitality is the fastest-growing category over the forecast period due to its increasing prevalence throughout the hospitality enterprise. Hospitality businesses have begun embracing some of the most cutting-edge technology while delivering guests a more user-friendly incident.

• Government
• BFSI
• Telecommunication & IT
• Transportation & Logistics
• Energy & Utilities
• Healthcare
• Retail
• Hospitality
• Others

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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ResearchGate Profile: https://www.researchgate.net/profile/Kalyani-Raje

An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.

Author's Conclusion