Widespread use of blockchain and 5G technologies, along with significant improvements in network infrastructure to boost the sector

Global market for contactless payments

Dublin, Jan. 03, 2023 (GLOBE NEWSWIRE) — The “Contactless Payments Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027” report has been added ResearchAndMarkets.com’s Offering.

The global contactless payments market size reached $12.1 billion in 2021. Looking ahead, the publisher expects the market to reach $24.5 billion by 2027, showing a CAGR of 12.48% during 2021-2027. Considering the uncertainty of COVID-19, we continuously track and evaluate the direct as well as the indirect impact of the pandemic on various end-use industries. This insight is included in the report as a major market contributor.

Global contactless payment market trends and drivers:

Rapid digitization of the banking, finance and insurance (BFSI) industry worldwide represents one of the key factors driving the growth of the market. Additionally, increasing consumer awareness regarding the convenience offered by contactless payment tools and the growing demand for minimized queue time and faster check-out at banks is driving the market growth. In line with this, the outbreak of the coronavirus (COVID-19) pandemic has also increased the demand for contactless payment solutions that require minimal physical interaction, and is also contributing to market growth.

In addition, various technological advances, such as the development of biometric-based contactless smart cards and new RFID chips, act as other growth-inducing factors. These technologies are widely used by small merchants and service providers to conduct cashless transactions using their smartphones. Other factors, including the widespread adoption of blockchain and 5G technologies, along with significant improvements in network infrastructure, especially in the developing economies, are expected to drive the market further.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global contactless payment market report, along with global, regional and country-level forecasts from 2022-2027. Our report has categorized the market based on technology, device, solution and application.

Breakdown by technology:

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Breakdown by unit:

Breakdown by solution:

Breakdown by application:

• BFSI

• Retail

• Transportation

• Health Service

• Others

Breakdown by region:
North America

Asia-Pacific

• China

• Japan

• India

• South Korea

• Australia

• Indonesia

• Others

Europe

• Germany

• France

• Great Britain

• Italy

• Spain

• Russia

• Others

Latin America

• Brazil

• Mexico

• Others

• Middle East and Africa

Important questions answered in this report:

• How has the global contactless payment market performed so far and how will it perform in the coming years?

• What has been the impact of COVID-19 on the global contactless payment market?

• What are the most important regional markets?

• What is the division of the market based on the technology?

• What is the division of the market based on the device?

• What is the division of the market based on the solution?

• What is the market segmentation based on application?

• What are the different stages in the value chain of the industry?

• What are the most important driving factors and challenges in the industry?

• What is the structure of the global contactless payment market and who are the key players?

• What is the degree of competition in the industry?

Key topics covered:

1 Preface

2 Scope and methodology

3 Summary

4 Introduction

5 Global market for contactless payment

6 Market division by technology

7 Market division by unit

8 Market division by solution

9 Market division by application

10 Market distribution by region

11 SWOT analysis

12 Value chain analysis

13 Porter’s Five Forces Analysis

14 Price analysis

15 Competitive landscape

Companies mentioned

• Giesecke & Devrient GmbH

• Heartland Payment Systems (Global Payments Inc.)

• IDEMIA (Advent International)

• Ingenico Group (Worldline SA)

• On Track Innovations Ltd.

• Pax technology

• Setomatic systems

• Thales Group

• Valitor

• Verifone Systems Inc. (Francisco Partners)

• Visa Inc.

For more information on this report, visit https://www.researchandmarkets.com/r/35ycbl

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