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Contactless Payment Market Adoption and Expansion 2023-2029

Aishwarya Bhasme
Contactless Payment Market Adoption and Expansion 2023-2029

Contactless Payment Market size was valued at US$ 1641.6 Billion in 2022 and the total Contactless Payment revenue is expected to grow at 20% through 2022 to 2029, reaching nearly US$ 5882 Billion.

Contactless Payment Market Overview: 

The Contactless Payment Market study is based on thorough research, qualitative and quantitative assessment by industry experts, and inputs from professionals in the field and supply chain players. The research examines parent market trends, macroeconomic data, and controlling variables in-depth, as well as market attractiveness by segment. The qualitative influence of key market variables on market segments and regions is also mapped out in the study.

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Contactless Payment Market Scope:

This Contactless Payment market review examines the latest developments, regulatory frameworks, trade analysis, business model, supply chain utilization, market dominance, the impact of residential and localized market participants, assessments possibilities in terms of evolving revenue spots, shifts in market regulations, tactical industry growth analysis, sales volume, categorical market growth, implementation niches and dominance, product releases, global coverage, and, product launches. Contact Stellar Market Research for an Analyst Brief to learn more about the Contactless Payment market. Our staff will assist you in making an educated market decision to achieve market growth.

Contactless Payment Market Segmentation 

In terms of type, the global market in 2022 was dominated by smartphones and wearables. The highest CAGR of 9.5% is anticipated for this market segment throughout the projection (2023-2029). This is because developing nations like China and India have seen a rise in the use of NFC-based mobile payment apps like Paytm and Ali Pay. The increase in online scams in these nations is the element impeding this segment's growth.

During the same forecast period, a noteworthy CAGR of 7.8% is anticipated for the smart card segment. This is explained by the simplicity of using a debit or credit card to make payments. Furthermore, credit cards are the most widely used payment method for internet purchases. Smart cards are vulnerable, though.

In terms of application, the Food & Grocery category led the global market in 2022. With an 8.7% CAGR, this segment is anticipated to develop at the greatest rate over the projection period (2023-2029). Online meal delivery services like Swiggy and Zomato offer online payment options through their apps, such as G-pay and Amazon Pay. As a result, these businesses support the global market expansion for contactless payment systems in an indirect manner.

During the same forecast period, growth in the pharmaceuticals section is anticipated to trail that of the food and grocery segment. This may be linked to the significant increase in COVID-19 patients during the 2022 and 2022 pandemic years. Because of the anticipated continuation of this trend,

1 Global Contactless Payment Market, by Type (2022-2029)

• Smartphones and Wearables

• Smart Cards

• Point-of-sale (POS) Terminals

2 Global Contactless Payment Market, by Application (2022-2029)

• Food and Groceries

• Pharmaceuticals

• Consumer Electronics

• Media and Entertainment

• Others

3 Global Contactless Payment Market, by Industry (2022-2029)


• Retail

• IT & Telecom

• Transportation

• Hospitality

• Government

• Others

4 Global Contactless Payment Market, by Payment Mode (2022-2029)

• Mobile Handsets

• Smart Cards

• Point of Sale Terminals

• NFC Chips

• Smart Watches

• Others

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Contactless Payment Market Key Players:

To extend their presence in emerging nations and eventually broaden their client base, the key players in the market are embracing different growth tactics such as agreements and strategic alliances, as well as new product debuts. The following are some of the major participants in the Contactless Payment market:

1. Mobeewave

2. Alcineo

3. Castles

4. SumUp

5. PayCore


7. PGoogle

8. PAmazon

9. PApple Inc.

10.PHeartland Payment Systems,Inc.








18.On Track Innovations


20.CPI Card Group


22.Setomatic Systems


24.PAX Global Technology


For any Queries Linked with the Report, Ask an Analyst


Regional Analysis:

Individual market affecting elements and changes in market legislation that affect present and future marketing strategies are also discussed in the country-focused discussion of the Contactless Payment market study. Some of the primary elements utilized to anticipate the market situation for particular nations are consumer volumes, processing facilities, and inventories, shipping analysis, price predictive modeling, price of raw materials, and upstream and downstream value chain analysis. While offering forecast analysis of the national data, the existence and affordability of global brands, as well as the obstacles they face due to significant or limited rivalry from local and domestic manufacturers, the influence of local tariffs, and shipping lanes are all taken into account.

COVID-19 Impact Analysis on Contactless Payment Market:

The COVID-19 outbreak resulted in a severe and prolonged decline in production efficiency, while travel bans and factory closures kept people away from their businesses, leading the Contactless Payment market to slow in 2020. The new research features pandemic's impact on the Contactless Payment# market, as well as observations, research, estimations, and projections. The Stellar  Contactless Payment Market Research study contains an in-depth examination of customer behavior in the aftermath of the virus, as well as its influence on the Contactless Payment market's outlook, classification, trends, and economic constraints.

Key Questions Answered in the Contactless Payment Market Report are: 

  • What are the drivers motivating overall Contactless Payment market advancement in the upcoming period?
  • What revenue potential is estimated from the Contactless Payment market’s transactions in the years ahead?
  • What CAGR potential is forecasted for the Contactless Payment market in the approaching period?
  • Who are the significant contenders functioning in the Contactless Payment market?
  • Which region is leading the global Contactless Payment market share at the end of the forecast period?

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Aishwarya Bhasme
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