Global Contactless Payment Market by Device (Smartphones & Wearables, Smart Cards, Point-of-Sales (POS) Terminals), and Application (Food & Groceries, Healthcare, Restaurants & Bars, Consumer Electronics, Entertainment and Others): Opportunity Analysis and Industry Forecast, 2017-2027

Report Overview

The Global Contactless Payment was valued at US$ 1,493.2 Bn in 2020, and is expected to reach US$ 5,490.2 Bn by 2027, expanding at a CAGR of 21.1% during the forecast period.

Contactless Payment Market

The market is witnessing growth as countries across the globe are increasingly using contactless payment options to ensure safety and faster transactions during the ongoing pandemic situation. Adoption & implementation of contactless payments technology among merchants is one of the other factor that propels the market growth.

Factors such as increasing adoption of digital payments, technological advancements in payment devices and rising demand for mobile & wearable payment devices are boosting the growth of the contactless payment market. In addition, integration of IoT & contactless payment technologies along with abundant untapped potential of developing economies are projected to provide profitable opportunities for the contactless payment solution providers in the near future.

The research report analyses the ecosystem of Contactless Payment market and categorizes the Contactless Payment Market to forecast the revenues and analyse the trends in each of the following below mentioned market segments.

Contactless Payment Market by Device

  • Smartphones & Wearables
  • Smart Cards
  • Point-of-Sales (POS) Terminals

Contactless Payment Market by Application

  • Food & Groceries
  • Healthcare
  • Restaurants & Bars
  • Consumer Electronics
  • Entertainment
  • Others

By Global

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Mexico
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Rest of Middle East & Africa

The unique insights provided by this report also includes the following:

  1. In-depth value chain analysis
  2. Opportunity mapping
  3. Sector snapshot
  4. Key Players Positioning Matrix
  5. Regulatory scenario
  6. Strategies Adopted-Benchmarking Heat Map
  7. Market trends
  8. Covid-19 impact analysis
  9. Competitive Benchmarking
  10. Cost Analysis
  11. Product comparison
  12. Pre & Post COVID 19 impact on Contactless Payment Market
  13. Competitive Landscape
  14. Ecosystem Analysis

By Device, the Smart Cards is expected to witness high growth rate during the forecast period

Based on device, the global contactless payment market is segmented into smartphones & wearables, smart cards and point-of-sales (POS) terminals.

Smartphones & wearables segment accounted for the largest market share in 2020, followed by point-of-sales (POS) terminals. Smartphones & wearables market is expected to maintain its dominance throughout the analysis period (2017-2027) and is expected to grow at a high CAGR of 19.5% during the forecast period (2021-2027).

The usage of smartphones has increased in the built-in Near Field Communication (NFC) technology, to communicate with the contactless payment capable POS system. The mobile handsets with NFC technology are capable for payments at both locations such as normal stores and unattended locations. Technological advancements in wearables such as smartwatches and wristbands are becoming major trends in the market owing to its easy usage and option of integrating it with mobile handsets.

By Application, the Food & Groceries is estimated to be a larger application segment in the Contactless Payment market in 2020

Food & Groceries segment accounted for the largest market share in 2020, followed by Restaurant & Bars. Food & Groceries market is expected to maintain its dominance throughout the analysis period (2017-2027) and is expected to grow at the CAGR of 18.2% during the forecast period (2021-2027).

Food & grocery stores are primarily engaged in retailing a general range of food products. Increased adoption & implementation of contactless payment services by various food & grocery stores owners for improving the ease and speed of the transaction has propelled the growth of the market. Additionally, several hotels, bars, & restaurants across the globe are adopting contactless payments devices for enhancing the customer experience and improving their profit.

By Region, the Asia Pacific is expected to grow with the highest CAGR during the forecast period.

Europe is holding the largest market share in the year 2020 due to continuous technological advancement and high demand from countries, such as the U.K., Germany and France. Moreover, the firms in various European countries are using contactless payment technologies to facilitate business transactions between counterparties and driving operational efficiencies, which further fosters the growth of this region.

Competitive Landscape

The key players operating in the global contactless payment market includes Gemalto N.V., Giesecke & Devrient GmbH, Visa Inc., Heartland Payment Systems, Verifone Systems Inc., Ingenico Group SA, On Track Innovations (OTI) Ltd, IDEMIA, Thales Group, Wirecard AG among others. The market dominance of these companies is characterized by their product portfolio, high investment in R&D activities, revenue, capital expenditure, employee strength, and geographical presence of companies.

The report also provides in-depth analysis of market dynamics such as drivers, restraints opportunities and challenges

Snapshot of Drivers, Opportunities and Restraints of Global Contactless Payment Market


  • Rising adoption of digital payments due to faster transactions
  • Technological advancements in payment devices and services


  • Cyber attacks and security risks associated with technology


  • Integration of IoT & contactless payment technologies
Sr                                                Trends Impact



Increased focus on cashless payments & digital identification by retailers, merchants, regulatory bodies, and shop owners to minimize person-to-person interactions and human contact Positive
      2 Increasing adoption and investments in contactless payments solutions by the FinTech & banking industry  Positive
      3 New directives & regulations by various governments promoting technology-driven transformations in payment industry Positive
      4 Growing demand for mobile and wearable payment devices Positive
      5 Emergence of digital currency Positive

The report also provides in-depth analysis of recent News and Developments

Sr Recent News and Developments 
1 In December 2020, TymeBank partnered with IDEMIA to bring contactless payment cards in South Africa country. This partnership delivers TymeBank consumers contactless EMV bank card and offers secure and convenient payment services.
2 In October 2020, Ingenico launched smart self for vending solution. It offers consumers numerous benefits such as real-time reporting, secure payment processing, smart transactions management, and acquiring capabilities.
3 In October 2019, Giesecke & Devrient Mobile Security GmbH partnered with HIT to combine patented technology and global manufacturing excellence. This partnership produces metal cards that helps financial institutions to allow their customers affluent and high net-worth payment services.


Company Profiles and Competitive Intelligence

The key players operating in the market are:

  1. Gemalto N.V.
  2. Visa Inc.
  3. Giesecke & Devrient GmbH
  4. Heartland Payment Systems
  5. Verifone Systems Inc.
  6. Ingenico Group SA
  7. On Track Innovations (OTI) Ltd
  9. Thales Group
  10. Wirecard AG

Frequently Asked Questions (FAQs)

Entertainment is the fastest growing among all the applications in the market space

In the base year 2020, Europe accounted for the largest market share

The market is estimated to grow at a compound annual growth rate (CAGR) of 21.1 % during the forecast period

The market size was US$ 1,493.2 Bn in 2020 and is anticipated to reach US$ 45,90.2 Mn by 2027

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Table of Contents

  1. Market Introduction
    1. Definition
    2. Scope Of The Study
    3. List Of Assumptions
    4. Market Structure
    5. Scope of the Study: Segmentation 
    6. Timeframe, Currency and Limitations
  2. Research Methodology
    1. 3P Research Approach
    2. Market Sizing Approach
    3. Data Sources
    4. Primary Research Coverage
  3. Executive Summary
    1. Market Summary
    2. Market Snapshot
    3. Regional Snapshot
    4. Country Snapshot
  4. Premium Insights
    1. Key Trend Analysis
    2. New revenue Pockets
    3. Pain Point Analysis
    4. Company Market Share Analysis, by Region
    5. Strategies Adopted-Benchmarking Heat Map
    6. Regulatory Landscape
    7. PESTEL Analysis
    8. Regional Lifecycle
    9. Competitive Benchmarking
  5. Market Overview & Competitive Landscape
    1. Competitive Landscape
    2. Investment Scenario by key Players
    3. Key Player Overview
    4. Product comparison
    5. Player Wise Geographic Presence
    6. Player Wise Target Customer Segment
    7. Recent News
      1. Product Launches & upgrades
      1. R&D / Innovation
      2. Merger & Acquisition
      3. JV & Partnership
      4. Recognition and others
  1. Market Segmentation (Market Size and Share Analysis)
    1. Global Market Size & Historic Growth
    2. Market Size by Device
      1. Smartphones & Wearables
      1. Smart Cards
      2. Point-of-sales (POS) Terminals
    1. Market Size by Applications
      1. Food & Groceries
      1. Healthcare
      2. Restaurants & Bars
      3. Entertainment
      4. Consumer Electronics
      5. Others
  1. Market Dynamics
    1. Market Drivers
    2. Opportunities
    3. Value Chain Analysis
    4. Pricing Analysis
  2. COVID – 19 Opportunity Mapping
    1. Key Drivers & Anticipated Revival Period
    2. Key Trends Analysis
    3. Impact on End user Industry
    4. Opportunity Analysis
  3. Regional Market Analysis
    1. North America
      1. US
      1. Canada
    1. Europe
      1. UK
      1. Germany
      2. France
      3. Italy
      4. Spain
      5. Rest of Europe
    1. APAC
      1. China
      1. India
      2. Japan
      3. South Korea
      4. Rest of APAC
    1. Latin America
      1. Mexico
      1. Brazil
      2. Argentina
      3. Rest of LATAM
    1. Middle East & Africa
      1. GCC
      1. Rest of MEA
  1. Company Profiles
    1. Gemalto N.V.
      1. Company Fundamentals
      1. Financial Analysis (Subject to Availability)
      2. Product Portfolio
      3. SWOT Analysis
    1. Visa Inc.
    2. Giesecke & Devrient GmbH
    3. Heartland Payment Systems
    4. Verifone Systems Inc.
    5. Ingenico Group SA
    6. On Track Innovations (OTI) Ltd
    7. IDEMIA
    8. Thales Group
    9. Wirecard AG
    10. Other Notable Players
      1. Insidesecure
      1. Oberthur Technologies S.A.
      2. Pax Technology, Inc.
      3. Proxama Plc
      4. Identiv
      5. CPI Card Group
      6. Bitel
      7. Setomatic Systems
      8. Valitor
      9. PayCore


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