Contactless Payment Market Analysis, Research and Forecast by 2026

By Ronak Bora

The Contactless Payment Market is estimated to surpass USD 100 billion by 2026. Growing customer preference for digital payment solutions involving smartphones and contactless POS transactions is estimated to propel market growth over the coming years. As a result, several financial service providers are now focusing on delivering card solutions on smartphones.
Changing lifestyles and rising trend of online shopping have urged  retailers across the globe to adopt advanced mobile payment applications, such as PayPal, AliPay, WeChat Pay, Apple Pay and Samsung Pay for accepting payments.
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Considering the elevating demand for digital modes of contactless payment market, the players are keen on developing better solutions for the merchants for payment acceptance. For instance, in 2020, Modulr Finance launched Payment Initiation Solution to endow its customers with fast and economic process of accepting payments. This solution will enable merchants to receive payments directly from their customers’ bank accounts.
These payments will move directly in Modular accounts and users will receive instant notifications on arrival of funds which would speed up reconciliation process and merchant can initiate customer refunds with just a push button. Apparently, this new product will help the company serve their customers with improved offering and strengthen their contactless payment market position in the overall industry.
With regards to product type, POS terminals are observing rising deployment across numerous retail outlets on account of increasing consumer inclination towards mobile wallets.
In 2020, Blackhawk Network Holdings, Inc., declared that mobile wallet adoption is projected to record over USD 190 billion in transactions in the U.S. by 2021. Retailers are now promoting customer loyalty cards integrated with mobile wallets in order to deliver better consumer shopping experience.
For instance, in 2019, The Kroger Co. launched a mobile payment program that offered loyalty rewards such as fuel points and private brand discount to the shoppers.
In terms of application, healthcare segment is witnessing phenomenal demand for contactless payment technology for various applications. Hospitals, clinics, and health insurance companies are extensively using contactless smart cards for faster transactions. These medical smart cards can also save patient’s information.
Considering the  regional landscape, North America contactless payment market is projected to register substantial growth over the forecast timeframe. The growth can be attributed to rising adoption of enhanced payment techniques across several sectors including transportation, retail and healthcare.
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Table of Content
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.    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
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About Author

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport....

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