The global Contactless Payments Market is estimated to be valued at US$12,316.5 Mn In 2023 and is expected to exhibit a CAGR Of 13.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: The Contactless Payments Market refers to the use of contactless payment solutions, such as mobile wallets and contactless cards, for making transactions. These payment methods offer convenience, speed, and security to consumers, eliminating the need for physical contact or the use of cash or traditional payment cards. The advantages of contactless payments include faster transaction times, enhanced security features, and improved customer experience. With the increasing adoption of smartphones, wearable devices, and other smart technologies, the demand for contactless payment solutions is expected to witness significant growth. These solutions find applications across various industries, including retail, transportation, hospitality, and healthcare. Market Key Trends: One of the key trends driving the Contactless Payments Market is the growing preference for mobile wallets. Mobile wallets, such as Apple Pay, Google Pay, and Samsung Pay, provide users with a secure and convenient way to make contactless payments using their smartphones. The increasing smartphone penetration, coupled with the ease of use and added security features offered by mobile wallets, is accelerating the adoption of contactless payments. Furthermore, the ongoing digitalization efforts by governments and financial institutions to promote cashless transactions are also contributing to the market growth. The ability to make quick and hassle-free payments without the need for physical cards or cash is attracting consumers and merchants alike. Overall, the Contactless Payments Market is poised for high growth due to the increasing demand for contactless payment solutions. The adoption of mobile wallets and the promotion of cashless transactions by governments and financial institutions are some of the key trends driving this market. PEST Analysis: Political: The political factors influencing the contactless payments market include government regulations and policies regarding digital payments and data security. Governments play a crucial role in ensuring a secure and efficient payment ecosystem. For example, the European Union's General Data Protection Regulation (GDPR) has impacted how companies handle and process customer data. Economic: The economic factors impacting the contactless payments market include consumer spending power, GDP growth, and inflation rates. The increasing adoption of contactless payments is driven by the convenience they offer, leading to higher transaction volumes and revenue streams for businesses. Economic stability and growth contribute to the overall expansion of the market. Social: The social factors influencing the contactless payments market include changing consumer behaviors and preferences. The increasing trend of using smartphones and wearable devices for payments reflects the growing acceptance of contactless payments among consumers. Additionally, the COVID-19 pandemic has accelerated the adoption of contactless payments as people seek safer and hygienic payment options. Technological: The technological factors impacting the contactless payments market include advancements in mobile and wireless technologies, such as NFC (Near Field Communication) and RFID (Radio Frequency Identification). These technologies enable secure and quick transactions, driving the adoption of contactless payments. Furthermore, the integration of contactless payment options within mobile apps and digital wallets has further enhanced the convenience and accessibility of these payment methods. Key Takeaways: Market size: The Global Contactless Payments Market Demand is expected to witness high growth, exhibiting a compound annual growth rate (CAGR) of 13.2% over the forecast period. The market's value is projected to reach US$ 12,316.5 million in 2021. The increasing trend of digitalization and the need for fast, secure, and convenient payment options are driving the growth of the contactless payments market. Regional analysis: North America is anticipated to be the fastest-growing and dominating region in the contactless payments market. Factors such as advanced ICT infrastructure, high smartphone penetration, and a tech-savvy population contribute to the region's growth. Additionally, collaborations between payment solution providers and retailers, along with favorable government initiatives, are propelling market expansion in North America. Key players: Key players operating in the contactless payments market include Thales Group, Infineon Technologies AG, Ingenico Group, Wirecard, VeriFone, Inc., Giesecke+Devrient GmbH, IDEMIA, Track Innovations LTD., Identiv, Inc., CPI Card Group Inc., Setomatic Systems, Valitor, PAX, PINPAD, Mobeewave, alcineo, and Paycor, Inc. These companies offer a range of products and services, such as contactless payment terminals, secure payment solutions, and digital wallets, to cater to the increasing demand for contactless payments. Read more: https://www.pressreleasebulletin.com/contactless-payments-market-trends-analysis/
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