The global contactless payment market size is expected to reach USD 6.25 trillion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 20.3% from 2021 to 2028. Various benefits, such as improved service delivery and reduction in transaction time offered by contactless payments, are expected to propel the market growth over the forecast period.
Customers can immediately complete transactions with the tap of a card. Increasing integration of contactless payment technologies in smartphones and mobile handsets is expected to fuel the market growth. Numerous customers across the globe are purchasing services or products with the use of devices, such as wearables, key fobs, smart cards, and smartphones, among others. This, as a result, is anticipated to drive market growth over the forecast period.
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Contactless payment uses Near Field Communication (NFC) and Radio-frequency Identification (RFID) technologies to facilitate easy money transactions. Various benefits, such as real-time transaction processing and secured transactions, are driving the adoption of contactless payment solutions. An increase in the adoption of technology by wholesalers or merchants for small value transactions is further expected to propel the market growth.
The outbreak of the COVID-19 pandemic is expected to favorably impact the market. The COVID-19 outbreak is anticipated to change the payment behavior by users and firms as the World Health Organization (WHO) has been guiding customers to avoid cash handling and shift to contactless payments. This is expected to create growth opportunities for the market over the forecast period.
Increasing demand from merchants and consumers to reduce billing and transaction time will propel the market growth. The safety and security of money transactions is the primary concern of merchants and consumers. Various factors, such as rising government initiatives and ongoing advancements in networking infrastructure for the development of smart solutions, are expected to fuel the market growth. Several government administrations across the globe are encouraging their merchants to implement advanced payment solutions.
The outbreak of COVID-19 is expected to have a positive impact on the market. The COVID-19 pandemic has significantly impacted the market owing to the increase in adoption and use of digitalized and online payment methods across the globe. Furthermore, to curb the spread of the virus, numerous governments have imposed lockdown, which has resulted in lowered usage of cash. However, the rise of cyber-attack and lack of infrastructure in developing economies are expected to hamper the market growth.
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