Contactless Payment Market Soars to US$ 123.58 billion by 2030

According to Prophecy Market Insights "Contactless Payment Market accounted for US$ 9.18 billion in 2020 and is estimated to be US$ 123.58 billion by 2030 and is anticipated to register a CAGR of 24.0%"

Contactless Payment is a secure method that represents cashless payment for consumers to purchase products via debit, credit, or smartcards, also known as chip cards, by using RFID technology or near-field communication.

Rapid frequency of purchasing products and daily transactions has given positive impact on market growth. Adoption of digital technologies and growing awareness among consumers regarding the benefits of contactless payment has driven market growth. Surge in demand for smartphones and its use in making payment transactions are expected to fuel the target market growth over the forecast period.

The contactless payment market is experiencing the emergence of new technologies and trends that are reshaping the industry. Mobile wallets, such as Apple Pay and Google Pay, have gained popularity, allowing users to make seamless payments using their smartphones. NFC-enabled wearables, like smartwatches and payment-enabled jewelry, are incorporating contactless payment capabilities, providing users with convenient payment options. Biometric authentication methods, including fingerprint scanning and facial recognition, are enhancing security and improving user experience. Additionally, the market is witnessing the integration of contactless payments with loyalty programs, the exploration of new industries like healthcare and hospitality, and the application of artificial intelligence and data analytics for personalized experiences. These advancements are driving innovation and transforming the way we make payments.