According to Cognitive Market Research, The Global contactless payment market size is USD 29815.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.00% from 2024 to 2031.

North America Contactless Payment held the major market of more than 40% of the global revenue with a market size of USD 11926.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
Europe Contactless Payment held the major market of more than 30% of the global revenue with a market size of USD 8944.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031.
Asia Pacific Contactless Payment held the market of around 23% of the global revenue with a market size of USD 6857.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
South America Contactless Payment market has more than 5% of the global revenue with a market size of USD 1490.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031
Middle East and Africa Contactless Payment held the major market of around 2% of the global revenue with a market size of USD 596.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
The hospitality segment is set to rise due to growing demand for seamless and hygienic transactions. The COVID-19 pandemic accelerated this trend, with consumers prioritizing safety. Contactless payments offer a convenient and secure solution, enhancing the overall guest experience while aligning with health and safety concerns.
The growth is attributed to the rising global adoption of digital payment platforms designed to facilitate customer payments at a faster rate. Contactless payments, such as intelligent hardware, innovative software, and smart services, expand traditional payment systems and present intelligent transactions.

Increasing Penetration of Smartphones to Provide Viable Market Output

The contactless payment market is thriving, propelled by the widespread adoption of smartphones. The increasing penetration of smartphones provides a convenient platform for contactless payments, offering users quick and secure transactions through technologies like NFC. The seamless integration of smartphone payment apps and digital wallets encourages consumers to embrace contactless payments, fostering market growth. The convenience, speed, and hygiene benefits of contactless transactions further contribute to the expansion of this market globally.

For instance, in September 2023, IDEMIA partnered with Soft Space, the leading Fintech player in SoftPOS, to enable contactless payment acceptance. Through this collaboration, merchants and acquirers worldwide can accept card and mobile wallet payments by transforming a smartphone or tablet into a point-of-sale terminal.

(Source: https://www.idemia.com/press-release/idemia-partners-soft-space-enable-tap-phone-payments-2022-03-02 )

Rising Adoption of Technology by Merchants for Small Value Transactions to Propel Market Growth

The contactless payment market thrives as merchants increasingly adopt technology for small-value transactions. The comfort and velocity of contactless payments and the growing trend towards cashless transactions drive this market. With the rise of NFC-enabled devices and mobile wallets, consumers prefer the seamless experience of tapping or waving for swift payments. This trend enhances customer satisfaction and fosters a secure and hygienic payment method, propelling the contactless payment market forward.

For instance, in January 2022, Rêv USA, Inc. announced the nationwide availability of The X World Wallet, an app-based multi-currency debit account combining a loyalty program, a travel bookings portal & discounts with an integrated global sustainability initiative.

(Source: https://www.businesswire.com/news/home/20220104005138/en/R%C3%AAv-Enters-U.S.-Payments-Market-With-The-Launch-of-The-X-World-Wallet%E2%84%A2-Super-App )

Market Restraints of the Contactless Payment

Lack of Consumer Awareness to Restrict Market Growth

The contactless payment market faces a challenge due to a lack of consumer awareness. Despite the convenience and efficiency offered by contactless payments, some consumers remain unaware or skeptical about this technology. This limited awareness is a sign...

Base Year 2023 Forecast Period 2024-2028 Market Growth X.XX%*

In which European countries can you pay contactless? This varies greatly per country. The market share of contactless payments (processed by MasterCard) reached 83 percent in Poland in 2018, whereas this penetration rate was only four percent in Belgium that year. On average, contactless transactions made up 48 percent of all payment transactions made at points of sale (POS) each month in Europe. These large differences stem from Europe having a lot of diversity when it comes to the use of payment methods. For this reason, there is not much comparative data across multiple European countries that covers all brands (MasterCard, Visa but also domestic brands like Bancontact in Belgium). Statista offers a dedicated research page which tries look more into the topic of digital payment methods in Europe.

Why are not all European countries in this list?

The 17 numbers provided in this ranking are from the same source but were collected from multiple news outlets. Some countries (Denmark, Croatia, Greece and Russia) only got a brief mention that contactless transactions were "above 50 percent". Other countries such as Sweden, Norway and Finland, however, were not published at all. Other data suggests, though, that these countries were already underway towards the cashless society. In Finland, 21 percent of respondents said they did not own a device with an NFC feature. Data from a domestic survey suggests that 54 percent of Swedish respondents “sometimes” would pay by contactless card, whereas 29 percent said they always used contactless cards in-store.

How much of this is done not by card but by something like Apple Pay?

Apple Pay, Samsung Pay and Google Pay are forms of so-called e-wallets and are supported by PayPal, Alipay, Amazon Payments and national initiatives like Lyf Pay in France or Moneta in Poland. The European e-wallet landscape is fragmented, however, as corporations in Europe often did not offer e-wallets as a payment method in 2018. PayPal is still a popular e-wallet in Europe, however, as indicated by the company’s growing profit in the European region.

The European virtual visa card market is booming, projected to reach €64.5 billion by 2033, with a CAGR of 20%. Discover key market trends, leading companies, and regional insights in this comprehensive analysis. Learn about the growth drivers, challenges, and future opportunities within the B2B and B2C sectors. Recent developments include: In September 2023, Lloyds Bank launched a new virtual card for its businesses in partnership with Visa. The virtual card payment service will be available to Lloyds customers and is designed for users to control and track spending with the simplification of the payment process. Visa Commercial Pay exists as a virtual payment solution providing the technology to help businesses simplify and streamline their payments in a secure and controlled way., In September 2023, Wallester which operates in virtual card solutions partnered with Transferra which exists as a fintech provider in Europe. The partnership will be expanding Wallester's virtual card business in the European region and make its transactions more secure.. Key drivers for this market are: Rising in Adoption of Digital Payment Method, Increase in Adoption of Virtual Card Payments by E-Commerce Business. Potential restraints include: Rising in Adoption of Digital Payment Method, Increase in Adoption of Virtual Card Payments by E-Commerce Business. Notable trends are: Rising Digital Payment.

The Europe Payments Market Report is Segmented by Mode of Payment (Point of Sale, Online), Interaction Channel (Point-Of-Sale, E-commerce/M-commerce), Transaction Type (P2P, C2B, B2B, Remittances and Cross-Border), End-User Industry (Retail, Entertainment and Digital Content, Healthcare, Hospitality & Travel, and More), and Country. The Market Forecasts are Provided in Terms of Value (USD).

The global cards and payments market is booming, projected to reach [estimated 2033 market size] by 2033, fueled by digital payments, e-commerce growth, and fintech innovation. Discover market trends, key players (Visa, Mastercard, etc.), and regional insights in this comprehensive market analysis.

According to 2022 payment diaries, there were significant differences between the euro area countries when it comes to mobile proximity payments. Slovakia, for instance, led a ranking that compared contactless payments against the overall card payments within each country, and was followed by Greece and Slovenia. Does this mean these countries are the biggest contactless payment markets in Europe? Not necessarily, as this survey does not include countries like the United Kingdom, Sweden, Denmark, or Poland - all countries that do not have the euro (which was the scope of this survey) - and who have a reputation for being into contactless payments. Statista made its own contactless market share ranking within European POS sales, which includes the aforementioned countries. Additionally, card payments per capita varied greatly between the various European countries: Slovakia ranked as the 24th country in Europe in terms of how much each domestic consumer spent using either a debit card or a credit card.

Discover the latest insights into the booming European credit card market. This comprehensive analysis reveals a €2.47 billion market in 2025, projected to grow steadily at a CAGR of 2.83% until 2033. Explore key drivers, trends, and regional breakdowns, including market share data for major players like Visa, Mastercard, and leading banks. Recent developments include: February 2023: ASOS, the global online fashion destination, and Capital One UK announced a new and exclusive credit card partnership. The partnership will likely launch a new ASOS credit card for eligible shoppers, available later this year. It is projected to provide a range of features and benefits that only come with using a credit card when they shop at ASOS and elsewhere, such as Section 75 protection on purchases over EUR 100., November 2022: Germany's leading international provider of ticketing services and live entertainment CTS EVENTIM presented its own branded credit card issued by Advanzia Bank. The Eventimcard offered an integrated loyalty program that gives cardholders VIP entry to venues owned or operated by CTS EVENTIM, free ticket delivery, and all the benefits included in the Mastercard Gold.. Key drivers for this market are: Usage of Credit Card give the bonus and reward points. Potential restraints include: Usage of Credit Card give the bonus and reward points. Notable trends are: Increasing Card Transactions in Europe have a Major Impact on Credit Card.

Discover the booming European mobile wallet market, projected to reach €108.35 million in 2025 with a 28.07% CAGR. This in-depth analysis explores key drivers, trends, and challenges shaping the future of mobile payments in Europe, featuring major players like Apple Pay, Google Pay, and Samsung Pay. Key drivers for this market are: Growing Adoption of the Digitalization in Europe, Pay-backs and Reward Strategies to Boost Market Growth; Instant payments are becoming increasingly widespread. Potential restraints include: High Dependence on External Sources to Balance the Skill Deficit, Vendor Lock In; Compliance Issues, Migration Complexity, And Security Risks. Notable trends are: E-commerce to Drive the Mobile Payments Market.

The European smart card market is booming, projected to reach €[Estimate from chart data] by 2033, driven by contactless payments, secure ID needs, and digitalization. Learn about key players, market trends, and growth projections in our in-depth analysis. Recent developments include: September 2021 - Fingerprint Cards AB collaborated with Infineon by enabling biometric authentication. The partners combined Infineon's 40nm security controller (SLC38), the Fingerprints T-Shape 2 sensor module, and the latest biometric software for payments. In collaboration with Fingerprints, Infineon is working to promote high-performance payment solutions with biometric smart cards that are easy to integrate and scalable., May 2021 - IDEMIA partnered with Swissquote and PostFinance to release Yuh, a new digital finance app company with Smart Plastics banking cards and innovative packages. IDEMIA provided Yuh with an innovatively designed Smart Plastics payment card with a metal leaf logo (Smart Reflect) and a black core (Smart Edge) that matches the brand's personality. The company worked with Yuh to design an innovative glide pack that adds a premium and stylish finish to the end-user experience.. Key drivers for this market are: Increase in the Travel and Tourism is Driving The Market, Increased Demand For Contactless payments. Potential restraints include: Increase in the Travel and Tourism is Driving The Market, Increased Demand For Contactless payments. Notable trends are: Healthcare and Education To Witness Rise In Adoption of Smart Cards.

Paying with NFC - swiping a payment card or a smartphone over a reader - is expected to ****** in market size in Europe between 2020 and 2024. However, this particular region is believed to be eventually outperformed by Latin America or the 'rest of the world' region. One reason for this could be the splintered approach in Europe when it comes to payments, as significant differences were observed in contactless payment adoption between the various European countries. Another could be the high preference for cards rather than cash in both the Middle East and Africa seen right before the COVID-19 pandemic - as debit or credit cards are a likely user of NFC technology. Apps like Apple Pay or Google Pay can also use contactless payment technology, but this was especially found in China: the Asian country was considered the world's leading country on proximity mobile payments - contactless payments which involve a smartphone - due to the popularity of Alipay and Tenpay.

The size of the Europe Digital Payment Market was valued at USD 1.3 Billion in 2023 and is projected to reach USD 3.46 Billion by 2032, with an expected CAGR of 15% during the forecast period. Recent developments include: April 2023: Tap to Pay on Android was launched by Square for sellers in the UK. The new technology helps sellers to securely accept contactless payments with a compatible Android device at no additional cost and without any requirement for additional hardware., February 2022: Payrix was acquired by FIS, positioning FIS to strengthen embedded payments and finance experiences specifically fabricated for SME businesses across diverse industries.. Notable trends are: Growing demand for digital payment in the BFSI sector is driving the market growth.

The European payment processors market is experiencing robust growth, fueled by the increasing adoption of digital payment methods and the expansion of e-commerce across various sectors. The market, valued at approximately €[Estimate based on CAGR and available data; for example, if 2024 market size was €100 million, then a 15.83% CAGR would suggest a 2025 value of approximately €115.83 million]. This growth is driven by several key factors. Firstly, the rising preference for contactless payments, digital wallets (like Apple Pay and Google Pay), and online transactions is significantly impacting traditional cash-based systems. Secondly, the burgeoning e-commerce sector across retail, entertainment, healthcare, and hospitality is creating a high demand for efficient and secure payment processing solutions. Furthermore, technological advancements, such as improved security protocols and the development of innovative payment platforms, are contributing to market expansion. The growth isn't uniform across all segments, though. While digital payment methods are experiencing exponential growth, cash transactions still hold a significant share, particularly in certain sectors and regions. Regulatory changes and the increasing focus on data privacy and security also shape the market landscape, demanding robust and compliant payment solutions from processors. The market's segmentation reveals significant opportunities and challenges. The Point of Sale (POS) segment, encompassing card payments and digital wallets, dominates the market due to its widespread adoption in various industries. However, the online sales segment is showing rapid expansion, driven by the increasing popularity of online shopping and the convenience of digital payments. Key players like Visa, Mastercard, PayPal, and region-specific providers such as Giropay (Germany), iDEAL (Netherlands), and Bancontact (Belgium) are strategically positioning themselves to capitalize on these trends. Competition is fierce, with existing players investing heavily in innovation and new entrants leveraging niche technologies. Geographical variations exist, with countries like the UK, Germany, and France leading the market due to higher e-commerce penetration and digital adoption rates. Looking ahead, the market is poised for continued growth, propelled by sustained technological advancements, regulatory compliance initiatives, and the ongoing shift towards a cashless society in Europe. Recent developments include: May 2022- The European Union's antitrust regulator has accused Apple of restricting rivals' access to its payment technology, forcing the company to change its business practices and expose it to a massive fine., May 2022- The Thames Technology Fusion Card will be the first metal card with a dual interface manufactured in Europe, according to the company's website., May 2022- PingPong Payments, a Chinese cross-border payments platform, is partnering with European bank BNP Paribas to acquire services for Europe's direct-to-consumer (D2C) market., May 2022- Platform for payments Paysafe is expanding its partnership with Visa to continue integrating the real-time push payment processing solution Visa Direct. Paysafe provides Visa Direct to merchants, exchanges, operators, and other online businesses in the United Kingdom and Europe when the speed of settlement is critical, such as in forex trading, cryptocurrency, or online gaming.. Key drivers for this market are: Increased digitalisation and decreased cash usage and Real-Time Payments, The digital economy's expansion and changing consumer behaviour; Regulation, specifically PSD2 and Open Banking. Potential restraints include: High Costs Associated With Testing Equipment. Notable trends are: Increasing use of Digital wallets while shopping online.

The contactless payment market is booming, projected to reach $717.1 billion by 2033, growing at a 30.1% CAGR. Driven by mobile wallets, NFC technology, and the rise of e-commerce, this report analyzes market trends, key players (Apple, Samsung, etc.), and regional growth across North America, Europe, and Asia-Pacific. Discover the opportunities and challenges shaping this rapidly evolving sector.

The global bank card solutions market is booming, projected to reach $250 billion in 2025 and grow at a 12% CAGR through 2033. Discover key drivers, trends, and restraints shaping this dynamic industry, including regional market shares and leading companies like Visa and Mastercard. Learn more about debit card, credit card, and prepaid card market segments.

Contactless Card Market Outlook

According to our latest research, the global contactless card market size reached USD 22.7 billion in 2024, reflecting robust adoption across sectors. The market is poised for significant expansion, projected to grow at a CAGR of 12.4% from 2025 to 2033. By 2033, the contactless card market is anticipated to attain a value of USD 64.5 billion. This growth is primarily driven by increasing consumer demand for fast, secure, and hygienic payment methods, coupled with ongoing digital transformation initiatives in banking and retail sectors.

Several key factors are propelling the growth of the contactless card market. First and foremost, the rise in digital payments and the global shift toward cashless transactions have significantly increased the demand for contactless cards. Consumers are increasingly seeking convenience and speed in their daily transactions, and contactless cards offer a seamless solution by enabling quick tap-and-go payments. Additionally, governments and regulatory bodies are actively promoting digital payment infrastructure, which has provided a strong foundation for the widespread adoption of contactless technology. The integration of advanced security features such as tokenization and biometric authentication has further enhanced consumer confidence in using contactless cards, mitigating concerns related to data breaches and fraud.

Another major growth driver is the accelerated adoption of contactless cards in emerging economies. Countries in Asia Pacific and Latin America are witnessing rapid urbanization and increased smartphone penetration, which have contributed to the proliferation of digital wallets and contactless payment solutions. Retailers and service providers in these regions are also investing heavily in upgrading their point-of-sale (POS) infrastructure to support contactless transactions. Furthermore, the COVID-19 pandemic has acted as a catalyst for contactless payment adoption, as consumers and businesses alike prioritize hygiene and safety. The pandemic-induced behavioral shift toward touch-free transactions is expected to have a lasting impact on payment preferences, sustaining the momentum for contactless card market growth in the post-pandemic era.

The contactless card market is also benefiting from continuous technological advancements. Innovations in RFID and NFC technologies have enabled faster and more reliable transaction processing, while also supporting multi-application cards that can be used for payments, access control, and identification. The increasing integration of contactless cards with mobile payment platforms and wearable devices is expanding the ecosystem and driving new use cases. Additionally, collaborations between card issuers, technology providers, and merchants are fostering the development of value-added services such as loyalty programs and personalized offers, further enhancing the attractiveness of contactless cards for both consumers and businesses.

From a regional perspective, Asia Pacific currently leads the contactless card market, accounting for the largest share in 2024, followed by Europe and North America. The region’s dominance is attributed to its large unbanked population, high mobile penetration, and proactive government initiatives to promote digital payments. Europe, on the other hand, continues to witness strong adoption rates due to regulatory mandates and the presence of well-established financial institutions. North America is experiencing steady growth, driven by increasing consumer awareness and the expansion of contactless infrastructure. Meanwhile, Latin America and the Middle East & Africa are emerging as promising markets, supported by favorable demographics and rising investments in financial inclusion programs.

Card Type Analysis

The contactless card market is segmented by card type into credit cards, debit cards, smart cards, prepaid cards, and others. Credit cards hold a substantial share in the market, primarily due to their widespread acceptance

The global payments market is booming, projected to reach $30 trillion by 2033 with a 12% CAGR. Discover key trends, drivers, and regional insights shaping this rapidly evolving industry, including the rise of digital payments and fintech innovations. Explore market segmentation and leading players.