Contactless Payment Market Growth and Trends 2034
Global Contactless Payment Market Growth, Size, Trends Analysis- By Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2034
| Published: Oct-2025 | Report ID: IACT25176 | Pages: 1 - 274 | Formats*: |
| Category : Information & Communications Technology | |||
Global Contactless Payment Market Introduction and Overview
According to SPER Market Research, the Global Contactless Payment Market is estimated to reach USD 343.32 billion by 2034 with a CAGR of 19.32%.
The report includes an in-depth analysis of the Global Contactless Payment Market, including market size and trends, product mix, Applications, and supplier analysis. The Global Contactless Payment Market was valued at USD 58.69 billion in 2024, and it is expected to rise at a 19.32% CAGR from 2025 to 2034. Several factors are driving the growth of the Global Contactless Payment Market. The increasing use of digital wallets by customers is driving substantial growth in the global contactless payment market. Well-known companies like PayPal and Google Pay are quickly growing their digital wallets, which makes them appealing as payment options. Improved security features are turning into a key factor in the market expansion of the global contactless payment industry.
By Type Insights
The smartphone-based payments segment dominated the market in 2024, driven by the growing use of smartphones for digital transactions, especially among younger consumers. The increasing popularity of digital wallets for contactless payments has further integrated smartphones into everyday activities. Meanwhile, card-based payments are set to grow steadily, with rising adoption of contactless credit and debit cards across industries such as retail, transportation, and hospitality, as more retailers and merchants embrace quick, convenient, and secure card transactions.
By Application Insights
The retail segment led the market in 2024, driven by the surge in ‘tap-and-go’ transactions worldwide. Retailers are increasingly adopting technologies such as digital stores, social media, and cloud platforms to expand their reach. The benefits of contactless payments, including faster transactions, higher revenues, and improved efficiency, have further fueled adoption. The hospitality sector is projected to grow rapidly, with businesses deploying self-service kiosks and advanced payment solutions to enhance customer satisfaction through secure and seamless transactions.
Regional Insights
North America dominated the contactless payment market in 2024, supported by significant investments in advanced technologies such as NFC and RFID. Rising adoption of digitization, IoT, and big data is driving demand for innovative payment hardware and software solutions in the region. In Canada, consumers are increasingly shifting to digital wallets, enabling quick and convenient transactions.
Asia Pacific is projected to grow at the fastest pace, fueled by leading mobile wallet providers like Alipay, Paytm, PhonePe, and Google Pay. Favorable economic conditions, widespread retail adoption, and government initiatives, particularly in Japan, further accelerate regional market growth.
Market Competitive Landscape
The Global Contactless Payment Market has experienced a significant transformation in recent years, propelled by the rising demand for convenience and speed in financial transactions. This market includes a variety of stakeholders, such as payment processors, technology providers, and financial institutions, all competing for a stake in a swiftly changing landscape. With technological advancements and the increasing consumer adoption of smartphones and wearables, the competitive dynamics within this sector are in a constant state of flux. Companies are setting themselves apart by offering innovative solutions, enhanced security features, and forming strategic partnerships, which is contributing to a more competitive environment with the potential for considerable market growth.
Recent Developments:
In 2024, Visa launched Tap to Phone, enabling SMBs to accept contactless payments on Android devices without additional hardware.
In 2024, Mastercard partnered with Samsung to introduce wearables such as smartwatches and fitness bands with contactless payment features.
In 2024, Apple expanded Tap to Pay on iPhone to more European countries, allowing merchants to accept payments without extra devices.
In 2024, PayPal rolled out a mobile-based contactless payment solution for small businesses to support tap-to-pay transactions.
In 2025, Visa partnered with Uber to enable contactless ride payments in select global markets.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Application |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa |
| Companies Covered | Alibaba.com, Amazon.com Inc, American Express Company, Apple Inc, Giesecke & Devrient GmbH, MasterCard, PayPal Holdings Inc, PayU, Thales, Visa Inc. |
Key Topics Covered in the Report
- Global Contactless Payment Market Size (FY’2021-FY’2034)
- Overview of Global Contactless Payment Market
- Segmentation of Global Contactless Payment Market By Type (Smartphone Based Payments, Card Based Payments)
- Segmentation of Global Contactless Payment Market By Application (Retail, Transportation, Healthcare, Hospitality, Others)
- Statistical Snap of Global Contactless Payment Market
- Expansion Analysis of Global Contactless Payment Market
- Problems and Obstacles in Global Contactless Payment Market
- Competitive Landscape in the Global Contactless Payment Market
- Details on Current Investment in Global Contactless Payment Market
- Competitive Analysis of Global Contactless Payment Market
- Prominent Players in the Global Contactless Payment Market
- SWOT Analysis of Global Contactless Payment Market
- Global Contactless Payment Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1.Introduction
1.1.Scope of the report1.2.Market segment analysis
2.Research Methodology
2.1.Research data source
2.1.1.Secondary Data2.1.2.Primary Data2.1.3.SPERs internal database2.1.4.Premium insight from KOLs
2.2.Market size estimation
2.2.1.Top-down and Bottom-up approach
2.3.Data triangulation
3.Executive Summary
4.Market Dynamics
4.1.Driver, Restraint, Opportunity and Challenges analysis
4.1.1.Drivers4.1.2.Restraints4.1.3.Opportunities4.1.4.Challenges
5.Market variable and outlook
5.1.SWOT Analysis
5.1.1.Strengths5.1.2.Weaknesses5.1.3.Opportunities5.1.4.Threats
5.2.PESTEL Analysis
5.2.1.Political Landscape5.2.2.Economic Landscape5.2.3.Social Landscape5.2.4.Technological Landscape5.2.5.Environmental Landscape5.2.6.Legal Landscape
5.3.PORTERs Five Forces
5.3.1.Bargaining power of suppliers5.3.2.Bargaining power of buyers5.3.3.Threat of Substitute5.3.4.Threat of new entrant5.3.5.Competitive rivalry
5.4.Heat Map Analysis
6.Competitive Landscape
6.1.Global Contactless Payment Market Manufacturing Base Distribution, Sales Area, Product Type6.2.Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Contactless Payment Market
7.Global Contactless Payment Market, By Type (USD Million) 2021-2034
7.1.Smartphone Based Payments7.2.Card Based Payments
7.2.1.Credit Cards7.2.2.Debit Cards7.2.3.Others
8.Global Contactless Payment Market, By Application (USD Million) 2021-2034
8.1.Retail
8.1.1.Consumer Electronics8.1.2.Fashion & Garments8.1.3.Others
8.2.Transportation8.3.Healthcare8.4.Hospitality8.5.Others
9.Global Contactless Payment Market, (USD Million) 2021-2034
9.1.Global Contactless Payment Market Size and Market Share
10.Global Contactless Payment Market, By Region, (USD Million) 2021-2034
10.1.Asia-Pacific
10.1.1.Australia10.1.2.China10.1.3.India10.1.4.Japan10.1.5.South Korea10.1.6.Rest of Asia-Pacific
10.2.Europe
10.2.1.France10.2.2.Germany10.2.3.Italy10.2.4.Spain10.2.5.United Kingdom10.2.6.Rest of Europe
10.3.Middle East and Africa
10.3.1.Kingdom of Saudi Arabia10.3.2.United Arab Emirates10.3.3.Qatar10.3.4.South Africa10.3.5.Egypt10.3.6.Morocco10.3.7.Nigeria10.3.8.Rest of Middle-East and Africa
10.4.North America
10.4.1.Canada10.4.2.Mexico10.4.3.United States
10.5.Latin America
10.5.1.Argentina10.5.2.Brazil10.5.3.Rest of Latin America
11.Company Profile
11.1.Alibaba.com
11.1.1.Company details11.1.2.Financial outlook11.1.3.Product summary11.1.4.Recent developments
11.2.Amazon.com Inc
11.2.1.Company details11.2.2.Financial outlook11.2.3.Product summary11.2.4.Recent developments
11.3.American Express Company
11.3.1.Company details11.3.2.Financial outlook11.3.3.Product summary11.3.4.Recent developments
11.4.Apple Inc
11.4.1.Company details11.4.2.Financial outlook11.4.3.Product summary11.4.4.Recent developments
11.5.Giesecke & Devrient GmbH
11.5.1.Company details11.5.2.Financial outlook11.5.3.Product summary11.5.4.Recent developments
11.6.MasterCard
11.6.1.Company details11.6.2.Financial outlook11.6.3.Product summary11.6.4.Recent developments
11.7.PayPal Holdings Inc
11.7.1.Company details11.7.2.Financial outlook11.7.3.Product summary11.7.4.Recent developments
11.8.PayU
11.8.1.Company details11.8.2.Financial outlook11.8.3.Product summary11.8.4.Recent developments
11.9.Thales
11.9.1.Company details11.9.2.Financial outlook11.9.3.Product summary
11.10.Visa Inc
11.10.1.Company details11.10.2.Financial outlook11.10.3.Product summary
11.11.Others
12.Conclusion
13.List of Abbreviations
14.Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Contactless Payment Market is projected to reach USD 343.32 billion by 2034, growing at a CAGR of 19.32% during the forecast period.
Contactless Payment Market size from 2025. The Market is expected to reach USD 343.32 billion by 2034, at a CAGR of 19.32% during the forecast period.
Contactless Payment Market CAGR of 19.32% during the forecast period.
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Contactless Payment Market size is USD 343.32 billion from 2025 to 2034.
Contactless Payment Market covered By Type, By Application
The North America is anticipated to have the highest Market share in the Contactless Payment Market.
Alibaba.com, Amazon.com Inc, American Express Company, Apple Inc, Giesecke & Devrient GmbH, MasterCard, PayPal Holdings Inc, PayU, Thales, Visa Inc.
The report includes an in-depth analysis of the Global Contactless Payment Market, including market size and trends, product mix, Applications, and supplier analysis.
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