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Blockchain Is Fastes Growing Segment Fueling The Growth Of The Global Contactless Payments Market

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Leena Shedmake
Blockchain Is Fastes Growing Segment Fueling The Growth Of The Global Contactless Payments Market

The global Contactless Payments Market is estimated to be valued at US$ 15782.66 Mn in 2023 and is expected to exhibit a CAGR of 13 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.



Market Overview:


Contactless payments involve the use of payment cards, key fobs, smartwatches, smartphones, or other devices, to make secure payments without physically swiping or inserting a card. The technology relies on radio-frequency identification (RFID) and near field communication (NFC) to transmit payment details from a payment device to a point-of-sale terminal. The technology enables quick and secure transactions at retail stores and offers advantages like speed, convenience and hygiene over traditional card payments.



Market key trends:


Blockchain technology is emerging as an important trend in the contactless payments market. Blockchain enables contactless payments through cryptocurrencies like Bitcoin that can be used for contactless transactions at retail stores. Blockchain provides an added layer of security for contactless payments by serving as a distributed ledger for cryptocurrency transactions. The transparency of blockchain also makes transactions more traceable and auditable. Growing interest in cryptocurrencies and their increasing acceptance is expected to drive the adoption of blockchain-based contactless payments over the forecast period.


Segment Analysis


The contactless payments market is segmented by payment mode into contactless cards, contactless mobile payment, and others. Among these, the contactless cards segment dominated the market in 2023 and accounted for a market share of around 50%, as contactless cards provide convenience and flexibility to users for making secure payments. Contactless mobile payments are expected to witness the highest growth over the forecast period, owing to the increased adoption of mobile wallets and growing popularity of mobile-based contactless payments using apps like Apple Pay, Google Pay, Samsung Pay, etc.



Key Takeaways


The Global Contactless Payments Market Demand is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing digitalization and growing popularity of contactless payment technologies among consumers for its convenience and security.


Regional analysis: North America dominated the contactless payments market in 2023 and accounted for around 35% of the global market share. Asia Pacific is expected to witness the fastest growth over the forecast period attributed to strong government initiatives and increasing adoption of digital payments in countries like India, China, and Japan.


Key players: Key players operating in the contactless payments market are 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. Thales Group and Infineon Technologies AG dominated the market in 2023 owing to their extensive product portfolio and strong geographical presence.


Read More - https://www.marketwebjournal.com/contactless-payments-market-share-demand-analysis-size-and-growth-forecast/ 

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