Contactless Payment Market - Forecast(2020 - 2025)
Contactless payment market size is expected to reach $19.1 billion by 2025 at a CAGR of 12.1% during the forecast period 2020-2025. With the increasing integration of contactless payment technologies in mobile handsets and smartphones, the demand for contactless payment solutions has grown tremendously across all the countries. In addition rising awareness of plastic money and smart cards among the buyers, increasing frequency of purchases and the need for fast transaction time without any inconvenience of standing in long queues is also accelerating the market in the forecast period. The rising hardware encryption on NFC Chips and the integration of contactless payment solutions on EPOS terminal as well as with Subscriber Identity Module (SIM) Cards are set to propel the Contactless payment industry. Moreover an advantage offered by contactless payments for customers that can instantly complete transactions with the tap of a card and the increase in speed of transactions are making c...