Contactless Payment Transaction Market

The contactless payment transaction market is growing at a rapid pace, with major players such as Apple, Samsung, and Visa vying for a share. The increasing trend of contactless payments is boosting the growth of the market. In this report, we provide you with key insights into the size and players of the contactless payment transaction market. We also analyze future opportunities in the market.

Contactless payment allows customers to make payments without using cash or swiping their cards. The customers must tap or wave their cards over a card reader to use this method. After that, the terminal will connect with the bank account, and the payment will be made quickly.

Contactless transactions are powered by either radio frequency identification (RFID) or near-field communication (NFC) technology. When making a purchase, these radio waves share your bank account, contactless card, or phone app details with the merchant's payment reader.

Contactless payment transactions have been witnessing significant growth in the past few years owing to the growing acceptance of this mode of payment across the globe. The market is expected to grow at a CAGR of around **% during the forecast period of 2019–2031 as more and more merchants adopt contactless technology for conducting transactions.

Some of the key players in the contactless payment transaction market are ACS (Advanced Card Systems) Ltd., Chip & Pin Solutions Ltd., Mifare Pty Limited, Ingenico Inc., Gemalto N.V., Verifone Systems Inc., Heartland Payment Systems Inc., On Track Innovations Ltd., Castles Technology Co. Ltd., and Bindo Labs Inc.