Contactless payment market

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Contactless Payment Market 2025 - A USD 40
Billion Revenue Opportunity
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Industry Overview

• Growing customer preference for digital payment
  solutions involving smartphones and contactless
  POS transactions is estimated to propel
  Contactless Payment Market growth over the coming
  years. As a result, several financial service
  providers are now focusing on delivering card
  solutions on smartphones. Besides, various
  countries are now advancing towards becoming
  cashless economies, which has influenced digital
  payment providers to develop enhanced digital
  payment methods to satisfy their consumers with
  fast and convenient payment options. According to
  HSBC Holdings PLC, in the UK, number of
  contactless card transactions increased by 24
  from 2018 to 2019.
• Changing lifestyles and rising trend of online
  shopping have urged retailers across the globe to
  adopt advanced mobile payment applications, such
  as PayPal, AliPay, WeChat Pay, Apple Pay and
  Samsung Pay for accepting payments.
• Considering the elevating demand for digital
  modes of payment, industry players are keen on
  developing better solutions for the merchants for
  payment acceptance. For instance, in 2020,
  Modular Finance launched Payment Initiation
  Solution to endow its customers with fast and
  economic process of accepting payments. This
  solution will enable merchants to receive
  payments directly from their customers bank
  accounts.

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Continue

• These payments will move directly in Modular
  accounts and users will receive instant
  notifications on arrival of funds which would
  speed up reconciliation process and merchant can
  initiate customer refunds with just a push
  button. Apparently, this new product will help
  the company serve their customers with improved
  offering and strengthen their market position in
  the overall industry.
• According to Global Market Insights, Inc. report,
  contactless payment market is estimated to
  surpass USD 100 billion by 2026.
• Contactless payment market is fragmented into
  various segments based on type, technology,
  application and regional landscape.
• With regards to product type, POS terminals are
  observing rising deployment across numerous
  retail outlets on account of increasing consumer
  inclination towards mobile wallets. In 2020,
  Blackhawk Network Holdings, Inc., declared that
  mobile wallet adoption is projected to record
  over USD 190 billion in transactions in the U.S.
  by 2021. Retailers are now promoting customer
  loyalty cards integrated with mobile wallets in
  order to deliver better consumer shopping
  experience. For instance, in 2019, The Kroger Co.
  launched a mobile payment program that offered
  loyalty rewards such as fuel points and private
  brand discount to the shoppers.

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Contactless Payment Market

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