Contactless payment is becoming more and more prominent as the world continues to go cashless, with many developing countries aim to become cashless economies. Changing consumer lifestyle trends have resulted in the proliferation of online retailing over the past several years. The volume of contactless card transactions in the U.K. rose by more than 24% between 2018 and 2019, according to a report by HSBC Holdings PLC. 

As a result, retailers worldwide are adopting digital payments platforms such as Apple Pay, PayPal, Samsung Pay, WeChat Pay, and Google Pay, among others. In August 2020, Google Pay rolled out a new NFC-based contactless card payments option in India that will enable users to add their card numbers for direct payment.

Globally considered to be one of the fastest growing and most profitable verticals within the sustainable and smart technologies space, global contactless payment market size is estimated to exceed an annual valuation of over US$100 billion by 2026.

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RFID-based contactless payments have become widely popular as retailers continue to adopt smart payment technologies to maximize profits and improve customer experience. RFID cards typically consist of RFID readers and a memory chip or tag that stores data. Cards integrated with RFID technology offer faster, convenient, and safer transactions compared to other technologies. RFID technology is prominently used in the retail sector, logistics transactions, warehouses, and in toll collection.

Most consumers today are switching to digital payment platforms such as mobile wallets as they are easier, faster, and more convenient. Consequently, retailers are increasingly deploying POS terminals across retail outlets. Many retail stores are also integrating mobile wallets with consumer loyalty cards to improve their shopping experience. Blackhawk Network Holdings, Inc., revealed in January 2020 that the adoption of mobile wallets is estimated to be worth more than US$190 billion in transactions in the U.S. alone by 2021.

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Over the past few years, contactless payment technology has gained wide acceptance in the healthcare sector for a variety of applications. Healthcare institutions as well as insurance companies are increasingly adopting contactless smart cards for faster hassle-free transactions. In addition to this, these smart cards can store patient information, which helps provide secure access to emergency medical information and medical records, reducing the risk of healthcare fraud.

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North America is expected to hold a substantial share of global contactless payment industry, with wide adoption of digital payment technologies across retail, healthcare, and transportation sectors. More than half of customers rely on contactless cards, according to the 2020 MasterCard Survey. This enables customers to pay quickly and conveniently at retail outlets. It has been also reported that the usage of contactless payment technologies had increased by more than 150% in March 2019.

Heartland Payment Systems, Inc., Giesecke & Devrient GmbH, PAX Global Technology, Visa, Inc., On Track Innovations Ltd., Thales Group, Wirecard AG, Verifone, IDEMIA, Valitor, PayCore, Ingenico Group SA, Identiv, and Alcineo are some of the prominent names in global contactless payment industry.

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