The global Contactless Payment Market size is expected to be worth around US$ 6.30 trillion by 2030, according to a new report by Vision Research Reports. The global Contactless Payment market size was valued at US$ 1.36 trillion in 2020 and is anticipated to grow at a CAGR of 20.6% during forecast period 2021 to 2030.
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Growth Factors
Customers can immediately complete transactions with the tap of a card. Increasing integration of contactless payment technologies in smartphones and mobile handsets is expected to fuel the market growth. Numerous customers across the globe are purchasing services or products with the use of devices, such as wearables, key fobs, and smartphones, among others. This, as a result, is anticipated to drive market growth over the forecast period.
Contactless payment uses Near Field Communication (NFC) and Radio-frequency Identification (RFID) technologies to facilitate easy money transactions. Various benefits, such as real-time transaction processing and secured transactions, are driving the adoption of contactless payment solutions. An increase in the adoption of technology by wholesalers or merchants for small value transactions is further expected to propel the market growth.
The outbreak of the COVID-19 pandemic is expected to favorably impact the market. The COVID-19 outbreak is anticipated to change the payment behavior by users and firms as the World...
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