Contactless Payment Terminals Market size was valued at USD 20.5 Billion in 2022 and is projected to reach USD 60.9 Billion by 2030, growing at a CAGR of 16.3% from 2024 to 2030.
The contactless payment terminals market has witnessed rapid growth in recent years, driven by technological advancements, the growing preference for secure and convenient payment methods, and the rising adoption of digital payments across various sectors. In particular, contactless payment solutions have found widespread use in multiple applications, including healthcare, banking, retail, transport, and more. These applications provide substantial benefits in terms of speed, security, and ease of use for both businesses and consumers alike. By eliminating the need for physical contact, these systems have enhanced the customer experience, reduced transaction times, and boosted overall operational efficiency. The growing trend of cashless transactions, particularly in the wake of the COVID-19 pandemic, has further accelerated the market's expansion.
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The healthcare sector has become one of the significant adopters of contactless payment terminals, primarily due to the need for secure, fast, and hygienic payment solutions. In healthcare, particularly in hospitals, clinics, and pharmacies, patients prefer to make quick payments for consultations, treatments, and prescription medications without the need for physical interaction. Contactless payment systems also streamline administrative processes and reduce wait times for patients, contributing to a more efficient healthcare environment. The ability to pay using mobile wallets or contactless cards further enhances the convenience for patients, reducing the risk of contamination or transmission of infections, especially in sensitive environments like healthcare facilities. The integration of contactless terminals in healthcare also simplifies billing and reduces errors associated with manual processing. Healthcare providers, such as private clinics, pharmacies, and hospitals, are increasingly adopting contactless payment systems to provide patients with a more modern and seamless payment experience. Additionally, these systems often feature high levels of security, utilizing encryption and tokenization to protect sensitive financial data, which is a significant concern in healthcare transactions. With the rising trend toward telemedicine and remote consultations, contactless payments are expected to continue gaining traction, further enhancing convenience for both healthcare providers and patients alike.
The BFSI (Banking, Financial Services, and Insurance) sector has been at the forefront of adopting contactless payment terminals due to the increasing demand for faster, more secure transaction methods. Banks and financial institutions have integrated contactless payment technologies into their services, allowing customers to make quick payments using contactless debit or credit cards. This has not only improved the customer experience by reducing transaction times but also enhanced security with advanced encryption techniques. In this sector, the convenience of simply tapping a card or mobile phone on a terminal has revolutionized the way financial transactions are conducted, making them faster and more secure than traditional methods. Moreover, the BFSI sector’s emphasis on security and fraud prevention has led to the implementation of additional features in contactless payment terminals, such as biometrics and multi-factor authentication. These innovations address concerns regarding fraud and identity theft, which are particularly important in financial transactions. With the increasing adoption of contactless technology across the globe, financial institutions are investing in expanding their network of contactless-enabled terminals and updating their systems to ensure compliance with international payment standards. As the demand for cashless payments continues to rise, the BFSI sector is expected to see significant growth in contactless payment terminal usage, further streamlining financial transactions and providing added security for customers.
In the retail industry, the adoption of contactless payment terminals has dramatically changed the way consumers make purchases, contributing to a faster, smoother shopping experience. With an increasing preference for quick, frictionless transactions, retailers across the globe are upgrading their payment systems to support contactless payments, which allow customers to complete transactions within seconds. Whether in supermarkets, fashion outlets, or convenience stores, contactless payment terminals offer a major advantage in terms of reducing long queues and enhancing customer satisfaction. The ability to pay using a smartphone, smartwatch, or contactless credit/debit card has made shopping more efficient, particularly in high-traffic retail environments. The retail sector has also seen the integration of contactless payments in online and e-commerce platforms, providing customers with a seamless payment experience both in-store and digitally. This has significantly contributed to the overall growth of the contactless payment terminal market, as more retailers invest in updating their payment infrastructure. Furthermore, contactless payments reduce the need for handling physical cash, which has been a key factor in promoting hygiene and convenience for both customers and retailers. With advancements in mobile payment apps and digital wallets, contactless terminals have become an essential tool for retailers looking to provide cutting-edge payment options and keep up with consumer demand for speed and convenience.
The transport sector is another major application area for contactless payment terminals, with cities and transportation networks around the world adopting this technology to streamline passenger experiences. Contactless payment systems are increasingly used in public transit systems, such as buses, trains, and metros, allowing passengers to pay for their rides by simply tapping their contactless cards or mobile devices on the payment terminals. This has significantly reduced the time spent waiting in line to purchase tickets, improving overall efficiency and reducing congestion during peak travel times. Furthermore, contactless payment terminals offer greater convenience for travelers, eliminating the need to carry cash or physical tickets. Additionally, the transport sector benefits from the enhanced security and reduced operational costs associated with contactless payment systems. By eliminating the need for manual ticketing or cash handling, transit authorities can reduce fraud and the risk of errors, while also lowering the costs of managing physical tickets. The growing integration of contactless payments in transportation networks is expected to continue, as cities and countries focus on improving smart city infrastructure and providing more efficient, cost-effective solutions for travelers. With the rise of mobile wallets and digital payment options, the demand for contactless payment terminals in the transport sector is expected to increase, particularly in urban areas where public transportation is in high demand.
The "Others" segment in the contactless payment terminal market covers a wide array of applications beyond the primary industries like healthcare, BFSI, retail, and transport. This includes sectors such as hospitality, education, government services, and entertainment, where contactless payments are becoming increasingly popular. In the hospitality industry, for instance, contactless payment terminals are being used in hotels, restaurants, and entertainment venues, offering a seamless and convenient way for customers to settle bills and make purchases. Whether it's a restaurant bill, a movie ticket, or a theme park entry, contactless payment methods help businesses in these sectors enhance the customer experience, reduce transaction times, and improve overall operational efficiency.In the education sector, contactless payments are increasingly used for services such as online tuition payments, student fees, and even purchases made at campus cafes and stores. The government's implementation of contactless systems in areas such as toll booths, parking facilities, and public service payments is also growing. The widespread adoption of contactless payments in these diverse applications is fueled by the growing need for convenience, security, and cost-effectiveness. The flexibility and scalability of contactless payment systems make them suitable for a variety of industries, providing consumers with the option to complete transactions quickly and securely, irrespective of the sector they are engaging with.
Several key trends are shaping the contactless payment terminals market, including the increasing reliance on mobile payments, the growing focus on security and data protection, and the expansion of contactless payment infrastructure across various sectors. The rapid adoption of smartphones and mobile wallets has made mobile payments the preferred method for many consumers, driving the demand for contactless terminals that support NFC (Near Field Communication) technology. Additionally, the need for heightened security in financial transactions has led to innovations in encryption and biometric authentication, making contactless payments more secure and trustworthy. The shift toward a cashless society has prompted businesses across industries to upgrade their payment systems, contributing to the ongoing growth of the market.Another key trend is the rise of integrated payment solutions, where contactless terminals are increasingly being used in conjunction with other technologies such as point-of-sale (POS) systems, digital wallets, and loyalty programs. These integrated solutions provide businesses with more data insights and enhance the customer experience by offering multiple ways to pay, earn rewards, and engage with brands. Furthermore, the ongoing digital transformation and the development of smart city infrastructure are expected to increase the demand for contactless payment systems in public spaces, transportation networks, and government services, further fueling market growth.
The contactless payment terminals market presents numerous opportunities for growth, particularly in emerging markets where digital payments are still gaining traction. As smartphone penetration continues to rise globally, particularly in developing economies, there is a significant opportunity to expand the use of contactless payments. Businesses in these regions can benefit from adopting contactless payment technologies to meet the growing demand for fast, secure, and convenient transaction methods. Moreover, the ongoing development of smart cities and the integration of IoT (Internet of Things) technologies in various sectors provide further opportunities for contactless payment adoption in public transportation, government services, and retail. The healthcare sector also offers considerable growth potential for contactless payment solutions, as hospitals and clinics seek ways to streamline their payment processes and reduce administrative overheads. With the increasing adoption of wearable devices and mobile wallets, there are opportunities to further integrate contactless payment solutions into health and wellness services, creating a more seamless payment experience for patients. As businesses continue to invest in digital payment infrastructure and prioritize customer-centric solutions, the contactless payment terminals market is expected to see significant expansion in the coming years.
What is a contactless payment terminal?
A contactless payment terminal is a device that allows customers to make secure payments by tapping their contactless-enabled cards or mobile devices, without the need for physical contact.
Top Contactless Payment Terminals Market Companies
Wirecard AG
On Track Innovations Ltd
ShopKeep
Clover Network Inc Ingenico Group
Chip & PIN Solutions Ltd
Heartland Payment Systems Inc Castles Technology
PoyntCo
iZettle AB
internalDrive
Verifone
Regional Analysis of Contactless Payment Terminals Market
North America (United States, Canada, and Mexico, etc.)
Asia-Pacific (China, India, Japan, South Korea, and Australia, etc.)
Europe (Germany, United Kingdom, France, Italy, and Spain, etc.)
Latin America (Brazil, Argentina, and Colombia, etc.)
Middle East & Africa (Saudi Arabia, UAE, South Africa, and Egypt, etc.)
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Contactless Payment Terminals Market Insights Size And Forecast