Contactless payment systems are credit and debit cards, key fobs, smart cards, and other devices, such as smartphones and other mobile devices, that make secure payments using radio-frequency identification (RFID) or near field communication (NFC, e.g. Samsung Pay, Apple Pay, Google Pay, Fitbit Pay, or any bank mobile application that supports contactless). Thanks to the integrated circuit chip and antenna provided, customers can wave their card, fob, or mobile device over a reader at the point of sale terminal. Contactless payments, unlike other mobile payment systems that employ wide-area cellular or WiFi networks and do not require close physical proximity, are made in close physical proximity.
In terms of region, Europe dominated the Contactless Payments Market in 2019 and is predicted to continue to do so during the forecast period. Early adoption of advanced technology among end users, as well as an increase in government measures to increase the use of wearable and contactless payment in Germany, the United Kingdom, and France, are two main factors driving the growth of the contactless payment market in this area. However, due to an increase in the adoption rate of wearable devices and contactless payments among Asia-Pacific developing countries such as China and India, Asia-Pacific is predicted to grow at a substantial rate throughout the projection period.
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