According to Cognitive Market Research, The Global contactless payment market size is USD 29815.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.00% from 2024 to 2031.
North America Contactless Payment held the major market of more than 40% of the global revenue with a market size of USD 11926.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
Europe Contactless Payment held the major market of more than 30% of the global revenue with a market size of USD 8944.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031.
Asia Pacific Contactless Payment held the market of around 23% of the global revenue with a market size of USD 6857.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
South America Contactless Payment market has more than 5% of the global revenue with a market size of USD 1490.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031
Middle East and Africa Contactless Payment held the major market of around 2% of the global revenue with a market size of USD 596.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
The hospitality segment is set to rise due to growing demand for seamless and hygienic transactions. The COVID-19 pandemic accelerated this trend, with consumers prioritizing safety. Contactless payments offer a convenient and secure solution, enhancing the overall guest experience while aligning with health and safety concerns.
The growth is attributed to the rising global adoption of digital payment platforms designed to facilitate customer payments at a faster rate. Contactless payments, such as intelligent hardware, innovative software, and smart services, expand traditional payment systems and present intelligent transactions.
