Contactless payment market to surpass $100B: forecast

The research sheds light on the development of contactless payment market

contactless payment market

Contactless payment market to surpass $100B: forecast. Source: shutterstock.com

Global Market Insights has found that the market valuation for contactless payment will surpass $100 billion by 2026. The demand for contactless payments will be driven by rising enterprise and consumer digital shift and the proliferation of smartphones.

The increased deployment of POS terminals across retail outlets will surge the contactless payment market boost as well. For instance, mobile wallet adoption is forecasted to generate nearly $190 billion in transactions in the US by 2021.

Besides, RFID-based contactless payment will gain traction since merchants are adopting smart payment to maximize profits. The technology has a memory chip or tag that stores data and RFID readers. It is widely used in toll collection, warehouse, and logistics transactions, and in the retail sector.

In addition, contactless payment technology is becoming popular in the healthcare sector. Hospitals, clinics, and insurance companies are adopting contactless smart card solution for fast transactions.

Along with that, patient information can be saved in these medical smart cards. The technology provides safe access to emergency medical information and portable medical records thus reducing healthcare fraud.

We’ve reported that the wearable tech market is set to grow to $64 billion by 2024, compared to nearly $27 billion in 2019.

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