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Contactless Payment Market to Reach $12,476.6 Billion, Globally, by 2032 at 18.3% CAGR: Allied Market Research




The growth of the contactless payment market is driven by the surge in demand for mobile & wearable payment devices and rise in adoption of contactless payments among merchants.

PORTLAND, Ore., Sept. 13, 2023 /PRNewswire/ — Allied Market Research published a report, titled,Contactless Payment Market by Device Type (Smartphones and Wearables, Smart Cards, and PoS Terminals), and Application (Food and Groceries, Pharmacy and Drug Stores, Restaurants and Bars, Consumer Electronics, Media and Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global contactless payment industry generated $2.4 trillion in 2022, and is anticipated to generate $ 12.5 trillion by 2032, witnessing a CAGR of 18.3% from 2023 to 2032.

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Contactless payments have become very popular, especially since the pandemic. It is a secure method for consumers to buy goods and services using a debit, credit, smartcard, or another payment device.

Prime determinants of growth

Surge in demand for mobile & wearable payment devices, rise in adoption of contactless payments among merchants, and numerous benefits provided by contactless payments fuel the contactless payment market growth. However, difficulties in the replacement process of POS terminal and security issues associated with technology are expected to hamper the market growth. On the contrary, integration of IoT in contactless payment technology and untapped potential of emerging economies are some of the factors expected to create lucrative opportunities for the contactless payments market growth in the upcoming years.

Report coverage & details:

Report Coverage


Forecast Period


Base Year


Market Size in 2022

$2,389.41 billion

Market Size in 2032

$12,476.6 billion


18.3 %

No. of Pages in Report


Segments covered

Device Type, Application, and Region.


Surge in demand for mobile & wearable payment devices

Rise in adoption of contactless payments among merchants

Adoption of NFC card payments


Integration of IoT in contactless payment technology

Untapped potential of emerging economies


Security and data privacy risks


       COVID-19 scenario

  • The COVID-19 pandemic positively impacted the contactless payments market. The pandemic across the globe prompted widespread changes in consumer behavior and preferences, accelerating the adoption of contactless payments.
  • The fear of virus transmission through physical contact prompted a shift away from traditional payment methods such as cash and chip-and-pin cards. Furthermore, many governments and health organizations encouraged the use of contactless payments to reduce the spread of the virus. This resulted in increased awareness and promotion of contactless transactions, driving its adoption.

The smartphones and wearables segment to maintain its leadership status throughout the forecast period

Based on device type, the smartphones and wearables segment held the highest market share in 2022, accounting for nearly three-fifths of the global contactless payment industry revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the rising penetration of smartphone devices used for making payments among the youth population across the globe. The use of digital wallets for making contactless payments through smartphones has increased the usage of smartphones in everyday tasks and activities. Furthermore, innovations in wearables, such as payment watches for making contactless payments, are expected to propel the segment’s growth. However, the smart cards segment is projected to manifest the highest CAGR of 21.0% from 2023 to 2032, owing to the growing adoption of contactless cards, such as credit and debit cards for making payments in sectors such as BSFI, retail, transportation, and hospitality.

The food and groceries segment to maintain its leadership status throughout the forecast period

Based on application, the food and groceries segment held the highest market share in 2022, accounting for more than one-fourth of the global contactless payment market revenue, owing to the fact that contactless payment systems are being used by several merchants in emerging markets such as India, Mexico, and Brazil due to several benefits such as enhanced operational efficiencies, improved customer satisfaction, and lower operating costs. The increase in online payment penetration among end-users in various food and grocery stores contributes to market expansion. However, the restaurants and bars segment is projected to manifest the highest CAGR of 22.5% from 2023 to 2032, owing to a rise in the adoption of contactless payment technology such as NFC and RFID across the restaurants and bars industry, which drives the growth of the market.

Europe to maintain its dominance by 2032

Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global contactless payment market revenue. This is attributed to the fact that contactless payment technology is used by various firms in European countries including the UK, Germany, and France to enable business transactions between counterparties and drive operational efficiency, which drives the market growth. In addition, the launch of easy-to-use and new contactless applications, such as Samsung Pay, Apple Pay, and Google Wallet, has accelerated the usage of contactless payments by customers primarily in the retail and hospitality industries. These major factors influence the growth of the contactless payment market in Europe.  However, Asia-Pacific is expected to witness the fastest CAGR of 21.1% from 2023 to 2032, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that several consumers have adopted contactless payments for day-to-day transactions and due to the increased government support toward investment in technologies.

Want to Access the Statistical Data & Graphs, and Key Players’ Strategies:

Leading Market Players: –

  • Visa Inc.
  • American Express Company
  • PayPal, Inc.
  • Apple Inc.
  • Mastercard
  •, Inc.
  • Square, Inc.
  • Ingenico
  • VeriFone, Inc.
  • Thales

The report provides a detailed analysis of these key players of the global contactless payment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the contactless payment market analysis from 2022 to 2032 to identify the prevailing contactless payment market opportunity.
  • Market research is offered along with information related to key drivers, restraints, and opportunities.
  • The Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the contactless payment market segmentation assists to determine the prevailing contactless payment market opportunities.
  •  Major countries in each region are mapped according to their revenue contribution to the market.
  •  Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as contactless payment market trends, key players, market segments, application areas, and market growth strategies.

Contactless Payment Market Key Segments:

By Device Type:

  • Smartphones and Wearables
  • Smart Cards
  • PoS Terminals

By Application

  • Food and Groceries
  • Pharmacy and Drug Stores
  • Restaurants and Bars
  • Consumer Electronics
  • Media and Entertainment
  • Others

By Region

  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)

Procure Complete Report (315 Pages PDF with Insights, Charts, Tables, and Figures) @

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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PTI Secures €1.2 Billion Multi-Jurisdiction Transaction




NEW YORK, Sept. 28, 2023 /PRNewswire/ — Phoenix Tower International, LLC (“PTI”), through its Spanish subsidiary (PTI Iberica V, S.A.) announced today that it has closed a new €1.2 billion senior credit facility in Europe to consolidate its existing loans and provide substantial additional capacity to support further growth both in existing and new markets in Europe. 

The transaction comprised of the following senior secured facilities: (i) a €700 million term loan, (ii) a €400 million delayed draw term loan, (iii) a €50 million revolving credit facility, and (iv) a €50 million debt service reserve facility, all of which are due in September 2030 (7 years). Proceeds from the facilities will be used to: (i) repay existing indebtedness including related fees and expenses,  (ii) fund capital expenditure requirements and acquisitions, including the recent acquisition of the French portfolio of wireless tower assets from Cellnex (1,226 sites hosting SFR), and (iii) fund working capital requirements.

“The multi-jurisdiction loan provides PTI with the flexibility to continue to grow our business across Europe with incremental liquidity available at our disposal. The financing will allow us to strengthen our commitment to the region, as we continue to construct and invest in digital infrastructure in markets that are experiencing a rising demand for connectivity and technological upgrades. We are excited to continue to expand our presence in Europe and deliver value-add infrastructure solutions to our customers”, said Dagan Kasavana, Chief Executive Officer of PTI.

“By providing a flexible financing covering multiple jurisdictions, PTI was able to simplify its capital structure, reduce pricing, and access incremental funds to support future growth. Raising €1.2 billion in the current market environment speaks to the strength of PTI’s business model and underscores the lender community’s appetite to support the expansion of digital connectivity. We are pleased to partner with such a strong lender group in this landmark transaction”, said Michael Bremer, Chief Financial Officer of PTI.

Natixis Corporate & Investment Banking (“Natixis”) acted as Structuring Bank. Natixis and Deutsche Bank AG acted as Lead Bookrunners and Mandated Lead Arrangers, ABN AMRO Bank N.V., ING Bank N.V., and Scotiabank (Ireland) Designated Activity Company acted as Mandated Lead Arrangers and Bookrunners, BNP Paribas and MUFG Bank acted as Mandated Lead Arrangers, and Citibank Europe PLC Dublin, Mizuho Bank Europe, and Toronto Dominion Bank acted as Participants. Natixis also acted as Facility Agent, Security Agent and Financial Modelling Bank, while ING Bank N.V. has been appointed as Sustainability Coordinator.

Freshfields Bruckhaus Deringer acted as external legal counsel of the company, and Allen & Overy acted as external legal counsel of the lenders.

About PTI

PTI, through its subsidiaries, owns and operates over 22,000 telecom towers throughout Europe, the United States, Latin America and the Caribbean. In Europe, PTI is present in several countries including France, Italy, Ireland, Malta and Cyprus.

PTI was founded in 2013 with a mission to be a premier site provider to wireless operators across the world in high-growth markets. PTI’s investors include funds managed by Blackstone, Wren House and various members of the management team and is headquartered in Boca Raton, Florida. For more information, please visit

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BranchOut Food Inc. Expands Partnership with EnWave Corporation. Increasing Manufacturing Capacity by an Additional ~$15mm Annually & Secures Additional Product Exclusivities.




BEND, Ore, Sept. 28, 2023 /PRNewswire/ — BranchOut Foods Inc. (NASDAQ: BOF), the global trailblazer in GentleDried natural snacks and superfood ingredients, is proud to announce a significant expansion of its partnership with EnWave Corporation (TSX-V: ENW | FSE: E4U). BranchOut has agreed to purchase a second large-scale, continuous throughput dehydration machine from Enwave. Under the terms of the new Equipment Purchase Agreement (the “Agreement”), the 120kW REV™ machine is slated for delivery to BranchOut in late calendar 2024 and will add an additional $15mm in estimated topline capacity.

Eric Healy, CEO of BranchOut Food Inc., emphasized, “We are confident that this increased capacity will align perfectly with our growth trajectory, especially in light of our recent commitments from major retailers and the substantial sales pipeline we have established.”

Enwave’s Radiant Energy Vacuum (REV™) technology and associated patent portfolio was previously licensed to BranchOut along with exclusivity for its original core products. Under the new Agreement, the product exclusives have been significantly expanded to encompass the new and innovative products BranchOut has recently developed and will be launching in the very near future.

About BranchOut Food Inc.: BranchOut is an international food-tech company delivering truly great natural snacks and real superfood ingredients enabled by their licensed dehydration technology. BranchOut Food is a leading provider of high-quality dehydrated fruit and vegetable-based products and its commitment to quality and innovation sets it apart as a trusted brand and private label supplier. For more information about BranchOut Food Inc. and its products, please visit

About EnWave: EnWave Corporation stands as a global leader in vacuum microwave dehydration innovation and application. Operating from its headquarters in Vancouver, BC, EnWave boasts an impressive intellectual property portfolio and has refined its Radiant Energy Vacuum (REV™) technology into a proven, consistent, and scalable drying solution. This revolutionary technology outperforms traditional drying methods in terms of efficiency, capacity, product quality, and cost.

Media Contact:

BranchOut Food Inc. 
Email: [email protected]

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SIGMA Financial AI unveils Akili-AI: Cutting-Edge, AI-based, no-code suite of tools for traders




– Augments trader’s interactions and transforms decision-making capabilities

– Handles the full extent of structured to unstructured financial data

– Mitigates portfolio exposure risk and accelerates speed to market

LONDON, Sept. 28, 2023 /PRNewswire/ — SIGMA Financial AI, an innovator in developing AI-driven trading solutions, launches Akili-AI*, a sophisticated suite of enterprise-ready trading strategy tools. Akili-AI is a cutting-edge, no-code solution enabling data-driven insights to support the specialist needs of the global financial services trading community.

Akili-AI incorporates machine learning (ML) and natural language processing (NLP) to deliver agile tools which are more intelligent, faster and easier to use, enabling traders to create strategies at a scale and speed unachievable without AI support. Completely asset-class and instrument-agnostic, the Akili-AI system streams real-time trading data, allowing users to screen, test and design complex trading strategies promptly. 

Their SaaS-based Pattern matching platform (Patterns as a Service) helps traders monitor thousands of instruments in real-time, scanning charts for momentum changes, technical signals, support, and resistance zones. The NLP research function supports fundamental and technical qualifications from thousands of news, social media and traders’ data. Akili-AI’s flexible modular architecture, built using modern protocols, is cloud-based and scales to support the largest trading enterprises.

Andy Simpson, Co-founder and CEO, commented, “Traders are having to cope with a constant squeeze on their book; this, combined with a huge increase in data volumes, has created the need for transformative solutions which can help them find an edge. They need the ability to find new liquidity fast, enhance their trade execution capabilities, and reduce portfolio risk; Akili-AI can deliver all this at a lower cost point and faster than ever.”

“Akili-AI transforms market interaction and improves productivity by liberating traders from the constraints imposed by long-established, outdated working practices and legacy technology infrastructures. Accelerated speed to market is crucial in an industry where every second counts. Our mission is to provide AI-based solutions which enhance the human experience – not replace them – helping to generate more revenue and increased profitability,” Andy continued.

Rob Maunder, Co-founder and Chief Commercial Officer, said, “Our pioneering and creative team is an unusual blend of deep financial services experience, phenomenal engineering and world-class AI technologists who bring an unrivalled track record of developing new platforms at pace. We break the mould by delivering incredible engineering of low-latency, highly scalable systems drawing on more than a decade of generative AI experience in the social media and music industries.”

Andy concluded, “Akili-AI is the start of a refreshingly different journey of technological change; watch this space. There is much more to come.”

Akili-Ai will be showcased in the Innovators Pavilion at the FIA’s Futures and Options Expo on October 2-3, 2023 at the Sheraton Grand Chicago Riverwalk.

*Akili is the Swahili word for intelligence.

About SIGMA Financial AI:

We provide traders with a set of tools that are faster, smarter and easier to use. Our AI machine learning product suite unlocks trading opportunities through real-time analytics underpinned by world-leading, scalable, ultra-low latency architecture.

Note to Editors: For more information about SIGMA Financial AI, please visit

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