BROOKLYN, NY, USA, March 15, 2023  -- According to IMARC Group's latest report, titled “Contactless Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global contactless payment market size reached US$ 12.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.5 Billion by 2027, exhibiting a growth rate (CAGR) of 12.4% during 2022-2027.

Contactless payment enables users to make digital payments without requiring physical contact between involved parties. It utilizes various methods, including credit and debit cards, smart cards, key fobs, and smartphone-based online payment applications. The solution involves an embedded integrated circuit (IC) chip, antenna, and radio-frequency identification (RFID) or near-field communication (NFC) as standard technologies, ensuring secure transactions. Compared to contact-based payment alternatives, contactless payments are faster, safer, and more convenient, improving the overall consumer experience. Consequently, they are widely used across various industries, including retail, healthcare, energy, hospitality, transportation, and banking, financial services, and insurance (BFSI).