Payments

Contactless market to reach $24.5B

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January 13, 2023

The contactless payment market will grow from $12.1 billion in 2021 to $24.5 billion in 2027 at a compound annual growth rate of 12.48%, according to research from Research and Markets. The trend toward greater digitization of banking and insurance is a key market driver, according to a press release.

COVID-19 also boosted demand for contactless solutions. The technologies include biometric-based contactless smart cards and RFID tags.

Blockchain and 5G technology are also expected to impact the market, according to the release.