Payments

Contactless payments market to surpass $162B by 2030

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December 21, 2023

The contactless payment market will grow from $38.55 billion in 2022 to $162.56 billion by 2030 at a compound annual growth rate of 19.71%, according to research from Spherical Insights LLP. COVID-19 played a key role in driving growth of this market, according to a press release.

Key market trends include:

• Smartphone-based payments will hold the largest revenue share.
• Wearables will drive growth.
• Retail will see strong growth.
• RFID will hold the largest market share.
• North America will hold a market share of more than 30% during the forecasted period.