
North America Contactless Payments Market Forecast to 2031 - Regional Analysis - by Payment Mode (Smartphones, Smart Cards, PoS Terminals, and Others), Components (Hardware, Solutions, and Services), and Industry Verticals (Retail, Hospitality, Healthcare
Description
The North America contactless payments market was valued at US$ 8,432.17 million in 2023 and is expected to reach US$ 22,326.35 million by 2031; it is estimated to register a CAGR of 12.9% from 2023 to 2031.
Increase in Government Initiatives to Promote Digital Payments Fuel North America Contactless Payments Market
Various governments across the globe are promoting the use of digital payments. The US Federal Government has taken several initiatives to promote digital payments, such as digital wallets and mobile payments. Customers who prefer to keep their bank account or credit card details private from internet retailers can use digital wallets. Moreover, at certain government locations, the Fiscal Service accepts the increasingly common contactless payment methods, including Apple Pay, Android Pay, and Samsung Pay. These services make use of NFC. This wireless standard enables users to pay with their mobile devices by hovering them close to a terminal through the Card Acquiring Service. Consumers at participating locations, such as Defense Commissaries and National Park Service sites, can check out using these payment methods. Treasury also provides NFC functionality through FedRevCollect, the iOS and Android mobile software for federal agencies. By providing new and cutting-edge payment methods that are now accessible in the private sector, the mobile app is a crucial component of the Fiscal Service's eCommerce mission to raise the number of electronic collections. Such government initiatives to promote digital payments drive the contactless payment market.
North America Contactless Payments Market Overview
The contactless payments market in North America witnessed strong growth, driven by the speed, convenience, and security offered by this technology. This market is expected to continue to expand in the coming years, owing to support from governments and financial institutions and increased consumer awareness. Moreover, various players across North America are partnering to provide contactless payment. For example, in October 2022, Visa Inc. partnered with PayPal Holdings Inc. to enable contactless payments at more than 8 million retail locations in the US. The partnership allows PayPal and Venmo users to pay with QR codes at any merchant accepting Visa contactless payments. The partnership also enables Visa Direct, a real-time push payment solution that allows users to transfer money to their bank accounts instantly.
North America Contactless Payments Market Revenue and Forecast to 2031 (US$ Million)
North America Contactless Payments Market Segmentation
The North America contactless payments market is categorized into payment mode, components, industry verticals, and country.
Based on payment mode, the North America contactless payments market is divided into smartphones, smart cards, pos terminals, and others. The smartphones segment held the largest North America contactless payments market share in 2023.
In terms of components, the North America contactless payments market is segmented into hardware, solutions, and services. The hardware segment held the largest North America contactless payments market share in 2023.
By industry verticals, the North America contactless payments market is divided into retail, hospitality, healthcare, transportation and logistics, media and entertainment, and others. The retail segment held the largest North America contactless payments market share in 2023.
Based on country, the North America contactless payments market is categorized into the US, Canada, and Mexico. The US dominated the North America contactless payments market share in 2023.
Thales SA, Infineon Technologies AG, Ingenico Group SA, IDEMIA France SAS, PAX Technology, SumUp Inc, Visa Inc, Mastercard Inc, and CPI Card Group Inc are some of the leading companies operating in the North America contactless payments market.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America contactless payments market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the North America contactless payments market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth North America market trends and outlook coupled with the factors driving the North America contactless payments market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
Increase in Government Initiatives to Promote Digital Payments Fuel North America Contactless Payments Market
Various governments across the globe are promoting the use of digital payments. The US Federal Government has taken several initiatives to promote digital payments, such as digital wallets and mobile payments. Customers who prefer to keep their bank account or credit card details private from internet retailers can use digital wallets. Moreover, at certain government locations, the Fiscal Service accepts the increasingly common contactless payment methods, including Apple Pay, Android Pay, and Samsung Pay. These services make use of NFC. This wireless standard enables users to pay with their mobile devices by hovering them close to a terminal through the Card Acquiring Service. Consumers at participating locations, such as Defense Commissaries and National Park Service sites, can check out using these payment methods. Treasury also provides NFC functionality through FedRevCollect, the iOS and Android mobile software for federal agencies. By providing new and cutting-edge payment methods that are now accessible in the private sector, the mobile app is a crucial component of the Fiscal Service's eCommerce mission to raise the number of electronic collections. Such government initiatives to promote digital payments drive the contactless payment market.
North America Contactless Payments Market Overview
The contactless payments market in North America witnessed strong growth, driven by the speed, convenience, and security offered by this technology. This market is expected to continue to expand in the coming years, owing to support from governments and financial institutions and increased consumer awareness. Moreover, various players across North America are partnering to provide contactless payment. For example, in October 2022, Visa Inc. partnered with PayPal Holdings Inc. to enable contactless payments at more than 8 million retail locations in the US. The partnership allows PayPal and Venmo users to pay with QR codes at any merchant accepting Visa contactless payments. The partnership also enables Visa Direct, a real-time push payment solution that allows users to transfer money to their bank accounts instantly.
North America Contactless Payments Market Revenue and Forecast to 2031 (US$ Million)
North America Contactless Payments Market Segmentation
The North America contactless payments market is categorized into payment mode, components, industry verticals, and country.
Based on payment mode, the North America contactless payments market is divided into smartphones, smart cards, pos terminals, and others. The smartphones segment held the largest North America contactless payments market share in 2023.
In terms of components, the North America contactless payments market is segmented into hardware, solutions, and services. The hardware segment held the largest North America contactless payments market share in 2023.
By industry verticals, the North America contactless payments market is divided into retail, hospitality, healthcare, transportation and logistics, media and entertainment, and others. The retail segment held the largest North America contactless payments market share in 2023.
Based on country, the North America contactless payments market is categorized into the US, Canada, and Mexico. The US dominated the North America contactless payments market share in 2023.
Thales SA, Infineon Technologies AG, Ingenico Group SA, IDEMIA France SAS, PAX Technology, SumUp Inc, Visa Inc, Mastercard Inc, and CPI Card Group Inc are some of the leading companies operating in the North America contactless payments market.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America contactless payments market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the North America contactless payments market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth North America market trends and outlook coupled with the factors driving the North America contactless payments market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
Table of Contents
93 Pages
- 1. Introduction
- 1.1 The Insight Partners Research Report Guidance
- 1.2 Market Segmentation
- 2. Executive Summary
- 2.1 Key Insights
- 2.2 Market Attractiveness
- 3. Research Methodology
- 3.1 Secondary Research
- 3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.1 Country level data:
- 4. North America Contactless Payments Market Landscape
- 4.1 Overview
- 4.2 PEST Analysis
- 4.3 Ecosystem Analysis
- 4.3.1 Hardware Providers
- 4.3.2 Solution and Service Providers
- 4.3.3 Logistics and Supply Chain Management Providers
- 4.3.4 End Users
- 4.3.5 List of Vendors in the Value Chain
- 5. North America Contactless Payments Market - Key Market Dynamics
- 5.1 Market Drivers
- 5.1.1 Increase in Government Initiatives to Promote Digital Payments
- 5.1.2 Efficiency and Cost-Effectiveness of Contactless Payments
- 5.2 Market Restraints
- 5.2.1 Potential Security Concerns and Limitations
- 5.3 Market Opportunities
- 5.3.1 Technological Advancements in Contactless Payments
- 5.3.2 IoT-Embedded Contactless Payment
- 5.4 Future Trends
- 5.4.1 Voice-Based Payments with Voice Match Confirmation
- 5.5 Impact of Drivers and Restraints:
- 6. Contactless Payments Market - North America Market Analysis
- 6.1 North America Contactless Payments Market Revenue (US$ Million), 2021-2031
- 6.2 North America Contactless Payments Market Forecast Analysis
- 7. North America Contactless Payments Market Analysis - by Payment Mode
- 7.1 Smartphones
- 7.1.1 Overview
- 7.1.2 Smartphones: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- 7.2 Smart Cards
- 7.2.1 Overview
- 7.2.2 Smart Cards: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- 7.3 PoS Terminals
- 7.3.1 Overview
- 7.3.2 PoS Terminals: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- 7.4 Others
- 7.4.1 Overview
- 7.4.2 Others: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- 8. North America Contactless Payments Market Analysis - by Components
- 8.1 Hardware
- 8.1.1 Overview
- 8.1.2 Hardware: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- 8.2 Solutions
- 8.2.1 Overview
- 8.2.2 Solutions: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- 8.3 Services
- 8.3.1 Overview
- 8.3.2 Services: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- 9. North America Contactless Payments Market Analysis - by Industry Verticals
- 9.1 Retail
- 9.1.1 Overview
- 9.1.2 Retail: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- 9.2 Hospitality
- 9.2.1 Overview
- 9.2.2 Hospitality: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- 9.3 Healthcare
- 9.3.1 Overview
- 9.3.2 Healthcare: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- 9.4 Transportation and Logistics
- 9.4.1 Overview
- 9.4.2 Transportation and Logistics: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- 9.5 Media and Entertainment
- 9.5.1 Overview
- 9.5.2 Media and Entertainment: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- 9.6 Others
- 9.6.1 Overview
- 9.6.2 Others: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- 10. North America Contactless Payments Market - Country Analysis
- 10.1 North America
- 10.1.1 North America Contactless Payments Market Overview
- 10.1.2 North America: Contactless Payments Market Breakdown, by Key Countries, 2023 and 2031 (%)
- 10.1.2.1 North America: Contactless Payments Market - Revenue and Forecast Analysis - by Country
- 10.1.2.2 United States: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- 10.1.2.2.1 United States: Contactless Payments Market Breakdown, by Payment Mode
- 10.1.2.2.2 United States: Contactless Payments Market Breakdown, by Components
- 10.1.2.2.3 United States: Contactless Payments Market Breakdown, by Industry Verticals
- 10.1.2.3 Canada: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- 10.1.2.3.1 Canada: Contactless Payments Market Breakdown, by Payment Mode
- 10.1.2.3.2 Canada: Contactless Payments Market Breakdown, by Components
- 10.1.2.3.3 Canada: Contactless Payments Market Breakdown, by Industry Verticals
- 10.1.2.4 Mexico: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- 10.1.2.4.1 Mexico: Contactless Payments Market Breakdown, by Payment Mode
- 10.1.2.4.2 Mexico: Contactless Payments Market Breakdown, by Components
- 10.1.2.4.3 Mexico: Contactless Payments Market Breakdown, by Industry Verticals
- 11. Competitive Landscape
- 11.1 Company Positioning & Concentration
- 11.2 Heat Map Analysis by Key Players
- 12. Industry Landscape
- 12.1 Overview
- 12.2 Market Initiative
- 12.3 Product Development
- 13. Company Profiles
- 13.1 Thales SA
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
- 13.2 Infineon Technologies AG
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
- 13.3 Ingenico Group SA
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
- 13.4 IDEMIA France SAS
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
- 13.5 PAX Technology
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
- 13.6 SumUp Inc.
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
- 13.7 Visa Inc
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
- 13.8 Mastercard Inc
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
- 13.9 CPI Card Group Inc
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
- 14. Appendix
- 14.1 Word Index
- 14.2 About The Insight Partners
- LIST OF TABLES
- Table 1. North America Contactless Payments Market Segmentation
- Table 2. List of Vendors
- Table 3. North America Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- Table 4. North America Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million) - by Payment Mode
- Table 5. North America Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million) - by Components
- Table 6. North America Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million) - by Industry Verticals
- Table 7. North America: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Country
- Table 8. United States: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Payment Mode
- Table 9. United States: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Components
- Table 10. United States: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Industry Verticals
- Table 11. Canada: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Payment Mode
- Table 12. Canada: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Components
- Table 13. Canada: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Industry Verticals
- Table 14. Mexico: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Payment Mode
- Table 15. Mexico: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Components
- Table 16. Mexico: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Industry Verticals
- Table 17. Heat Map Analysis by Key Players
- Table 18. List of Abbreviation
- LIST OF FIGURES
- Figure 1. North America Contactless Payments Market Segmentation, by Country
- Figure 2. PEST Analysis
- Figure 3. North America Contactless Payments Market - Key Market Dynamics
- Figure 4. Impact Analysis of Drivers and Restraints
- Figure 5. North America Contactless Payments Market Revenue (US$ Million), 2021-2031
- Figure 6. North America Contactless Payments Market Share (%) - by Payment Mode (2023 and 2031)
- Figure 7. Smartphones: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- Figure 8. Smart Cards: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- Figure 9. PoS Terminals: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- Figure 10. Others: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- Figure 11. North America Contactless Payments Market Share (%) - by Components (2023 and 2031)
- Figure 12. Hardware: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- Figure 13. Solutions: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- Figure 14. Services: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- Figure 15. North America Contactless Payments Market Share (%) - by Industry Verticals (2023 and 2031)
- Figure 16. Retail: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- Figure 17. Hospitality: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- Figure 18. Healthcare: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- Figure 19. Transportation and Logistics: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- Figure 20. Media and Entertainment: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- Figure 21. Others: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
- Figure 22. North America: Contactless Payments Market Revenue, by Key Countries, (2023) (US$ Mn)
- Figure 23. North America: Contactless Payments Market Breakdown, by Key Countries, 2023 and 2031 (%)
- Figure 24. United States: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million)
- Figure 25. Canada: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million)
- Figure 26. Mexico: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million)
- Figure 27. Company Positioning & Concentration
Pricing
Currency Rates
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