Consumer Behavior

Contactless payments to hit $164B

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December 22, 2022

The contactless payments market will reach $164.15 billion by 2030 and adoption of payments technologies, such as host-based card emulation and near-field-communication, are driving growth.

Those are research data points from Grand View Research Inc. which also predicts the market will also grow at a compound annual growth rate of 19.1% during the forecasted period. The smartphone segment will see rapid growth, according to a press release. Currently, the retail and North American segments are dominating the market.

COVID-19 has also played a significant role, as it pushed many businesses to adopt contactless payments.