According to a new report from Research and Markets (www.researchandmarkets.com), the contactless payment market, which includes Apple Pay. is forecast to exhibit a compound annual growth rate of over 24% by 2022, on the back of increasing implementation of contactless payment solutions and services, expanding user base of contactless technology enabled credit/debit cards, and rising awareness about the technology.
Contactless payment devices include point of sale terminals, cards, NFC chips, mobile handsets, etc. In 2016, POS accounted for the largest market share in contactless payment market due to rising adoption across various end use industries like retail, transportation, hospitality, etc.
Supply of cards with NFC feature for contactless payment is further expected to drive the contactless payments market, globally, over the next five years, says Research and Markets.