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India Contactless Payment Market Size
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The Indian contactless payment market was valued at approximately USD 1.2 billion in 2022 and is projected to grow at a CAGR of over 20% from 2023 to 2030.
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The market is expected to reach USD 5-6 billion by 2030, driven by the rapid adoption of NFC (Near Field Communication) technology, QR code-based payments, and the increasing use of contactless cards and Mobile wallets.
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The COVID-19 pandemic accelerated the shift toward contactless payments, as consumers and businesses sought safer, hygienic payment methods.
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Key Drivers of Growth
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Government InitiativesPrograms like Digital India, UPI (Unified Payments Interface), and the promotion of cashless transactions have fueled the adoption of contactless payments.
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Rise of Smartphones and Internet PenetrationWith over 750 million smartphone users and increasing internet access, digital payment platforms have become more accessible.
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Consumer Preference for ConvenienceContactless payments offer faster and more convenient transactions, especially for small-ticket purchases.
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Growth of E-commerce and RetailThe expansion of online shopping and the adoption of contactless POS (Point of Sale) terminals in retail stores have boosted the market
India contactless payment market is expected to grow at a substantial rate during the forecast period. Contactless payment is referred to payment modes where secure payment transactions are done using technologies like Bluetooth, infrared, radio frequency identification and near field communication. When compared to traditional electronic transactions, the contactless payment takes only one-tenth of the time, which makes it hassle-free for the customers. Furthermore, initially the contactless cards were used in the form of travelling tickets only but now it has evolved and is allowing the consumers to make payments for almost anything. Consequently, India contactless payment market is expected to witness high traction during the forecast period. However, security issues related to technology and difficulties regarding replacement of POS terminals can act as a major impediment to the growth of India contactless payment market in the coming years.
Based on component, the contactless payment market is bifurcated into solution & services. In terms of solutions, the market is further categorized into Payment Terminal Solution, Device Management Solution, Transaction Management Solution, Contactless Mobile Payment Solution, Security and Fraud Management Solution & Others. Among them, Payment Terminal solution dominated the market with the largest market share until 2018 and the segment is expected to continue to maintain its dominance as well during the forecast period. This can be attributed to the fact that payment terminals are capable of accepting payments from a wide range of contactless devices including prepaid, debit & credit cards, AI devices, Wearable devices, stickers, and key fobs.
Leading market players in India contactless payment market are Gemalto NV, Apple Inc., Visa Inc., Infineon Technologies India Private Limited, Ingenico India, Smart Technology Solutions Ltd., Verifone India, Oberthur Technology India Pvt Ltd, JP Morgan India Pvt Ltd and RBL Bank Limited.
Years considered for this report
Historical Years2014-2017
Base Year2018
Estimated Year2019
Forecast Period2020–2024
Objective of the Study
- To analyze and forecast the market size of India contactless payment market.
- To forecast India contactless payment market based on component, device type, end user and regional distribution.
- To identify drivers and challenges for India contactless payment market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions etc. in India contactless payment market.
- To conduct the pricing analysis for India contactless payment market.
- To identify and analyze the profile of leading players operating in India contactless payment market.
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MIR performed both primary as well as exhaustive secondary research for this study. Initially, MIR sourced a list of contactless payment service providers. Subsequently, MIR conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, MIR could include the suppliers which could not be identified due to the limitations of secondary research. MIR analyzed the product types, application types and presence of all major contactless payment service providers across India.
MIR calculated India contactless payment market size using a bottom-up approach, where data for various end user industries and its application across various product types were recorded and forecast for the future years. MIR sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company website, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by MIR.
Key Target Audience
- Contactless payment companies and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to contactless payment market
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as product service providers and partners, end users etc., besides allowing them in strategizing investments and capitalizing on market opportunities
Top Key Players in the Indian Contactless Payment Market
The Indian contactless payment ecosystem comprises a mix of global technology providers, fintech companies, and domestic players. Key players include
1. Payment Service Providers
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PaytmOne of India's leading digital payment platforms, offering QR code-based contactless payments.
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PhonePeA popular UPI-based payment app with a strong presence in contactless transactions.
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Google PayA major player in the UPI space, enabling contactless payments through smartphones.
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Amazon PayAmazon's digital payment platform, widely used for e-commerce and retail transactions.
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BharatPeFocused on QR code-based payments for merchants.
2. Card Networks
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VisaA global leader in contactless card payments, partnering with Indian banks to issue contactless debit and credit cards.
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MastercardAnother major card network promoting contactless payment solutions in India.
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RuPayIndia's domestic card network, supported by the National Payments Corporation of India (NPCI), offering contactless payment options.
3. Banks
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HDFC BankA leading issuer of contactless debit and credit cards in India.
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ICICI BankOffers a range of contactless payment solutions, including cards and mobile banking.
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State Bank of India (SBI)India's largest bank, promoting contactless payments through its Yono platform and contactless cards.
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Axis BankActive in the contactless payment space with innovative digital solutions.
4. Technology Providers
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InfosysProvides backend technology solutions for digital payments.
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WiproOffers payment processing and fintech solutions.
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Tata Consultancy Services (TCS)Supports banks and financial institutions with digital payment infrastructure.
5. POS Terminal Providers
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Pine LabsA leading provider of contactless POS terminals for merchants.
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MswipeOffers affordable POS solutions for small and medium-sized businesses.
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IngenicoA global player providing contactless payment terminals in India.
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