According to the Research "Contactless Payment Market by Solution (Payment Terminal, Mobile Payment, Transaction & Data Management, Security and Fraud Management), Service (Professional, Managed), Payment Mode (Mobile Handsets, Smart Cards), Vertical - Global Forecast to 2021", The contactless payment market size is expected to grow from USD 6.70 Billion in 2016 to USD 17.56 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period.

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The deployment of contactless payment solutions help the organizations and individuals to ensure secure payments which increase the convenience, enhance the operational efficiency, and technology integration, and also create competitive differentiation in the rapidly evolving cashless society. 

Factors Responsible For Growth-

With the increasing integration of contactless payment technology in mobile handsets and smart phones, the demand for contactless payment solutions has grown tremendously across all the countries. 
Reduction in queuing and transaction time, increased convenience in making low value payments, ease of integration with existing cards, increased average transaction value, better customer insights, improved service delivery, and increased revenue opportunity are the major driving factors for the growth of this market.
The contactless mobile payment solution is the fastest-growing solution due to the global increase in the number of HCE and NFC-enabled smart phones, which support contactless payment transactions.
Top Players in Contacless payment-

The contactless payment ecosystem comprises chip suppliers such as ST Microelectronics (Switzerland), INSIDE Secure (France), and Infineon Technologies (Germany), contactless card suppliers such as Gemalto N.V. (Netherlands), Giesecke &  Devrient GmbH (Germany), and Oberthur Technologies (France), cashless reader suppliers such as OTI (Israel), Diebold Inc. (U.S.), and HID Global (U.S.), system integrators such as Verifone Systems Inc. (U.S.), STS Payments (U.K.), and MCR Systems Inc. (U.K.), and card issuing financial institutions such as Bank of America (U.S.), J.P. Morgan Chase (U.S.), and Citi Group (U.S.) , among others. 

Region Wise Growth during Forecast-

Europe is expected to account for the largest share of the overall market in 2016 due to technological advancement and increasing contactless smart card roll-outs in the region. North America stands second in terms of market share. APAC is the fastest growing region during the forecast period. The high growth rate in APAC is attributed to the increasing technological adoption and growing number of contactless payment technology enabled mobile handsets in countries such as China, Japan, Australia, and India.

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