India Contactless Payment Market By Indian Industry Size, Share, Trends, Opportunity and Forecast 2024 - TechSci Research

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, mobile 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.

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Years considered for this report:

Historical Years: 2014-2017

Base Year: 2018

Estimated Year: 2019

Forecast Period: 2020–2024

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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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of contactless payment service providers. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the suppliers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the product types, application types and presence of all major contactless payment service providers across India.

TechSci Research 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. TechSci Research 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 TechSci Research.


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.

Report Scope:

In this report, India contactless payment market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  •   Market, By Component:
    • Solution
    • Services
  • Market, By Device Type:
    • Point of Sale Terminals
    • Cards
    • NFC Chips
    • Mobile Handsets
    • Others
  • Market, By End User:
    • Retail
    • Transportation
    • Hospitality
    • Healthcare
    • Others
  • Market, By Region:
    • North
    • West
    • East
    • South

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India contactless payment market.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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