Top 10 Companies in Contactless Payment Market – Company Overview, Recent Developments and SWOT Analysis 2030
The Contactless Payment Market is driven by the rapid frequency of purchasing products and daily transactions. Another major factor driving market growth is the increasing use of contactless payments due to their faster transaction times. Contactless payment is a secure method that represents cashless payment for consumers to purchase products via debit, credit, or smartcards, also known as chip cards, by using RFID technology or near-field communication. Advancements in contactless payment technology and rising awareness among consumers and retailers regarding the benefits of contactless payment are expected to fuel the target market growth over the forecast period.
Contactless Payment Market is estimated to be US$ 123.58 billion by 2030 with a CAGR of 24.0% during the forecast period.
Here are the top 10 companies operating in Contactless Payment Market
Founded in: 1998
Headquarter: Charlotte, U.S.
Number of Employees: 204, 489 (2019)
Annual Revenue in USD: 89.11 billion (2021)
The Bank of America Corporation operates as a bank. The bank offers savings accounts, deposits, credit and debit cards, mortgage and construction loans, insurance, mobile, and online banking services, and serves customers worldwide. The bank's products include Prepaid Cards, Mobile Wallet, Virtual Travel Card, and Global Card Access.
Key Highlights:
- In June 2020, Bank of America has expanded its Environmental Operations Commitment with its first 10-year solar electricity agreement to power facilities, financial centers, and ATMs in Texas.
- In June 2020, Bank of America and Merrill Lynch Wealth Management received multiple industry awards for digital innovation and leadership. These recent awards recognize the company’s ongoing investments in new initiatives designed to deliver a superior client and advisor experience and help drive responsible growth.
Founded in: 1911
Headquarter: Armonk, U.S.
Number of Employees: 352,600 (2019)
Annual Revenue in USD: 57.35 billion (2021)
IBM Corporation (International Business Machines Corporation) provides computer solutions. The company offers application, technology consulting and support, process design and operations, cloud, digital workplace, and network services, as well as business resilience, strategy, and design solutions, and serves clients worldwide.
Key Highlights:
- In 2019, Cloud Pak for Security was introduced to orchestrate tools across the entire security stack. IBM Security was built for industry-leading compliance, threat monitoring, and container security.
Founded in: 1958
Headquarter: California, U.S.
Number of Employees: 19,500 (2019)
Annual Revenue in USD of Class A: 29.31 billion (2022)
Visa Inc. operates a retail electronic payments network and manages global financial services. The company also offers global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses, and government entities. The company’s advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of handling more than 65,000 transaction messages a second.
Key Highlights:
- In July 2002, Visa Inc. planned to roll out contactless payments on public transport in 500 cities as the pandemic-driven demise of cash continued.
- Since June 2020, SBI Card and Visa have been making contactless transactions much more accessible with the Contactless Visa SBI Credit Cards. They recently launched a campaign that encourages people to "tap into the new normal."
Founded in: 1998
Headquarter: California, U.S.
Number of Employees: 21,800 (2018)
Annual Revenue in USD: 27.52 billion (2022)
PayPal Holdings Inc. provides financial transaction processing services. The company offers electronic payment processing services, such as mobile payments and online invoicing, and serves customers worldwide. With a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money and offers choice and flexibility when sending payments, paying, or getting paid.
Key Highlights:
- In December 2019, PayPal Holdings Inc. announced that it had completed its acquisition of a 70% equity interest in Gopay Information Technology Co., Ltd., following approval of the transaction by the People's Bank of China on September 30. With the close of the deal, PayPal is the first foreign payments platform licensed to provide online payment services in China.
- In January 2020, PayPal Holdings, Inc. announced that it had completed its acquisition of Honey Science Corporation for approximately US$4 billion in cash. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants.
Founded in: 2000
Headquarter: La Défense, France
Number of Employees: 80,000 (2019)
Annual Revenue in EUR: 16,192.00 million (2021)
Thales Group provides integrated solutions and equipment. The company offers IT security solutions, electronic systems, and components to the aerospace, defense, transportation, and security markets, as well as to governments, institutions, and private customers.
Key Highlights:
- In August 2017, Thales provided a security evaluation for the Samsung Pay contactless payment application on the new Galaxy S8. Based on this evaluation, the application has been certified by several payment networks, such as MasterCard and Visa.
Founded in: 2000
Headquarter: Georgia, United States
Number of Employees: 10,000 (2017)
Annual Revenue in USD: 8,523.76 million (2021)
Global Payments Inc. is a leading pure-play payments technology company that provides electronic transaction processing, an information system, and related services. The company serves government, financial, corporate, and merchant communities all over the world. The company offers fund transfers, merchant banking, accounting, internet, and other services.
Key Highlights:
- In September 2019, Global Payments Inc., announced that it had completed its merger with TSYS, forming a pure-play payments technology company with extensive scale and unmatched global reach.
Founded in: 1989
Headquarter: Western U.S.
Number of Employees: 13,000 (2018)
Annual Revenue in USD: 4,982.80 million (2021)
Garmin Ltd., a provider of navigation, communications, and information devices, designs, develops, manufactures, and markets hand-held, portable, and fixed-mount global positioning system (GPS) enabled products. Personal navigation devices, mobile applications, GPS wrist watches, dog tracking and training/pet obedience devices, action cameras, running and multi-sport watches, autopilot systems, and marine radios are major products of Garmin.
Key Highlights:
- In July 2020, Garmin International Inc. announced the Starbucks Card app, available to download from the Garmin Connect IQ Store, giving users a convenient way to pay for their favorite Starbucks beverages and food.
Founded in: 2014
Headquarter: Vancouver, Canada
Annual Revenue in CAD: 0.03 million (2021)
Perk Labs Inc. is the owner of Perk Hero, an all-in-one loyalty reward and mobile payments platform that empowers businesses to delight their guests with a customer experience that is engaging, rewarding, and convenient. The company is also the owner of Glance Pay, a mobile payment solution that offers targeted in-app marketing, custom rewards, digital receipts, and digital deals.
Key Highlights:
- In April 2020, Perk Labs Inc. announced the official launch of Perk Hero, its all-in-one mobile ordering, contactless payments, and digital loyalty platform for businesses. Perk Hero is now available in the Apple App Store and Google Play Store in both the United States and Canada.
Founded in: 2009
Headquarter: California, U.S.
Number of Employees: 3,835 (2019)
Square Inc. revolutionized payments in 2009 with the Square Reader, making it possible for anyone to accept card payments using a smartphone or tablet. Today, the company has built tools to empower businesses and individuals to participate in the economy. Sellers use Square to reach buyers online and in person, manage their businesses, and access financing. Individuals use the Cash App to spend, send, store, and invest money.
Key Highlights:
- In October 2018, the company introduced a self-contained terminal product that features a display, prints receipts, and accepts chip, swipe, and contactless payments.
- In 2018, the company launched a subscription service for restaurants. In addition to processing payments, the system can track table locations, tip splitting, and menus. The system directly integrates with the Square-owned online food-ordering service Caviar, with plans to include other similar services in the future.
Founded in: 1968
Headquarter: Florida, U.S.
Number of Employees: 11 to 50
Setomatic Systems Inc., has been a leader in payment technology and innovation for more than five decades in the laundry industry. As a developer of both open and closed loop card systems, the company can provide off-the-shelf systems or design a system to meet your specific requirements. The company has manufacturing and development facilities in New York, Israel, Florida, California, and New Hampshire.
Key Highlights:
- In June 2017, Setomatic Systems Inc. and USA Technologies Inc. announced a new industrial benchmark with regards to the growth of contactless payments on the SpyderWash laundry payment platform, which is a self-service laundry business of Setomatic Systems.