Contactless payments by region 2024

Paying with NFC - swiping a payment card or a smartphone over a reader - is expected to triple in market size in Europe between 2020 and 2024. However, this particular region is believed to be eventually outperformed by Latin America or the 'rest of the world' region. One reason for this could be the splintered approach in Europe when it comes to payments, as significant differences were observed in contactless payment adoption between the various European countries. Another could be the high preference for cards rather than cash in both the Middle East as well as Africa seen right before the COVID-19 pandemic - as debit or credit cards are a likely user of NFC technology. Apps like Apple Pay or Google Pay can also use contactless payment technology, but this was especially found in China: the Asian country was seen as the world's leading country on proximity mobile payments - contactless payments which involve a smartphone - due to the popularity of Alipay and Tenpay.

Market size of contactless payments in various regions worldwide in 2020 with forecasts from 2021 to 2024 (in billion U.S. dollars)

Characteristic	Far East & China	North America	Europe	Latin America	Rest of the world (ROW)
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Release date

March 2021

More information

Region

Worldwide

Survey time period

March 2021

Special properties

Retail payments

Supplementary notes

The source did not provide additional information for regions like Africa or Middle East and North Africa (MENA). It is assumed these are included in the "Rest of the world (ROW)" region.

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