Top 10 Contactless Payment Companies | Best Transaction Tech

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Jun 4, 2024

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Contactless Payment Market Overview

Contactless payment, powered by NFC technology, transforms financial transactions with its rapid and safe process.

Users tap their contactless cards or mobile devices on NFC terminals for seamless transactions. With strong security measures like encryption and dynamic authentication, contactless payment ensures safety.

It enjoys wide support from financial institutions and merchants, though there are transaction limits and varying merchant acceptance. Integration of mobile wallets such as Apple Pay and Google Pay adds to its convenience.

Future innovations aim to enhance user experience, expand acceptance networks, and bolster security, highlighting the crucial role of contactless payment in modernizing payments.

Market Drivers

The global contactless payment market is thriving due to several key factors. Firstly, there’s a growing demand for convenient payment solutions, with contactless payment leading the way by offering quicker transactions and smoother checkouts.

Additionally, advancements in NFC technology and the widespread use of contactless terminals in retail settings are significant contributors.

The ongoing digitization of economies and the surge in e-commerce further drive this demand. Moreover, the COVID-19 pandemic has accelerated adoption as consumers prioritize hygienic payment methods, avoiding physical contact.

Regulatory efforts to promote cashless transactions and the increasing penetration of smartphones also fuel market growth.

Market Size

The global contactless payments market, valued at US$ 22.4 billion in 2022, is projected to reach US$ 90.6 billion by 2032. Over the period from 2023 to 2032, it is anticipated to witness a compound annual growth rate (CAGR) of 15.4%.

List of Major Companies

These are the top ten companies operating in the Contactless Payment Market:


Company Overview

Establishment Year1958
HeadquarterSan Francisco, California, U.S.
Key ManagementRyan McInerney (CEO)
Revenue (US$ Bn)$ 32.7 Billion (2023)
Headcount~ 28,800  (2023)

About Visa

Visa Inc., a frontrunner in contactless payments, has recently launched a $100 million generative AI ventures initiative to drive innovation in payment technologies.

This move aligns with Visa’s broader strategy to harness AI to advance the industry. Additionally, Visa is set to establish a new global Technology and Product Hub in Poland, bolstering its innovation capabilities with a focus on cutting-edge payment solutions.

Expected to accommodate 1,500 new hires, this hub underscores Visa’s dedication to digital commerce. Furthermore, Visa’s forthcoming acquisition of a majority stake in Prosa, a top payments processor in Mexico, aims to fortify payment transaction efficiency and security in the region.

These strategic endeavors exemplify Visa’s commitment to pioneering advancements in the global contactless payments market.

Geographical Presence

Visa Inc., a leading payments technology company, has a widespread global presence, encompassing North America, Europe, Asia-Pacific, Latin America, the Caribbean, the Middle East, and Africa.

Collaborating with financial institutions, merchants, and businesses, Visa facilitates seamless electronic transactions across borders, driving economic growth and financial inclusion.

With a focus on innovation and strategic partnerships, Visa serves billions of cardholders and merchants worldwide, ensuring secure and efficient movement of funds in the dynamic payments landscape.

Recent Developments

  • In December 2023, Visa agreed to acquire a controlling stake in Prosa, a prominent Mexican payments processor, aiming to expedite the uptake of secure and innovative digital payments within the country.
  • In October 2023, Visa unveiled a $100 million initiative, Generative AI Ventures, to invest in emerging companies dedicated to developing generative AI technologies and applications shaping the future of commerce and payments.


Company Overview

Establishment Year1966
HeadquarterNew York, U.S.
Key ManagementMichael Miebach (CEO)
Revenue (US$ Bn)$ 25.1 B (2023)
Headcount~ 33,400 (2023)

About MasterCard

MasterCard Inc. continues to lead in contactless payments, emphasizing innovation and technology. Recently, it launched a mobile virtual card app merging commercial cards with digital wallets for enhanced security.

HSBC Australia and Westpac are early users of this secure, eco-friendly option. Additionally, MasterCard announced a new Technology Hub in Poland, focusing on advanced payment solutions.

Teaming up with Mercedes-Benz, they enable in-car payments via fingerprint authentication. These efforts highlight MasterCard’s commitment to advancing contactless payments and improving user experience in digital transactions.

Geographical Presence

MasterCard Inc. maintains a robust global footprint, strategically positioning itself as a key player in the financial technology sector.

With headquarters in Purchase, New York, and key hubs in Europe, Asia-Pacific, Latin America, the Caribbean, Africa, and the Middle East, MasterCard’s reach spans across continents.

Its presence in North America, Europe, Asia-Pacific, and emerging markets underscores its commitment to fostering financial inclusion and driving innovation.

Through partnerships and cutting-edge technology, MasterCard facilitates secure and efficient payment solutions worldwide, solidifying its status as a leading force in the global finance landscape.

Recent Developments

  • In May 2024, MasterCard and Salesforce revealed a fresh integration to bolster trust within their ecosystem, aiding customers in expediting transaction dispute resolution and lowering associated costs.
  • In April 2024, MasterCard introduced a groundbreaking mobile virtual card app, revolutionizing the integration of virtual commercial cards with digital wallets.


Company Overview

Establishment Year1998
HeadquarterSan Jose, California, U.S.
Key ManagementJohn Donahoe (Chairman)
Revenue (US$ Bn)$ 29.7 Billion (2023)
Headcount~ 27,200 (2023)

About PayPal

In the domain of contactless payments, PayPal Holdings, Inc. remains at the forefront with recent progressions.

In March 2024, PayPal introduced “Tap to Pay on iPhone” for Venmo and PayPal Zettle users in the United States, empowering small businesses to receive contactless payments directly on their iPhones.

Additionally, PayPal presented six fresh features, including the Fastlane guest checkout and Smart Receipts, leveraging AI to customize recommendations and streamline the checkout process.

Through deepening its partnership with Uber and launching PYUSD, a stablecoin pegged to the U.S. dollar, PayPal aims to strengthen security and stability in digital transactions.

These initiatives highlight PayPal’s commitment to technological advancement and improving the digital payments sphere.

Geographical Presence

PayPal, headquartered in San Jose, California, operates globally, serving millions of users across more than 200 countries and regions.

Its presence spans North America, Europe, Asia Pacific, Latin America, and the Middle East, encompassing diverse markets with varying regulatory landscapes.

In North America, PayPal caters to users in the United States, Canada, and Mexico, while in Europe, it serves countries like the United Kingdom, Germany, France, Italy, and Spain.

Expanding into emerging markets in Asia Pacific, Latin America, and the Middle East, PayPal has established itself as a leading digital payment platform, facilitating seamless transactions across borders and contributing to the growth of the global digital economy.

Recent Development

  • In April 2024, Xoom, PayPal’s international money transfer service, announced that U.S. customers can now use PayPal USD, a stablecoin tied to the U.S. dollar, to fund transfers to friends and family overseas.
  • In March 2024, PayPal introduced Tap to Pay on iPhone for Venmo business profiles and PayPal Zettle users in the U.S.


Company Overview

Establishment Year2009
HeadquarterSan Francisco, California, U.S.
Key ManagementJim McKelvey (Director)
Revenue (US$ Bn)$ 21.9 Billion (2023)
Headcount~ 12,985 (2023)

About Block

In 2024, Block, Inc., formerly Square, made significant advances in contactless payments, introducing nearly 100 new features across its Square ecosystem.

These updates, including Tap to Pay integration on iPhones, streamline operations for sellers and enhance revenue diversification.

With a 2023 Gross Payment Volume of $228 billion and expanding into markets like Japan and Canada, Block strengthens its global presence.

Further solidifying its position, Block’s acquisition strategy, exemplified by Afterpay and Tidal purchases, demonstrates its dedication to innovation in digital payments and music streaming.

Geographical Presence

Block, Inc., a leading blockchain and cryptocurrency company, has a robust geographical presence across key regions worldwide.

Headquartered in San Francisco, California, it strategically extends its reach throughout North America, including major tech hubs in the United States and Canada.

Additionally, the company has established a strong foothold in Europe, with operations in financial centers like London and Berlin, fostering collaboration and innovation in blockchain technology.

Block, Inc. further expands its influence into the Asia-Pacific region, leveraging opportunities in dynamic markets such as Singapore, Tokyo, and Seoul.

This global outlook reflects Block, Inc.’s commitment to driving innovation and advancing the adoption of blockchain technology on a global scale.

Recent Development

  • In March 2024, Taziki’s Mediterranean Cafe, a Greek fast-casual restaurant chain, joined forces with Square to support its 94 outlets across 16 states, mainly in the southeast and midwest regions.
  • In April 2023, Square launched a comprehensive spring product release, introducing numerous new features throughout its product ecosystem to foster growth and resilience for businesses of all types and sizes.


Company Overview

Establishment Year1999
HeadquarterNeubiberg, Germany
Key ManagementJochen Hanebeck (CEO)
Revenue (US$ Bn)$ 17.1 B (2022)
Headcount~ 58,600 (2023)

About Infineon

Infineon Technologies AG, a semiconductor industry leader, has made significant strides in contactless payments through its SECORA™ Connect line.

These innovative chips enable everyday items like rings and key fobs to function as contactless payment devices, boosting convenience and security without needing a battery.

Additionally, Infineon has introduced the NFC I2C bridge tag, OPTIGA™ Authenticate NBT, to enhance contactless authentication and IoT device setup.

Furthermore, the recent $830 million acquisition of GaN Systems reflects the company’s commitment to expanding its gallium nitride (GaN) technology portfolio, which is crucial for power systems and energy-efficient solutions.

These efforts demonstrate Infineon’s dedication to advancing contactless payment tech and expanding its presence in digital and IoT markets.

Geographical Presence

Infineon Technologies AG, a prominent semiconductor manufacturer, maintains a global presence across Europe, the Americas, and the Asia-Pacific region.

Headquartered in Neubiberg, Germany, the company strategically situates its operations in key markets such as the United States, Singapore, and China.

With manufacturing facilities, research centers, and sales offices dispersed across various countries, including Austria, Romania, and Japan, Infineon effectively caters to the diverse needs of its worldwide customer base.

This extensive geographical footprint underscores Infineon’s commitment to innovation and customer-centricity, solidifying its position as a leading player in the global semiconductor industry.

Recent Developments

  • In May 2024, Infineon Technologies AG introduced OPTIGA™ Authenticate NBT, a top-tier NFC I2C bridge tag ensuring swift authentication and secure setup of IoT devices.
  • In March 2023, Infineon Technologies and GaN Systems entered a deal where Infineon would purchase GaN Systems for $830 million.


Company Overview

Establishment Year1850
HeadquarterNew York City, United States
Key ManagementStephen J. Squeri (Chairman & CEO)
Revenue (US$ Bn)$ 60.5 Billion (2023)
Headcount~ 74,600 (2023)

About American Express

American Express Company has been actively enhancing its offerings in the contactless payments sector. Recently, the company announced the acquisition of Nipendo, a B2B payments automation company, to expand its suite of payment solutions and improve efficiencies for businesses​​.

Additionally, American Express has introduced several new contactless payment features to streamline and secure transactions.

These include advanced fraud protection and the ability to use contactless cards and mobile devices for payments at a wide range of retailers​​.

American Express continues to innovate in the payments industry, aiming to provide faster and more secure payment methods for both consumers and businesses​​.

Geographical Presence

With headquarters in New York City, American Express operates in over 130 countries and territories worldwide, including the United States, Canada, Europe, Asia-Pacific, Latin America, and the Middle East.

It has established a strong network of branches and partners in North America and expanded its reach into major international financial centers like London, Tokyo, and Dubai.

Through strategic partnerships, it caters to emerging markets in cities such as São Paulo, Singapore, and Johannesburg.

This global presence highlights American Express’ dedication to serving diverse markets and clients while fostering growth and innovation in the financial services sector.

Recent Developments

  • In March 2024, American Express opened a campus in Gurugram, Haryana, India.
  • In January 2023, American Express agreed to acquire Nipendo, a company renowned for automating and simplifying business-to-business (B2B) payment procedures for global enterprises.


Company Overview

Establishment Year1985
HeadquarterRiverwoods, Illinois, U.S.
Key ManagementMichael Rhodes (CEO)
Revenue (US$ Bn)$ 20.6 Billion (2023)
Headcount~ 21,100 (2023)

About Discover Financial

Discover Financial Services has been actively advancing its position in the contactless payments sector. In 2024, Discover saw a significant boost in its mass-transit contactless payment transactions, which surged by 120% since 2020.

This growth is driven by the implementation of open-loop payment systems in major transit networks, allowing riders to use contactless payments across various cities globally​​.

Additionally, Discover has been involved in a major acquisition, as Capital One announced a $35 billion all-stock deal to acquire Discover, creating the largest US credit card company by loan volume​​.

These developments underscore Discover’s commitment to enhancing its payment technologies and expanding its market reach through strategic acquisitions and innovative solutions​​.

Geographical Presence

Discover Financial Services, headquartered in Riverwoods, Illinois, holds a substantial geographical footprint primarily concentrated in the United States.

Serving millions of customers nationwide, Discover operates as a leading credit card issuer and electronic payment services provider.

Its credit cards are widely accepted at numerous merchants across the country, while partnerships with global payment networks facilitate international transactions for cardholders.

Through its online banking platform and mobile app, Discover ensures convenient access to banking services, reinforcing its position as a prominent financial services provider with a strong domestic presence.

Recent Developments

  • In April 2024, Discover Financial Services collaborated with Google Cloud to incorporate generative AI (gen AI) technology into its customer service operations, elevating its support capabilities.
  • In February 2023, Discover launched a new website dedicated to open-source software development to promote engagement within the tech community.


Company Overview

Establishment Year1980
HeadquarterSuresnes, France
Key ManagementLaurent Blanchard (CEO)
Revenue (US$ Bn)$ 3.8 Billion (2019)
Headcount~ 3,500 (2020)

About Ingenico

Ingenico has made significant progress in contactless payments, introducing SoftPOS technology that allows merchants to accept contactless payments via smartphones, enhancing accessibility and security while adhering to PCI standards.

This innovation is set to transform mobile payments at venues like food trucks and pop-up shops. Moreover, a partnership with Cybersource aims to provide a unified commerce solution, bolstering secure payment processing capabilities.

Additionally, the acquisition of Phos expands their smartphone-based merchant payment acceptance services, highlighting Ingenico’s commitment to enhancing payment flexibility and security in the dynamic digital commerce arena.

Geographical Presence

Ingenico SA, headquartered in Paris, France, has a robust global presence spanning Europe, North America, Latin America, Asia-Pacific, the Middle East, and Africa.

It caters to major European markets like the UK, Germany, Spain, and Italy, as well as key North American markets such as the US and Canada, through regional offices and extensive distribution networks.

Notably, it’s expanding in Latin America, focusing on Brazil, Mexico, and Argentina while also targeting the burgeoning e-commerce sector in the Asia-Pacific region, including China, Japan, and India.

Additionally, Ingenico recognizes the growing demand for secure payment methods in the Middle East and Africa, reflecting its dedication to meeting diverse client needs and adapting to regional market trends for sustainable growth.

Recent Development

  • In March 2024, Ingenico, Binance, and Nilos announced an advanced partnership to transform in-store payments. This upgraded solution enables customers to purchase goods using cryptocurrencies while merchants receive direct compensation in their local currencies.
  • In February 2024, Ingenico and Cybersource, Visa’s global payment and fraud management platform, collaborated to create a unified commerce solution, starting in Asia Pacific and expanding globally.


Company Overview

Establishment Year2006
HeadquarterAmsterdam, Netherlands
Key ManagementPieter van der Does (CEO)
Revenue (US$ Bn)$ 2.0 Billion (2022)
Headcount~ 3,883 (2023)

About Adyen

Adyen continues to lead in the contactless payments sector with recent groundbreaking developments. Its introduction of the Tap to Pay feature in Canada enables businesses to accept contactless payments directly on iPhones, simplifying transactions for both merchants and customers.

Collaborations with companies like Cover Genius and Billie enhance payment experiences and introduce Buy Now, Pay Later options across Europe.

Adyen’s focus on QR code payments, particularly in hospitality and retail, reflects its dedication to innovative, touch-free payment solutions.

These initiatives underscore Adyen’s commitment to advancing seamless payment experiences globally in the realm of digital payments.

Geographical Presence

Adyen, a leading global payment platform headquartered in Amsterdam, Netherlands, boasts a strong geographical presence across Europe, North America, Asia-Pacific, Latin America, the Middle East, and Africa.

With offices strategically located in key cities like San Francisco, New York City, Singapore, Tokyo, Sydney, and Shanghai, among others, Adyen has solidified its position as a prominent player in the payments industry.

The company’s expansive footprint underscores its commitment to delivering innovative payment solutions and fostering growth opportunities for businesses worldwide.

Recent Development

  • In May 2024, Adyen partnered with Cover Genius, a leading global insurtech, to become one of its Contactless Payment partners. This collaboration aims to enhance online payment approval rates for Cover Genius across the Americas, Europe, and Asia-Pacific regions by leveraging Adyen’s expertise in Contactless Payments.
  • In May 2024, Adyen collaborated with Tide, the UK’s leading business financial platform, to introduce Tide business accounts to SMEs in Germany initially, with potential expansion across Europe.


Company Overview

Establishment Year1976
HeadquarterCupertino, California, U.S.
Key ManagementTim Cook (Chairman and CEO)
Revenue (US$ Bn)$ 383.2 Billion (2023)
Headcount~ 161,000 (2023)

About Apple

Apple Inc. is advancing in contactless payments with innovations like “Tap to Pay on iPhone,” enabling merchants to accept payments directly on their iPhones without extra hardware.

This feature supports Apple Pay, contactless cards, and digital wallets, streamlining checkout. Apple collaborates with payment platforms and app developers to extend this service across the U.S., benefiting merchants.

Continual innovation with Apple Pay enhances its suite of payment tools, simplifying digital transactions and reinforcing Apple’s dedication to leading in contactless payments through technology and its ecosystem.

Geographical Presence

Apple Inc. has a global presence spanning North America, Europe, Asia-Pacific, and select regions in Africa and South America, with its headquarters in Cupertino, California.

The company strategically places retail stores across the United States and Canada, while key European markets like the United Kingdom, Germany, France, and Italy host both stores and regional offices.

In the Asia-Pacific region, Apple focuses on markets such as China, Japan, South Korea, and Australia, leveraging distribution partnerships and authorized resellers to extend its reach into emerging markets.

This strategy solidifies Apple’s position as a leading multinational corporation with a broad global footprint.  

Recent Developments

  • In March 2024, Apple introduced the new MacBook Air, equipped with the high-performance M3 chip, enhancing its balance of power efficiency and portability.
  • In February 2022, Apple launched Tap to Pay on iPhone, enabling millions of U.S. merchants, from small businesses to large retailers, to accept Apple Pay, contactless cards, and digital wallets securely and seamlessly using just their iPhone, without requiring extra hardware or payment terminals.
Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.