South & Central America Contactless Payments Market Forecast to 2031 - Regional Analysis - by Payment Mode (Smartphones, Smart Cards, PoS Terminals, and Others), Components (Hardware, Solutions, and Services), and Industry Verticals (Retail, Hospitality, Healthcare, Transportation and Logistics, Media and Entertainment, and Others)

February 2025 | 89 pages | ID: SCB23425E9BBEN
The Insight Partners

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The South & Central America contactless payments market was valued at US$ 1,330.97 million in 2023 and is expected to reach US$ 2,794.47 million by 2031; it is estimated to register a CAGR of 9.7% from 2023 to 2031.

Technological Advancements in Contactless Payments Fuel South & Central America Contactless Payments Market

NFC is used for contactless payments. The process of holding a chipped card or smartphone directly against the reader provides an extra layer of security, making contactless payments safe and secure. NFC is the technology used by smartphones that have enabled mobile wallets, such as ApplePay. Contactless payment enables faster transactions and increased customer satisfaction and loyalty, as well as the adoption of new payment technologies, such as NFC and others, which facilitate machine-to-machine communication and IoT integration. Some cards are equipped with NFC technology that allows them to be tapped or waved near a receptive card reader for contactless payment. Customers tap or wave their mobile device near an NFC-equipped card reader, just like they would with an NFC-enabled credit card. Also, the EMV (short for Europay, Mastercard, and Visa) chip is the physical 'antennae' necessary for RFID/NFC contactless payments using credit cards. While all EMV chips are capable of NFC contactless payments, the ability to do such a transaction relies on the payee. If the PoS or farebox collecting the payment cannot process NFC payments, the chip is then used by inserting the card into the reader. Thus, technological advancements in contactless payment are expected to provide an opportunity for the contactless payment market.

South & Central America Contactless Payments Market Overview

Security, convenience, and speed offered by contactless payment methods are increasing their adoption in SAM. For example, a survey conducted in July 2023 by the Datafolha Institute on behalf of Abecs—an association representing the electronic payment methods sector—revealed that 54% of Brazilian consumers usually make payments using contactless methods such as their card, mobile phone, watch, or other device.

Companies are launching innovative solutions in South America to expand their reach in the market. For instance, in January 2024, Visa, a global frontrunner in digital payments, unveiled its latest pilot program in Latin America and the Caribbean. This cutting-edge technology enables consumers to seamlessly complete online transactions by simply tapping their Visa debit, prepaid, or credit cards on their NFC-enabled Android smartphones, enhancing the payment process with added convenience, speed, and security. This pioneering solution effectively turns consumers' phones into their contactless payment terminals, streamlining the e-commerce experience.

South & Central America Contactless Payments Market Revenue and Forecast to 2031 (US$ Million)

South & Central America Contactless Payments Market Segmentation

The South & Central America contactless payments market is categorized into payment mode, components, industry verticals, and country.

Based on payment mode, the South & Central America contactless payments market is divided into smartphones, smart cards, pos terminals, and others. The smartphones segment held the largest South & Central America contactless payments market share in 2023.

In terms of components, the South & Central America contactless payments market is segmented into hardware, solutions, and services. The hardware segment held the largest South & Central America contactless payments market share in 2023.

By industry verticals, the South & Central America contactless payments market is divided into retail, hospitality, healthcare, transportation and logistics, media and entertainment, and others. The retail segment held the largest South & Central America contactless payments market share in 2023.

Based on country, the South & Central America contactless payments market is categorized into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America contactless payments market share in 2023.

Thales SA, Infineon Technologies AG, Ingenico Group SA, IDEMIA France SAS, PAX Technology, SumUp Inc, Visa Inc, and Mastercard Inc are some of the leading companies operating in the South & Central America contactless payments market.
1. INTRODUCTION

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. EXECUTIVE SUMMARY

2.1 Key Insights
2.2 Market Attractiveness

3. RESEARCH METHODOLOGY

3.1 Secondary Research
3.2 Primary Research
  3.2.1 Hypothesis formulation:
  3.2.2 Macro-economic factor analysis:
  3.2.3 Developing base number:
  3.2.4 Data Triangulation:
  3.2.5 Country level data:

4. SOUTH & CENTRAL AMERICA CONTACTLESS PAYMENTS MARKET LANDSCAPE

4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
  4.3.1 Hardware Providers
  4.3.2 Solution and Service Providers
  4.3.3 Logistics and Supply Chain Management Providers
  4.3.4 End Users
  4.3.5 List of Vendors in the Value Chain

5. SOUTH & CENTRAL AMERICA CONTACTLESS PAYMENTS MARKET - KEY MARKET DYNAMICS

5.1 Market Drivers
  5.1.1 Increase in Government Initiatives to Promote Digital Payments
  5.1.2 Efficiency and Cost-Effectiveness of Contactless Payments
5.2 Market Restraints
  5.2.1 Potential Security Concerns and Limitations
5.3 Market Opportunities
  5.3.1 Technological Advancements in Contactless Payments
  5.3.2 IoT-Embedded Contactless Payment
5.4 Future Trends
  5.4.1 Voice-Based Payments with Voice Match Confirmation
5.5 Impact of Drivers and Restraints:

6. CONTACTLESS PAYMENTS MARKET - SOUTH & CENTRAL AMERICA ANALYSIS

6.1 South & Central America Contactless Payments Market Revenue (US$ Million), 2021-2031
6.2 South & Central America Contactless Payments Market Forecast Analysis

7. SOUTH & CENTRAL AMERICA CONTACTLESS PAYMENTS MARKET ANALYSIS - BY PAYMENT MODE

7.1 Smartphones
  7.1.1 Overview
  7.1.2 Smartphones: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
7.2 Smart Cards
  7.2.1 Overview
  7.2.2 Smart Cards: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
7.3 PoS Terminals
  7.3.1 Overview
  7.3.2 PoS Terminals: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
7.4 Others
  7.4.1 Overview
  7.4.2 Others: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)

8. SOUTH & CENTRAL AMERICA CONTACTLESS PAYMENTS MARKET ANALYSIS - BY COMPONENTS

8.1 Hardware
  8.1.1 Overview
  8.1.2 Hardware: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
8.2 Solutions
  8.2.1 Overview
  8.2.2 Solutions: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
8.3 Services
  8.3.1 Overview
  8.3.2 Services: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)

9. SOUTH & CENTRAL AMERICA CONTACTLESS PAYMENTS MARKET ANALYSIS - BY INDUSTRY VERTICALS

9.1 Retail
  9.1.1 Overview
  9.1.2 Retail: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
9.2 Hospitality
  9.2.1 Overview
  9.2.2 Hospitality: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
9.3 Healthcare
  9.3.1 Overview
  9.3.2 Healthcare: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
9.4 Transportation and Logistics
  9.4.1 Overview
  9.4.2 Transportation and Logistics: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
9.5 Media and Entertainment
  9.5.1 Overview
  9.5.2 Media and Entertainment: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
9.6 Others
  9.6.1 Overview
  9.6.2 Others: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)

10. SOUTH & CENTRAL AMERICA CONTACTLESS PAYMENTS MARKET - COUNTRY ANALYSIS

10.1 South & Central America
  10.1.1 South & Central America: Contactless Payments Market Breakdown, by Key Countries, 2023 and 2031 (%)
    10.1.1.1 South & Central America: Contactless Payments Market - Revenue and Forecast Analysis - by Country
    10.1.1.2 Brazil: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
      10.1.1.2.1 Brazil: Contactless Payments Market Breakdown, by Payment Mode
      10.1.1.2.2 Brazil: Contactless Payments Market Breakdown, by Components
      10.1.1.2.3 Brazil: Contactless Payments Market Breakdown, by Industry Verticals
    10.1.1.3 Argentina: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
      10.1.1.3.1 Argentina: Contactless Payments Market Breakdown, by Payment Mode
      10.1.1.3.2 Argentina: Contactless Payments Market Breakdown, by Components
      10.1.1.3.3 Argentina: Contactless Payments Market Breakdown, by Industry Verticals
    10.1.1.4 Rest of South & Central America: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
      10.1.1.4.1 Rest of South & Central America: Contactless Payments Market Breakdown, by Payment Mode
      10.1.1.4.2 Rest of South & Central America: Contactless Payments Market Breakdown, by Components
      10.1.1.4.3 Rest of South & Central America: Contactless Payments Market Breakdown, by Industry Verticals

11. COMPETITIVE LANDSCAPE

11.1 Company Positioning & Concentration
11.2 Heat Map Analysis by Key Players

12. INDUSTRY LANDSCAPE

12.1 Overview
12.2 Market Initiative
12.3 Product Development

13. COMPANY PROFILES

13.1 Thales SA
  13.1.1 Key Facts
  13.1.2 Business Description
  13.1.3 Products and Services
  13.1.4 Financial Overview
  13.1.5 SWOT Analysis
  13.1.6 Key Developments
13.2 Infineon Technologies AG
  13.2.1 Key Facts
  13.2.2 Business Description
  13.2.3 Products and Services
  13.2.4 Financial Overview
  13.2.5 SWOT Analysis
  13.2.6 Key Developments
13.3 Ingenico Group SA
  13.3.1 Key Facts
  13.3.2 Business Description
  13.3.3 Products and Services
  13.3.4 Financial Overview
  13.3.5 SWOT Analysis
  13.3.6 Key Developments
13.4 IDEMIA France SAS
  13.4.1 Key Facts
  13.4.2 Business Description
  13.4.3 Products and Services
  13.4.4 Financial Overview
  13.4.5 SWOT Analysis
  13.4.6 Key Developments
13.5 PAX Technology
  13.5.1 Key Facts
  13.5.2 Business Description
  13.5.3 Products and Services
  13.5.4 Financial Overview
  13.5.5 SWOT Analysis
  13.5.6 Key Developments
13.6 SumUp Inc.
  13.6.1 Key Facts
  13.6.2 Business Description
  13.6.3 Products and Services
  13.6.4 Financial Overview
  13.6.5 SWOT Analysis
  13.6.6 Key Developments
13.7 Mastercard Inc
  13.7.1 Key Facts
  13.7.2 Business Description
  13.7.3 Products and Services
  13.7.4 Financial Overview
  13.7.5 SWOT Analysis
  13.7.6 Key Developments
13.8 Visa Inc
  13.8.1 Key Facts
  13.8.2 Business Description
  13.8.3 Products and Services
  13.8.4 Financial Overview
  13.8.5 SWOT Analysis
  13.8.6 Key Developments

14. APPENDIX

14.1 Word Index
14.2 About The Insight Partners
LIST OF TABLES

Table 1. South & Central America Contactless Payments Market Segmentation
Table 2. List of Vendors
Table 3. South & Central America Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Table 4. South & Central America Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million) - by Payment Mode
Table 5. South & Central America Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million) - by Components
Table 6. South & Central America Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million) - by Industry Verticals
Table 7. South & Central America: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Country
Table 8. Brazil: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Payment Mode
Table 9. Brazil: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Components
Table 10. Brazil: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Industry Verticals
Table 11. Argentina: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Payment Mode
Table 12. Argentina: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Components
Table 13. Argentina: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Industry Verticals
Table 14. Rest of South & Central America: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Payment Mode
Table 15. Rest of South & Central America: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Components
Table 16. Rest of South & Central America: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Industry Verticals
Table 17. Heat Map Analysis by Key Players
Table 18. List of Abbreviation

LIST OF FIGURES

Figure 1. South & Central America Contactless Payments Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. South & Central America Contactless Payments Market - Key Market Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. South & Central America Contactless Payments Market Revenue (US$ Million), 2021-2031
Figure 6. South & Central America Contactless Payments Market Share (%) - by Payment Mode (2023 and 2031)
Figure 7. Smartphones: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 8. Smart Cards: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 9. PoS Terminals: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 10. Others: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 11. South & Central America Contactless Payments Market Share (%) - by Components (2023 and 2031)
Figure 12. Hardware: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 13. Solutions: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 14. Services: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 15. Contactless Payments Market Share (%) - by Industry Verticals (2023 and 2031)
Figure 16. Retail: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 17. Hospitality: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 18. Healthcare: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 19. Transportation and Logistics: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 20. Media and Entertainment: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 21. Others: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 22. South & Central America: Contactless Payments Market Revenue, by Key Countries, (2023) (US$ Mn)
Figure 23. South & Central America: Contactless Payments Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 24. Brazil: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million)
Figure 25. Argentina: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million)
Figure 26. Rest of South & Central America: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million)
Figure 27. Company Positioning & Concentration


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