Contactless payment is a secure and convenient way of paying for goods and services with a smartphone, debit card, or credit card that uses radio frequency identification (RFID) technology and near-field communication (NFC). Contactless payment works by tapping or waving the payment device over a point-of-sale terminal. It reduces transaction time with a single tap rather than entering the PIN or handling cash.

https://www.globenewswire.com/news-release/2024/08/27/2936121/0/en/Contactless-Payments-Market-Worth-91-80-Billion-Globally-by-2031-Exclusive-Report-by-The-Insight-Partners.html