BANGALORE, India | 6th August 2020: Contactless payment systems include smart cards or other devices that incorporate RFID or NFC technology to make payment safe and contactless. In comparison to mobile payments made over the internet, contactless payments are made in near physical proximity prohibiting unauthorized access during the transactions.
The global contactless payments market size was valued at USD 8.3 Billion in 2019, and is projected to reach USD 19.3 Billion by 2026, registering a CAGR of 12.8% from 2020 to 2026.
Global customer inclination towards mobile payment methods is growing in the form of contactless payment methods on POS networks, owing to which card and financial service providers either sell their card solutions on smartphones or via third-party vendors.
The growth of Contactless Payments market size is propelled by decreased transaction time, simplicity in handling low-value payments, and improved revenue opportunities.
This research analyses the Contactless Payments market size by participants, countries, product types, and end industries. The Contactless Payments market report also examines the dynamics of global market competition, market factors and patterns, opportunities and threats, risks and barriers to entry, distribution channels, distributors, and Porter’s Five Forces Analysis.
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TRENDS INFLUENCING THE CONTACTLESS PAYMENTS MARKET SIZE
The increasing hardware encryption on NFC Chips and the incorporation of contactless payment solutions on EPOS terminals as well as with Subscriber Identity Module (SIM) Cards are expected to increase the growth of Contactless payments market size during the forecast period.
Furthermore, the growing knowledge among buyers of plastic money (hard plastic cards used in day to day life in place of actual banknotes) and smart cards, along with the need for fast transaction time without any inconvenience of standing in long queues are also accelerating the growth of Contactless payments market size.
Coronavirus outbreak has made Contactless payments a popular payment form, as it needs less physical interaction. This, in turn, is expected to increase the adoption of contactless payment during the forecast period.
Increasing financial fraud around the world has, in recent years, pressured government regulatory bodies to protect payment transactions. Therefore, these regulatory bodies have greatly impacted the adoption of POS terminals. Mobile POS systems are gaining momentum and are expected to see a rise in adoption rates with the introduction of cashless transaction technologies.
High costs involved in building EPOS terminals and lower acceptance rates are hampering the development of the Contactless payments market size.
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CONTACTLESS PAYMENTS MARKET SHARE ANALYSIS
Based on hardware, the Point of Sales (POS) segment holds the largest contactless payments market share during the forecast period. The POS terminal is an electronic system used in retail stores to handle payment transactions. Due to various benefits, such as ease of use, low implementation costs, and durability, these terminals have seen substantial growth in the contactless payment industry.
Based on region Europe is expected to hold the largest contactless payments market share. The region contains several both economically and technologically developed countries like the UK and Germany. The leading countries in the European market are the UK, Poland, Spain, and Germany. With the growing proliferation of contactless cards and terminals by card companies, such as Visa and Mastercard, total contactless spending has risen in these countries.
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CONTACTLESS PAYMENTS MARKET BY REGION
- Asia-Pacific (China, Japan, South Korea, India and ASEAN)
- North America (US and Canada)
- Europe (Germany, France, UK and Italy)
- Rest of World (Latin America, Middle East & Africa).
CONTACTLESS PAYMENTS MARKET BY TYPE
- Payment Terminal Solution
- Transaction Management
- Security and Fraud Management
- Hosted Point-of-sale
- Analytics.
CONTACTLESS PAYMENTS MARKET BY APPLICATION
- BFSI
- Retail
- IT & Telecom
- Transportation
- Hospitality
- Government
- Others.
CONTACTLESS PAYMENTS MARKET: KEY PLAYERS
Major competitors identified in this market include
- Ingenico Group,
- Verifone Systems,
- Inside Secure,
- On Track Innovations,
- Oberthur Technologies,
- Proxama,
- Wirecard,
- Giesecke & Devrient,
- Gemalto,
- Heartland Payment Systems,
- Others.
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