Contactless Payment market segmented by Device Type(Smartphones and Wearables, Point-of-Sales Terminals, Smart Cards), By Solution Type(Payment Terminal Solution, Transaction Management, Security and Fraud Management, Hosted Point-of-Sales, Analytics)
The Contactless Payment market revenue share is set to grow at a yearly rate of 20.6% during 2021-2030, while its valuation is Projected to jump from $1.36 trillion in 2020 to $6.30 trillion in 2030.
The major advantage offered by contactless payment is that customers can instantly complete transactions with the tap of a card. This increases the speed of transactions, making contactless payment even more efficient. With the increasing integration of contactless payment technologies in mobile handsets and smart phones, the demand for contactless payment solutions has grown tremendously across all the countries.
Get Sample Copy of This Report@ https://www.visionresearchreports.com/report/sample/37455
Growth Factors
Customers can immediately complete transactions with the tap of a card. Increasing integration of contactless payment technologies in smartphones and mobile handsets is expected to fuel the market growth. Numerous customers across the globe are purchasing services or products with the use of devices, such as wearables, key fobs, and smartphones, among others. This, as a result, is anticipated to drive market growth over the forecast period.
Contactless payment is a secure method for consumers to purchase products or services, with the use of devices such as smart cards, wearables, key fobs, smartphones, and others. Primarily, contactless payment uses Radio-frequency Identification (RFID) and Near Field Communication (NFC) technologies in order to facilitate contactless transactions in the contactless payment industry.
Increased rules & regulations imposed by banks toward payment is some of the factors that limit the Contactless payment market growth. Furthermore, developing economies offer significant opportunities for contactless payment solution providers to expand & develop their offerings, especially among emerging economies such as Australia, China, India, Singapore, and South Korea. In addition, integration of Internet of Things (IoT) with an existing contactless payment terminal is expected to provide lucrative opportunities during the forecast period.
Key Players
- Gemalto N.V.
- Visa Inc.
- Giesecke & Devrient GmbH
- Heartland Payment Systems
- Verifone Systems Inc.
- Ingenico Group SA
- On Track Innovations (OTI) Ltd
- IDEMIA
- Thales Group
- Wirecard AG
Market Segmentation
- Device Outlook
- Smartphones and Wearables
- Point-of-Sales Terminals
- Smart Cards
- Solution Outlook
- Payment Terminal Solution
- Transaction Management
- Security and Fraud Management
- Hosted Point-of-Sales
- Analytics
- Application Outlook
- Retail
- Transportation
- Healthcare
- Hospitality
- Government
- Regional Outlook
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Singapore
- Taiwan
- Latin America
- Brazil
- Middle East & Africa
- North America
Covid-19 Impact
COVID-19 pandemic has a significant impact on the contactless payment market, owing to increase in use and adoption of online and digitalized payment methods globally. Moreover, to curb spread of virus, several regions have imposed lockdown, which has resulted to lower usage of cash. Therefore, there is an increase in the demand for contactless payments. COVID-19 pandemic has become a catalyst in the widespread market adoption of contactless payments. As a result of the pandemic, retail stores have limited the number of consumers in their stores, improved their sanitization regimen, and introduced social distancing markers. The pandemic will force retailers to implement protective measures and adopt contactless POS terminals within their stores.
Ongoing advancements in networking infrastructure and rising government initiatives for the development of smart solutions are the key industry driving factors. Several government administrations are encouraging their merchants to adopt advanced payment solutions. For instance, the Government of Australia is insisting retailers to adopt POS systems for contactless debit card transactions, as a result, since 2018 more than 90% face-to-face transactions made in the country were contactless.
In this study, the years considered to estimate the market size of Contactless Payment are as follows:
- Historic Year: 2017-2020
- Base Year: 2021
- Forecast Year 2021 to 2030
Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Buy This Premium Research Report, click here@ https://www.visionresearchreports.com/report/cart/37455 or call: +1 9197 992 333
The post Contactless Payment Market to Witness Stunning Growth : Gemalto N.V., Visa, Giesecke & Devrient GmbH, Heartland Payment Systems, Verifone Systems appeared first on Flair Insight.
