What is Next Generation Payment Technology Market?
The next generation payment technology helps to ensure the safe and simple payment transactions. It addresses the security, authenticity, and handling inconvenience issues of the individuals doing payments through appropriate, precise and convenient deployment of payment technology solutions. In addition, the next generation payment technology allows for more convenient transactions as compared to the traditional systems such as credit card and others. There are next generation processing architectures which are designed to improve the secure mobile payments such as Encryption and tokenization, Cloud-based POS systems, and Secure Element systems.
The market study is being classified, by Application (Healthcare, Retail & Commerce and Enterprise) and major geographies with country level break-up.
Google Inc. (United States), Apple Inc. (United States), Pesa (United States), PayPal Holdings Inc. (United States), Paypoint (United Kingdom), First Data Corporation (United States), Gemalto NV (Netherlands), Ingenico Group (France), American Express Company (United States) and Qualcomm Technologies, Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are 2Checkout.com, Inc. (United States), Adyen (Netherlands), Cayan, LLC., (United States) and Dwolla, Inc. (United States).
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Next Generation Payment Technology market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Next Generation Payment Technology market by Type, Application and Region.
On the basis of geography, the market of Next Generation Payment Technology has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing Adoption of E-Commerce and M-Commerce are Fuelling the Market Growth
- Benefits Such as Convenience, Safe and Easy Payment Methods
- Introduction of Wearable Technology
- Constraints Related to Security
- Digitization and Growing E-Commerce are Boosting the Market
- Government Initiatives for Next Generation Payment Technologies
- Reluctance to Adopt New Technologies among Older Age Population
Market Leaders and some development strategies
On June 2020, Mastercard has announced to enter agreement to acquire Finicity. This strengthens the existing Mastercard open banking platform to enable and safeguard a greater choice of financial services.
On April 2019, Visa has launched a new platform dubbed Visa Next. Visa Next features a set of beta APIs, development tools and specifications for issuers and issuer processors. The platform can be used for building and beta testing new payment products to help address the future requirements of digital-first consumers
Key Target AudiencePayment technology providers, Financial institutions, Banks, Government associations, Research organizations, Software vendors and Others
Customization in the Report Available:The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be informed prior purchase