Scope of the Study
Contactless payment is a secure method for consumers to purchase products or services via debit, credit or smartcards, by using RFID technology or near-field communication (NFC). To make a contactless payment, a person simply needs to tap their card near a point-of-sale terminal. Contactless payments are carried out in close physical proximity preventing unauthorized access during the transactions. As contactless payments do not require a signature or a PIN, transactions sizes on cards are limited. The allowable amount for a contactless transaction varies by country and bank. Examples of non-credit or debit card contactless payments include transit cards, Apple Pay, Android Pay, and Google Wallet, among others.
The market study is being classified, by Application (BFSI, Retail, IT & Telecom, Transportation, Hospitality, Government and Others) and major geographies with country level break-up. According to AMA, the Global Contactless Payments market is expected to see growth rate of 21.02%
Ingenico Group (France), Verifone Systems, Inc. (United States), Inside Secure (France), On Track Innovations (Israel), Oberthur Technologies SA (France), Location Sciences Group PLC (United Kingdom), Wirecard AG (Germany), Giesecke & Devrient GmbH (Germany), Gemalto N.V. (Netherlands) and Heartland Payment Systems, Inc. (United States) are some of the key players profiled in the study.
Research Analyst at AMA predicts that United States, France, and Germany Players will contribute to the maximum growth of Global Contactless Payments market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Contactless Payments market by Type, Application and Region.
On the basis of geography, the market of Contactless Payments 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). If we see Market by Devices Type, the sub-segment i.e. Mobile Handsets will boost the Contactless Payments market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Reduced Transaction Time Due to Contactless Payments
- Increased Internet Infrastructure across the Globe
- Convenience in Processing Low-Value Payments
- Increased Disposable Income of Individuals
- Mobile Phone-Based Payments Has Emerged As a Popular Payment Choice among Young and Affluent Consumers
- High Costs Involved For the Installation of EPOS Terminals and Lower Rate of Adoption
- Emergence of Mobile Phone-Based NFC (Near-Field Communication) Payments
- Technology Integration Opportunities
- Lack of Awareness among the Underdeveloped Countries
Market Leaders and their expansionary development strategies
On 14 May 2019, On Track Innovations Ltd., a global provider of near field communication (NFC) and cashless payment solutions, has received a new purchase order to deliver 3,000 of OTI's Uno-8 advanced secure contactless NFC readers to the global Smart ATM market. and On 25 Feb 2019, Ingenico Group, the global leader in seamless payment, announced that it will demonstrate a Tap on Phone (ToP) proof of concept (PoC) – enabling secure NFC payments on consumer-off-the-shelf devices with a dedicated app – at the Mobile World Congress (MWC) in Barcelona on 25–28 February 2019.
On 27 Feb 2018, Verifone, announced that it will enable its North America payment devices to support all Mastercard EMV transactions, including contact and contactless. Thereby, merchants will be able to provide customers with faster checkout and a wider range of EMV-secure payment options. and On 9 Oct 2018, Inside Secure has announced that Vipps AS, the provider of Norway’s national payment system BankAxept, has chosen Inside Secure to protect its mobile contactless payments.
Key Target AudienceContactless Payments Devices Manufacturers, Contactless Payments Devices Traders/Distributors, Technology Investors, Regulatory & Government Bodies, End Users and Others
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