Cash transactions, in some form or the other, have long been a part of human trade for centuries. The advent of smartphones is finally weaning us away from physical payments to various modes of contactless payment. NFC mobile payment (Near Field Communication), credit & debit cards, smart cards, etc., are being increasingly adopted by the general public to conduct payments in a secure manner.
The years of R&D undertaken by the Contactless Payment Market has ensured that global payments in a contactless form can be conducted in lesser time than conventional transactions involving physical cash. By noticing the growing prevalence of smartphones, merchants and retail stores are gradually adopting NFC technology or point-of-sale (POS) terminals to provide a further boost to mobile payment systems.
Scope & Regional Forecast of the Contactless Payment Market
The Contactless Payment Market considers the prime growth drivers to be a few factors like: constantly changing global technology; willingness of the public to try out new technologies like the contactless wallet; massive amount of growth being experienced by E-Commerce players who prefer payments through a mobile wallet; growing reliability of banking services on a smartphone; and various government initiatives, like India’s demonetization, encouraging the adoption of mobile payment systems. Governments are intent on transforming transactions into their digital counterparts as the transition deals a severe blow to the black market.
Currently, the Contactless Payment Market is dominated by demand emanating from Europe, followed by North America and Asia-Pacific. The fastest growing market during the forecast period is expected to be Asia-Pacific largely due to India’s recent demonetization drive and Chinese public’s growing preference for digital transactions.
Segmentations & Key Players Involved in the Contactless Payment Market
According to IndustryARC findings, the Contactless Payment Market can be broken down into various segmentations on the basis of –
Solution: Payment Terminal Solution, Contactless Mobile Payment Solution, Device Management Solution, Transaction Management Solution, Data Management Solution, Security and Fraud Management Solution, Hosted POS Solution and Analytics Solution.
Payment Mode: Mobile Handsets, Contactless Smart Cards and Contactless Form Factors.
Application: Government, BFSI, Telecommunication & IT, Transportation & Logistics, Energy & Utilities, Healthcare, Retail, Hospitality and Others.
Geographical Location: Europe, Asia-Pacific, North America and Rest of the World.
Some of the key players involved in the Contactless Payment Market according to IndustryARC are as follows:
- Giesecke & Devrient GmbH
- Heartland Payment Systems, Inc.
- Oberthur Technologies Sa
- Verifone Systems, Inc.
- Wirecard AG
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