Contactless Payment Market: Competitive Analysis and Forecast - 2019 to 2025

Posted by Rishabh on June 25th, 2019

The global contactless payment market is estimated to surpass billion in 2025 and is estimated to grow at a CAGR of more than 15.0% during the forecast period (2019-2025). Contactless payment is a method for a user to purchase products through debit, credit or smartcards, smartphones or any other smart devices such as smartwatches and fitness band by using radio-frequency identification (RFID) technology or near-field communication (NFC). Government initiatives for the adoption of digital financial services to develop a digital economy is one of the major factors augmenting the growth of the global contactless payment market. In addition, the fintech sector has been contributing into the growth of digital payment services across the globe. The sector is revolutionizing the payment services in the potential region due to increasing demand for digital platforms for the financial sector.

Browse The Report on Contactless Payment Market by Device (Smartphones, Smart Cards, Pos Terminals, and Others), by End-User (Retail, Telecommunication, BFSI, and Others) – Global Trends, Size, Share, Growth, Industry Analysis and Forecast, 2019-2025 at https://www.omrglobal.com/industry-reports/contactless-payment-transaction-market/

Moreover, the benefits offered by contactless payment  is driving its demand across the globe. Contactless payment is considered to be highly secure payment method as it has the protection method similar to chip & PIN payments. Further, contactless payment devices such as cards are also embedded with multiple layers of security to protect against fraud. Further, contactless payment can be done only when a card or device is within a few centimetres of the NFC reader, making it virtually impossible for any details to be intercepted while in use. Contactless payment benefits various sectors such as retail, telecommunication, BFSI, and others such as healthcare in a variety of ways. It is a cost-effective payment method and easy to implement which is increasing its adoption across the globe.

SPLENDID OPPORTUNITIES FOR SMART WEARABLES

Smart wearables have been predicted as the most emerging contactless payment application in the near future. Connected wearable devices offer endless possibilities for increased convenience and connectivity. Smart wearables allow convenient tracking of its user’s data which can be related to their health and exercise habits along with their overall well-being. Some key vendors offering NFC enabled smart wearables are Apple Inc., FitBit Inc., and Fossil. NFC-enabled smart wearables are easy to use and suitable for fast payment. All these benefits offered by smart wearables are attracting people towards it and is expected to create splendid opportunities in the near future.

COMPETITION IN CONTACTLESS PAYMENT MARKET

Global contactless payment market comprises of many market players that are significantly operating across the globe. Key cloud managed service providers include Giesecke & Devrient GmbH, Gemalto NV, Wirecard AG, Verifone Inc., and Ingenico Group SA.  Gemalto NV is one of the leading players and the growth of the company is attributed to its strong geographical presence. The company designs and develops contactless payment solutions under its Smartcards & Issuance business segment and markets these solutions across the globe including Europe, Middle East and Africa, Asia-Pacific, North America, and Latin America. In 2018, the company reported nearly 47.1% of its total sales from Europe, CIS, and Middle East & Africa. Moreover, it reported 23.7%, 17.4%, and 11.8% from the US, Asia-Pacific, and Canada and Latin America combined, respectively in 2018. These figures reflect the diversified nature of the company’s business across every region of the globe.

Global Contactless Payment Market by End-User

• Retail
• BFSI
• Transportation
• Others

The Report Contactless Payment Market – Segment by Region
North America 

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

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