Contactless Payment Market Growth, Size, Opportunity, Share & Forecast 2025Posted by shibaomrglobal on March 26th, 2020 The principle of working of contactless payments is the RFID (Radio Frequency Identification) or NFC technology. The technology helps the transfer of money with the help of RFID enabled devices. The adoption rate of contactless payment services is considered in order to make the financial transaction easy and fast. The emergence of contactless payment services has taken place substantially over the last decades. Contactless payment is on the high demand in the sectors which are dealing with a huge number of financial transactions such as BFSI (Banking, Financial Services, and Insurance), supermarkets, shopping centers, transportation, and various other sectors. Request a Free Sample of our Report on Contactless Payment Market:https://www.omrglobal.com/request-sample/covid-19-impact-on-contactless-payment-market Some of the growth factors in the global contactless payment market include private and public investments, a growing number of fintech organizations, increasing cases of cyber thefts, and others. Moreover, the COVID-19 pandemic raises the demand for cashless and online. As per the WHO, the virus could stay on cash for days after exposure, so the organization advised the people to use contactless payment whenever possible. The global contactless payment industry report is segmented based end-user including Retail, BFSI, Transportation, and others. The outbreak of COVID-19 had an impact on these segments due to the demand for retail stores across the globe. Moreover, the contactless payment in supermarkets and shopping malls ware on the high demand however, the COVID-19 outbreak can push the people to contactless payment. For instance, in India consumers now experiences a quicker way to pay at entertainment venues, dining, and supermarkets including a Big Bazaar, PVR and Reliance retail among others. Additionally, over 3.3 million merchants are accepting cashless payments through various payment options in India that can further push for increased use of cashless transactions in these stores. Furthermore, according to UK finance, around 77% of all UK retail spending was made by cards. This has been driven by the extensive acceptance of contactless payment and other forms of digital payments; therefore, this could be affected by the COVID-19 outbreak. The contactless payment industry in various regions such as North America, Europe, Asia-Pacific and the Rest of the world are impacted by the novel COVID-19 pandemic. The countries in which most of the cases recorded include Italy, Spain, France, and Germany in Europe and China in Asia-Pacific. The banks in China issued a prerequisite that all Chinese banks begin sanitizing banknotes with an ultraviolet light or high heat and then storing the bills in a sanitized location. For the encouragement of contactless payment, Ireland ‘s AIB Bank suspends to take charges on contactless payment, thus further help prevent the virus from spreading further. Key companies getting involved in the market include Giesecke & Devrient GmbH, Gemalto NV, Visa, Inc., Wirecard AG, Verifone Inc., Garmin Ltd., PayPal Inc., Prepay Technologies Ltd. and others. A Full Report of Contactless Payment Market is Available at https://www.omrglobal.com/industry-reports/covid-19-impact-on-contactless-payment-market Verticals Affected Most
Impact of COVID-19 on major economies North America
Europe
Asia-Pacific
Rest of the World Company Profiles
About us: Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. Media Contact: Company Name: Orion Market Research Contact Person: Mr. Anurag Tiwari Email: info@omrglobal.com Contact no: +1 646-755-7667, +91 780-304-0404 Like it? Share it! More by this author |