Contactless Payment Market New Project Investment and Forecast 2025

Posted by Ehtesham Peerzade on November 12th, 2020

Market Highlights

Market Research Future (MRFR)’s latest study confirms that the contactless payment market 2020 can record a growth rate of 11.2% over the evaluation period (from 2019 to 2025). We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.

A variety of factors lead to the growth of contactless payment systems such as innovation of contactless payment technologies, increased recognition among buyers of plastic currency, increased purchasing frequency and the need for quick checkout time without the hassle of waiting in long queues. Contactless payment is growing further, making itself a convenient platform for consumers and merchants, advertisers and marketers alike. The need for faster and more efficient payment methods are key factors driving market growth. With the increasing integration of contactless payment technology into mobile handsets and smart phones, demand for contactless payment solutions has grown immensely across all countries. A big change is under way in the retail vertical. Retailers are modernizing their brick-and - mortar shops to offer quality customer support and opening up online outlets to raise sales. To improve their exposure and business reach, they are embracing disruptive innovations, such as cloud storage, big data analytics, physical shops and social networking. Retailers also take advantage of contactless payments, which have a shortened checkout period, increased revenue, improved operational efficiency, and diminished operating costs. Mobile payments at retail stores have helped accelerate the transaction process and decrease counter queues.

The lack of awareness of contactless payment offers, however, and the lack of adequate infrastructure are hampering market growth. The initial implementation cost, policy restriction on the number of contactless payment transactions per day and the amount cap that can be transacted per day are few contactless payment shortfalls that impede the growth of the contactless payment industry. The risk of spyware, malware, and virus attacks resulting from the use of numerous systems is limiting the global adoption of contactless payment.

Segmentation:

The Contactless Payment Market has been considered for sections such as technology, component, payment mode along with vertical.

The key technologies covered in the market study are near field communication, host card emulation and radio frequency identification.

The component-wise market sections can be solution, service and hardware.

Payment modes studied in the report include smartcards, smartphones, and more.

Vertical-wise market segmentation comprises healthcare, BFSI, transportation & logistics, media & entertainment, hospitality & travel, retail, and more.

Regional Appraisal

The regional Contactless Payment industry has been geographically classified as North America, Europe, Asia-Pacific, Middle East & Africa, and South America.

Due to the presence of key industry players, such as Wirecard, Ingenico and Valitor, Europe is projected to lead the market with the largest share in the forecast era. In terms of market share, the contactless payment industry in Europe is the largest and is strongly fragmented based on multi-currency and multi-language. The region includes a diverse range of countries, from economically and technologically advanced countries like the United Kingdom and Germany to heavily debt-ridden countries like Greece and Austria. The leading countries on the European market are UK, Poland, Spain and Germany. With the growing proliferation of contactless cards and terminals by card providers, such as Visa and Mastercard, overall contactless spending in these countries has risen.

Owing to the growing use of electronic payment technologies, the Asia-Pacific Region is expected to progress to the highest CAGR during the forecast period.

Key Players

The Global Contactless Payment Market is characterized by the presence of several regional and local providers. Some of the key players in the market are Infineon Technologies (Germany), Gemalto NV (Netherlands), Idemia (France), Verifone Holdings, Inc (US), CPI Card Group (US), On Track Innovations (Israel), Wirecard AG (Germany), Ingenico. (France), Giesecke+Devrient (India), Identiv (US), Valitor (Iceland), Mypinpad (London), Idemia (France), Paycore (Turkey), and Alcenio (France).

Browse Complete Report @ https://www.marketresearchfuture.com/reports/contactless-payment-market-9558