The global contactless payment market size is projected to surpass over US$ 4.60 trillion by 2027, according to new report study by Precedence Research The global contactless payment market size was valued at US$ 1.05 trillion by transaction value in 2019 and predicted to register a compound annual growth rate (CAGR) of around 20.01% during period 2020 to 2027.
Contactless payment is a method that permits users to pay by means of credit and debit cards deprived of truly making contact with others. This is completed with the help of near-field communication or radio frequency identification technologies. The most general methods are tapping card on a PoS terminal, however, smartphone manufacturers have made NFC-based systems such as Samsung Pay and Apple Pay who are qualified as contactless payment systems.
Contactless payment is the safe process for the transaction of the payments via credit cards, debit cards, smartphones, key fobs, and others. The embedded technology is utilized in the employment of the IC chip and antenna to deliver contactless payment mode. This action itself, deprived of the input of a PIN, will be sufficient to be competent to complete the transaction. There are numerous benefits of utilizing such system as contactless payment such as ease of use, convenience than outdated payment approaches plus it upsurges the overall competence in the payment mode.
Contactless Growth Factors
One of the prime benefits of contactless payment is that users can promptly complete transactions with the hit of a card. This surges the promptness of transactions, creating contactless payment even further proficient. With the growing integration of contactless payment technologies in smart phones and mobile handsets the requirement for contactless payment solutions has full-fledged extremely across all the nations.
The escalation in the proliferation of smartphones has safeguarded that NFC is made available to growing number of users. On the other hand, producers of smartphones and other suppliers have established non-contact payment applications such as Google Pay and Samsung Pay among others. The upsurge in the attentiveness of these applications and services plus the availability of NFC has augmented the reception of contactless payments and has aided the marketplace to flourish considerably. However, concerns about theft and safety have generated lack of trust among the consumers. The lack of pin facility throughout the transaction further multiplies this concern. Furthermore, contactless cards are established at only few locations than magnetic stripe cards. This has hindered the growth and adoption of contactless payments market across the globe to a noticeable extent.
Europe led the global market in terms of revenue share in 2019. Europe has observed a high usage of non-contact payment on account of higher developments in the smart tip technology and upsurge in the inclination for making digital payments over smartphones. The rise in the number of smartphones with NFC technology and escalation in the consciousness with a sense of trust among people for contactless payments has led to augmented implementation of contactless payments across various countries in Europe.
Contactless Report Highlights
• Out of different application segments, retail segment held the prevalent market share. On account of swelling number of retail shops and outlets in the metropolitan geographies.
• The solution segment is expected to garner bigger market share in terms of revenue due to escalated growth of Payment Terminal Solution. Further, these solutions are engaged in the implementation of POS terminal as they are progressively installed in hospitality, banking and retail sectors among other.
• Global contactless payment market is dominated by Europe and is highly fragmented due to dependency on multi-languages and multi-currencies.
As transactions completed via contactless payments are prone to frauds because of which users have become more alert about making use of these systems. Noticeable contactless technology suppliers such as Visa Inc. and Gemalto are constantly upgrading their security protocols to augment the safety management of the contactless payments. Such superior security systems and product improvements have insisted users to accept contactless payments.
Market leaders in the contactless payments domain stay intense on staying forward of their competitors by accomplishment of partnerships, collaborations, mergers, acquisitions, and innovation and alliances in terms of solutions. For illustration, Visa Inc. collaborated with Samsung in order to innovate the tap to phone program in January 2020. Tap to phone technology allows micro-seller to receive payments by means of Android smartphones deprived of any supplementary hardware. With this collaboration, Visa Inc. would be incorporating its pilot tap to phone application into Samsung’s Galaxy XCover Pro device. This deal would support Visa, Inc., in extending the tap to phone technology throughout different sectors such as retail, logistics, manufacturing and healthcare among others.
The important companies operational in the contactless payments market are Proxama, PLC., Verifone Systems, Inc., Inside Secure, Ingenico Group, on Track Innovations, Oberthur Technologies SA, Giesecke & Devrient GmbH, Gemalto N.V., Wirecard AG, and Heartland Payment Systems, Inc.
Get the Sample Pages of Report for More Understanding@ https://www.precedenceresearch.com/sample/1044
OTHER RELATED SERVICES:
PYVNTS (global payment events)
CardBuzz (payments news – consumer & executives)
BankCenter (payment news releases)
CardFlash (payment executive news)
CardTrak (consumer payment news)
CardData (quarterly payment data)
PYRPTS is a Division of Ruebud Media, Inc.