The increasing proliferation of smartphones, popularity of wearable technology, increasing adoption of e-commerce & m-commerce, embrace by banking & financial services, government initiatives, entry of leading technology companies and availability of a diverse range of payment technology products & solutions are expected to keep driving the industry despite the financial, technological and security challenges restraining the ecosystem in several key market regions. Therefore, the global payment technology market estimation and forecast has been initiated with an exhaustive set of assumptions, following which market size information for both key geographical areas and key payment technology types & applications have been provided.
- Restart your WhaTech membership at anytime. -
The report on ‘Next Generation Payment Technology is a meticulous compilation of the various facets of the payment technology market including a thorough analysis of the different technology types of payment technology mapped across different applications and geographical regions. The Porter’s Five Forces analysis, value chain analysis, key regulations & industry initiatives, business models and key developments have also been included in the report to understand the overall attractiveness of this industry.
The advent of digitalization in the payment transactions have caught the attention of global industrial ecosystem and it is expected to drastically change the dynamics of the payment technology market by creating new participants across mobile network carriers, handset original equipment manufacturer (OEM), terminal and readers’ manufacturers, near field communication (NFC) technology enablers, Europay MasterCard Visa (EMV) chip makers and financial institutions among others. All major players from each payment technology aim to record good share of revenues from payment technology products and solutions.
- Restart your WhaTech membership at anytime. -
For Sample Copy Of this report: goo.gl/jxmOSC
Next generation payment technology has helped to deliver secure financial services in various circumstances where threat to login data and financial information prevails. Latest payment technologies such as Europay MasterCard Visa (EMV) Chip, Near Field Communication (NFC), Bluetooth Low Energy (BLE), Quick Response Code (QR Code) and Magnetic Secure Transmission (MST) have made the payment transactions both technically and commercially feasible.
Evident transformation has taken place in the world of digital and mobile payments in the last 4 years (2013-2016). The rise of internet, the success of mobile point-of-sale devices and smartphones in terms of usage by various applications and the availability of large unbanked population in emerging economies have created new and exciting opportunities for service providers.
These opportunities have been sensed by technology, and commercial organizations and by even telecommunication players. Banks and other financial institutions in the financial transaction ecosystem have developed in-house payment products in order to preserve their payments revenues and take advantage of emerging payment platforms such as mPOS, mobile wallets, virtual terminals, mobile apps and mobile money.
For information Ask you’re Queries : goo.gl/H6aiAo
With associated advantages of multi-level security, convenience and advanced quality, the global next generation payment technology market will witness unprecedented growth and is anticipated to have double digit growth rate in the forecast period. The total transaction value through payment transactions from latest payment technology is estimated to grow over $14,000 billion by 2022 at a CAGR of 35.98% through the forecast period.
The retail application segment is expected to grow at a CAGR of 36.64% from 2016 to 2022 as the demand for payment technology integrated smartphones, tablets, and wearable devices and demand of terminals, beacons, readers, point-of-sale devices for merchants is increasing. Also, the mobile payments and mobile point-of-sale entitled transactions are more accepted when compared to payment transactions using fixed POS devices, magnetic strip cards, and bank account transfer as they are more convenient to carry out transactions.
The NFC payment technology market size is growing at the highest rate due to increasing adoption of contactless payment technology in mobile handsets and wearable’s while EMV will dominate the payment technology market by 2022. Ease of integration of NFC payment technology with existing payment systems and increase in payment transaction is driving the growth of the market.
North America accounted for highest share in global payment technology market with robust growth in transaction value throughout the forecast period. North America is expected to grow at a CAGR of 58.26% in the forecast period from 2016 to 2022.
Asia Pacific is the next region leading the payment technology market and will under-go a fast growth rate of 41.58% throughout the forecast period.
Europe is expected to have largest market share of the contactless payment technology market in 2016 due to technological advancements and increasing contactless smart cards such as NFC enabled cards adoption. APAC is anticipated to have the highest growth rate during the forecast period due to increasing number of contactless payment technology enabled smartphones and mobile devices in countries such as China, Australia, Japan and India.
Next generation payment technology has a huge potential market since it is one of the fastest growing markets globally, progressing with rapid integration of technology and financial services such as wearable products and consumer electronics among others. The global payment technology market is expanding and exploring new avenues where it can be deployed, implemented and integrated with existing systems.
The government of most countries are formulating regulations and directives and organizations are encouraging heavy investments in major research and development projects to support advanced innovations in payment technology market. As the future of prominent applications and sectors becomes increasingly coupled with payment technology, it has given impetus to investors to direct more funds towards financing more next generation payment technology initiatives and strategies.
Category: Market Research Publishers and RetailersCompany profile: Research N Reports is a new age market research firm where we focus on providing information that can be effectively applied. Today being a consumer driven market, companies require information to deal with the complex and dynamic world of choices. Where relying on a sound board firm for your decisions becomes crucial. Research N Reports specializes in industry analysis, market forecasts and as a result getting quality reports covering all verticals, whether be it gaining perspective on ...
For more information:Make an Inquiry about this report HERE!