With advancement and developments in technology by key players, there has been a drastic change in the mobile payment methods. Now there are numerous payment devices such as mobile handsets, point of sale (POS) terminals, NFC chips, smart cards and others which have made payment methods convenient and easy to manage.
The main job of contactless payments is to help make faster and safer payments. Smart cards are integrated with RFID or NFC technologies to make the payment more secure.NFC uses wireless communication technology for exchanging information between a device and POS terminal offering improved customer experience. Contactless payments are carried out in safe environment preventing unauthorized access during any transaction.
This report studies the current and future aspects of contactless payments market.
The report on the global Contactless payments market uses the top-down and bottom-up approaches to define, analyze, and describe the market trends for the next five years. The report also tracks the emerging applications, innovative technologies, and mergers & acquisitions.
It also focuses on the growth drivers and restraints for the key market players during the forecast period.
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The contactless payments market is divided into five major geographical segments which are North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. Europe region holds the highest market share and is the largest revenue contributor of the contactless payments market.
The region holds dominance because of technological advancements and rise in number of contactless smart cards. Next in line is the Asia-Pacific region which is witnessing a steady market growth during the forecasted period.
The rise in number of contactless payment vendors is promoting the growth of the market in this region. North America region is also growing and contributing in revenue generation due to increased adoption of cloud-based contactless technology solutions.
This report analyzes the contactless payments market by the following segments:
Contactless Payments Market, by Device Type
1. Mobile Handsets
2. Point of Sale Terminals
3. NFC Chips
4. Smart Cards
Contactless Payments Market, by Industry Vertical
3. IT & Telecom
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