The quickness with which the payments can be processed is making it lucrative for businesses to accept contactless payments and the faster checkout times along with the ease of payments is making users upgrade their cards to contactless ones.
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The Global Contactless Payment Terminals Market is valued at USD 6.94 billion in 2016 and is expected to reach a value of USD 22.95 billion by the end of 2022, growing at a projected CAGR of 22.01 % during the forecast period of 2017 - 2022.
Contactless payments are usually done by tapping the users' credit/debit card, smartphone, fob, watch etc. to the POS terminal that can take contactless payments.
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While the customer base is set to increase as the users come to the end of their card renewal cycle, concerns over the security of information that can be read through the contactless cards and the limit of payments that can be made in a single transaction are set to hinder the growth to some extent.
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However, the companies providing this service and the government are actively monitoring the situation on the maximum amount permissible per transaction by revising the cap in a timely manner to encourage contactless payments.
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There have been international standards like ISO/IEC 15693, ISO/IEC 14443 that provided guidelines for the distance permissible for accepting the cards to the materials, encryption, authentication schemes etc. Smart Card Alliance is an association of firms working on making this technology accessible and gaining popularity as a preferred payment mode.
Contactless payment terminals can be segmented on the basis of technology, by payment mode, by devices, by application, and by region.
Some of the key players mentioned in the report are:
- Castles Technologies
- ID Tech
- Micros (Oracle)
- Radiant (NCR)
- Revel Systems
What the report offers
- Market definition for contactless payment terminals along with identification of key drivers and restraints for the market.
- Market analysis for the global contactless payment terminals market, with region specific assessments and competition analysis on a regional scale.
- Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a regional scale.
- Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.
- Identification and analysis of the macro and micro factors that affect the global contactless payment terminals Market on the global and regional scale.
- A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
Table of Content:
1.1 Study Deliverables
1.2 Market Definition
1.3 Review and Forecast Period Years
1.4 General Study Assumptions
- Research Methodology
- Executive Summary
- Market Dynamics and Overview
4.2.1 Reduction in queuing time and quicker checkout times
4.2.2 Convenience and ease for small value transactions
4.3.1 Cap on the transactional limit
4.3.2 Security concerns over the data transmitted through contactless cards
- Global Contactless Payment Terminals Market Products Market Segmentation, Forecasts and Trends
5.1 Global Market - Segmented by technology
5.1.4 Carrier-based mobile
5.2 Global Market - Segmented by payment modes
5.2.1 Account based
5.2.2 Traditional credit/debit card
5.2.3 Stored value
5.3 Global Market - Segmented by devices
5.3.1 Credit/debit cards
5.3.2 Smart devices
- Investment Analysis
7.1 Investment Scenario and Opportunities
- Future of Contactless Payment Terminals Market
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