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Revolutionary growth predicted for contactless payment market

Revolutionary growth predicted for contactless payment market

The Global Contactless Payment Market is expected to grow at a CAGR of over 18% from 2017 to 2025. Contactless payment refers to purchase of goods/products and services through debit, credit and smart cards including smartphones and other mobile devices that use radio frequency identification technology RFID, near field communication NFC and samsung pay MST.

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Global Contactless Payment Market is expected to grow at a CAGR of over 18% from 2017 to 2025. Contactless payment refers to purchase of goods/products and services through debit, credit and smart cards including smartphones and other mobile devices that use radio frequency identification technology (RFID), near field communication (NFC) and samsung pay (MST).

Additionally, contactless payments are perceived to be faster than cash transaction thereby, reducing the queuing time.

Based on various modes of payment, the Contactless Payment Market is divided into smartphones and wireless payment terminals.

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Various solutions included in the report are POS machines, software and services. Various industries included in the report are BFSI, retail, healthcare, hospitality & tourism, government, telecom & IT and others.

Geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific, and LAMEA.

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Market Dynamics:

Drivers:

  • Increasing trends of QR codes, ID codes, internet shopping and mobile banking services are driving the growth of contactless payment solutions.
  • Reduction in queuing and transaction time and increased convenience in making low value payments.

Restraints:

  • High initial cost of deploying Epos terminals.

Market Players:

The top players in the global contact payment market STMicroelectronics, INSIDE Secure, Infineon Technologies, Gemalto N.V., Giesecke & Devrient GmbH, Oberthur Technologies, On Track Innovations LTD., Diebold Inc., HID Global, Verifone Systems Inc. and STS Payments.

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MARKET LANDSCAPE

By Payment Modes

  • Smartphones
  • Wireless Payment Terminals

By Solution

  • POS Machines
  • Software
  • Services

By Industry

  • BFSI
  • Retail
  • Healthcare
  • Hospitality & Tourism
  • Government
  • Telecom & IT
  • Others

By Geography

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific
  • LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • Rest of LAMEA

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