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Bright future awaits the global contactless payment market

The Global Contactless Payment market is anticipated to have an attractive CAGR of 22% during 2017–2021.

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The key factor driving the contactless payment transaction market is the increasing demand for speedy transactions, especially in the retail and transport sectors underpinned by the rising use of smartphones. Proving to be a hindrance, on the flip side, is the high installation cost of point-of-sale (PoS) machines for contactless payment as compared to normal PoS machines.

There are many major drivers which enhancing the global Contactless Payment Market such as increase in mobile banking services, due to the adoption of contactless readers, increasing online and mobile phone payments by end users and due to beneficial features like cost-efficiency and easy installation. Apart from this, due to increasing concern regarding contactless advancements and due to huge cost involved in deploying EPOS terminals are the major factors that creating the negative impact on Contactless Payment Market globally.

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The major vendors covered in the contactless payment market are: Gemalto N.V., Giesecke & Devrient GmbH, Ingenico Group, VeriFone Systems Inc., Wirecard AG, Heartland Payment Systems Inc., INSIDE Secure, OTI, Oberthur Technologies SA, and Proxama PLC.

The Contactless Payments Market is segmented on the basis of Solution (Payment Terminal Solution, Contactless Mobile Payment Solution, Device Management Solution, Transaction Management Solution, Data Management Solution, Security and Fraud Management Solution, Hosted Point of Sale Solution, and Analytics Solution), on the basis of services (Professional Services, Managed Services, and Multi-Channel Payment and Value-Added Services), on the basis of payment mode (Mobile Handsets, Contactless Smart Cards, and Contactless Form Factors), on the basis of device (Mobile Handsets, Point of Sale Terminals, NFC Chips, Smart Cards and Others), and on the basis of vertical (Government, Healthcare, Retail, Hospitality, Energy and Utilities, Transportation and Logistics, Banking, Financial Services, and Insurance and others).

Payment terminal solution is anticipated to lead the solution section in the contactless payment market throughout the forecast period as it supports the dealers run client services efficiently without worrying about card payment difficulties. The contactless mobile payment solution is the fastest increasing solution owing to the global upsurge in the number of NFC and HCE that allowed smart phones, which sustenance contactless payment transactions.

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The report, like all reports added to the website, is an all-inclusive and descriptive view of the global Contactless Payment market. It elaborates on the market dynamics, scope of growth in various segments and regions, and other parameters that have been so far effective during its expansion in terms of gaining value and size.

This research study is thus a quantitative as well as a qualitative study aimed at imparting clear vision of all possible situations and structure in the global Contactless Payment market, as well as the drivers that may exist between 2017 and 2021.

The global market is also presented to the readers as a holistic snapshot of the competitive landscape within the given forecast period. It presents a comparative detailed analysis of the all regional and player segments, offering readers a better knowledge of where areas in which they can place their existing resources and gauging the priority of a particular region in order to boost their standing in the global Contactless Payment market.

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