The Internet of Things (IoT) technology has transformed the way of interaction globally. Likewise, Radio-Frequency Identification (RFID) and Near Field Communications (NFC) have aided in making payments safer and secure. Contactless payment systems comprise smart cards or other devices that integrate RFID or NFC technologies to make secure and contactless payment.
Unlike mobile payments that are done through the internet, contactless payments are carried out in close physical proximity of the card, mobile phone or other devices of preventing unauthorized access during the transaction(s).
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The global contactless payments market is driven by convenience in processing low value payments, increased revenue opportunities, and reduced transaction time.
However, high costs involved for the deployment of EPOS terminals and lower rate of adoption of the market hamper the contactless payments market growth.
The global contactless payments market is segmented based on device type, industry vertical, and region. Based on device type, it is divided into mobile handsets, point of sale terminals, NFC chips, smart cards, and others.
Based on industry vertical, it is classified into Banking, Financial Services, and Insurance (BFSI), retail, IT & telecom, transportation, hospitality, government, and others. The market is analyzed based on region across North America, Europe, Asia-Pacific, and LAMEA including country level analysis for each region.
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The key players operating in the global contactless payments market include Ingenico Group, Verifone Systems, Inc., Inside Secure, on Track Innovations, Oberthur Technologies SA, Proxama, PLC., Wirecard AG, Giesecke & Devrient GmbH, Gemalto N.V., and Heartland Payment Systems, Inc.
KEY BENEFITS FOR STAKEHOLDERS
- This study includes the analytical depiction of the global contactless payments market along with current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities and detailed impact analyses.
- The current market is quantitatively analyzed from 2016 to 2023 to highlight the financial competency of the contactless payments industry.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the industry.
KEY MARKET SEGMENTS
BY DEVICE TYPE
- Mobile Handsets
- Point of Sale Terminals
- NFC Chips
- Smart Cards
BY INDUSTRY VERTICAL
- IT & Telecom
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
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