Contactless payment systems comprise smart cards and other devices that integrate NFC or RFID technology for making contactless and safe payment. Contactless payments, compared to mobile payments made through the Internet, are carried out in near physical proximity eliminating unsanctioned admittance during the transactions. The key factors contributing to the growth of the global contactless payments market include the rising preference by customers for mobile payment methods.
Further, the decreased transaction time, enhanced revenue opportunities, and ease in handling low-value payments are factors projected to drive the market growth during the forecast period. In addition, the rise in smartphone penetration, and incorporation of contactless cards with the prevailing cards are also anticipated to surge the demand for contactless payments thus boosting the market growth. Also, the incorporation of contactless payment and IoT technology within the budding economies is projected to bring up lucrative opportunities for market players in the years to come.
The global contactless payments market is divided based on technology, devices, operational frequency, industry, transaction models, and region. By technology, the market is bifurcated into RFID (radio frequency identification) technology, NFC (near field communication) technology, IR (infrared) technology, and others.
By devices, the market is segmented into stickers, plastic cards, watch & wrist band, key fobs, mobile phones, car tag, and others. By operational frequency, the market is classified into high frequency, low frequency, and ultra-high frequency. The market, by industries, is segregated into BFSI, government, transportation & logistics, telecommunication & IT, healthcare, energy & utilities, hospitality, retail, and others. By transaction models, the market is divided into the e-z pass, speed pass, EMV card, track 1 & track 2 data, and offline stored value card.
Regionally, the global contactless payments market is projected to be governed by Europe during the forecast period owing to the presence of technologically & economically developed nations such as Germany and the UK along with the increasing adoption of contactless terminals & cards by card firms, like MasterCard & Visa and an overall rise in contactless payments.
Increasing Need For Safe Transactions To Boost The Growth of Global Contactless Payments Markethttps://t.co/6Z4den2jXK#ContactlessPaymentsMarketGrowth #ContactlessPaymentsMarketDemand pic.twitter.com/uSLQHpDWu0
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Likewise, Asia Pacific is also anticipated to witness substantial growth during the years to come on account of the rising use of contactless and mobile payment services. In addition, major players are making their footing strong in the Asia Pacific. To cite, procurement of a Beijing based payment service provider, AllScore Payment Service Co., Ltd., was announced by Wirecard AG in November 2019, expanding its geographical footmark in China.
The key players actively participating within the global contactless payments market consist of Oberthur Technologies SA, Verifone Systems, Inc., Ingenico Group, Track Innovations, Wirecard AG, Giesecke & Devrient GmbH, Proxama, PLC., Heartland Payment Systems, Inc., Inside Secure, and Gemalto N.V., among others.
