The global contactless payments market is expected to grow at a CAGR of 23% leaving behind the other payment market due to adoption of an easier ways to make transactions. Technology and innovation along with the aim to provide customer centric service is driving this market. Contactless cards occupy the major share in contactless payments. However as the smart phones are picking up as most chosen mode of payment in developing countries, it is expected that smart phones will soon replace the contactless cards in the near future.
What is a Contactless Payment?
Contactless Payment, a service offered by banks is a secure way for consumers to purchase goods or services via smart cards without signing or entering a pin. A contactless transaction can be done by just tapping the card on a Point of Sale terminal. The primary goal of these payments is to speed up the transaction for consumers. Contactless payment transactions are limited as these are not authenticated by a pin or a signature. Banks and Credit Card issuers also get benefited from contactless payments as the customers who tap tend to use their cards more frequently. In a contactless payment transaction, the data associated with your card or device constantly changes and can hardly be hacked.
What are the applications of Contactless Payments?
Contactless payments have wide applications in the payments market as these are easy, secure and fast to use. They are more secure than PIN and chip payments making them better than other modes of payments. These payments has efficient back end system to keep track of each and every transaction whenever you tap the card on a POS. The main reason for customers o chose contactless payments is that contactless payments make use of encrypted data and the chip within these cards pass on a unique transaction number making it impossible for fraudsters to capture your information.
Market Research and Market Trends of Contactless Payments Market
- The modern trend in retail payments is contactless payments. According to our internal analysis, the Contactless payments market has evolved rapidly over the past decade through an enormous innovation in technology. Contactless payments have been proved successful across the globe offering number of advantages to issuers, retailers and consumers.
- The major technology key players have also come up with many solutions for the consumers to process the transaction in a blink of an eye. The solutions generally include cards and devices which are handy with technologies such as RFID or NFC embedded in them.
- Multiple technologies have arrived into the market to make contactless payments quicker & handy in the form of cards, watches, wrist bands and mobile phones which can be carried in pockets to any place. Various transaction models have come into existence for different kinds of infrastructures.
Who are the Major Players in Contactless Payments Market?
The companies referred to in the market research report includes Gemalto N.V, Giesecke& Devrient Gmbh, Ingenico Group, Verifone Systems, Inc., Wirecard AG, Heartland Payment Systems,Inc., Inside Secure, Oberthur Technologies sa, On Track Innovations, Proxama, PLC and more than 10 companies.
What is Our Research Scope?
The report assimilates in-depth assessment of the competitive analysis, Contactless Payments market sizing, benchmarking, market trends, Multiple Technology Innovations for quick & secure transactions, financial analysis, strategic analysis and so on to pattern the effecting forces and hidden contingencies of the market. Apart from this the report also focuses on a study of major developments in the market such as Innovations, agreements, acquisitions, collaborations, mergers to forecast the market
Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
- Get in-depth insights on your competitor performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.