Growth Of Contactless Payment Market Increases Due To Increasing Online Payments

“Contactless Payment Market”
Contactless payment refers to the secure method for consumers to purchase products or services via debit, credit or smartcards, by using RFID technology or near-field communication. Apart from this, for contactless payment a person simply needs to tap their card near a point of sale terminal leading to the nickname tap and go. Moreover, contactless payments do not require a signature or PIN; transactions sizes on cards are limited.

“Contactless Payment Market: Global Demand Analysis & Opportunity Outlook 2024”

The global contactless payment market is segmented by mode of payment into smart card and smartphones. In this segment, smart card segment is projected to grow at remarkable pace over the forecast period. Factor such as, security management and reducing data risk is anticipated to significantly robust the growth of global contactless payment over the forecast period. Apart from this, ability to deliver services faster is expected to drive the growth of global contactless payment over the forecast period.

Global contactless payment market is expected to register a CAGR of 23.1% over the forecast period. Moreover, the global contactless payment market is expected to expand on the basis of advancement in technology coupled with many high end features such as infrared, near field communication (NFC), bluetooth and RFID technology. Increasing awareness regarding plastic money among buyers is a key factor which is expected to increase the growth of global contactless payment market in upcoming years.

North America is anticipated to dominate the overall market of contactless payment market during the forecast period. Factors such as, advancement in the smart chip technology is expected to drive the growth of global contactless payment market in North America region over the forecast period. Further, high penetration of smartphones is increasing the growth of contactless payment market in Europe. Factor such as, increasing use of euro master card visa, global standard for chip cards and assumption of near field communication technology is expected to increase the growth of global contactless payment market in Europe.

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Increasing Online Payments

Factors such as, increasing online payment in between consumers and retailers is expected to increase the growth of global contactless payment market over the forecast period. Moreover, advancement in contactless payment technology is anticipated to be the dynamic factor behind the growth of the global contactless payment market over the forecast period.

Adoption of Electronic and Mobile Commerce

Factors such as, rising number of mobile handset payment modes is anticipated to increase the growth of global contactless payment market over forecast period. In addition, advents of faster and more secured mobile devices are factors which are anticipated for the growth of contactless payment market over forecast period.

However, attack of virus due to several system usage and lack of awareness are likely to dampen the growth of contactless payment market during the forecast period.

The report titled Contactless Payment Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global contactless payment market in terms of market segmentation by type, by mode of payment, by end user, by technology and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

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This report also provides the existing competitive scenario of some of the key players of the global contactless payment market which includes company profiling of Advanced Card Systems Ltd., Chip & Pin Solutions Ltd., Mifare Pvt. Ltd., Ingenico Inc., Gemalto N.V., Verifone Systems Inc., Heartland Payment Systems Inc., On Track Innovations Ltd., Castles Technology Co. Ltd. and Bindo Labs Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global contactless payment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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