According to a report, “Contactless Payment Market Size, Share & Trends Analysis Report By Device (Smartphones & Wearables, Point-of-Sales Terminals, Smart Cards), By Solution, By Application, By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc.,The global contactless payment market is expected to witness a CAGR of 19.8%, according to the new report by Grand View Research, Inc. Contactless payment solutions are gradually becoming a vital part of the payments process across various industries. Several businesses are making use of the NFC or RFID technologies in different ways which is a safe and convenient payment option of their purchases via contactless methods such as contactless card (RFID/NFC), wearable devices, and devoted contactless mobile payment apps.
The market is exponentially driven by benefits such as improved service delivery and reduction in transaction time offered by contactless payments. This has resulted in a substantial rise in the number of users. Cost effectiveness and easy installation are the two key features of contactless solutions. The popularly booming trend of making payments using QR codes via mobile phone applications is anticipated to drive the market demand. People fundamentally prefer using such payment options as it has eliminated the need to carry cash. According to an August 2020 survey conducted by the National Retail Federation and Forrester, 67% of retailer respondents are proactively using some form of no-touch payment solution. The survey found that more than 58% accept contactless cards and has increase from 40% last year.
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- To mitigate the spread of the virus consumers are preferring contactless monetary outflows over cash transactions widely across retail and healthcare sectors. Measures to restrict cash and credit card transactions, owing to the increasing need for avoiding human contact is driving the market expansion as a method to restrict the spread of coronavirus. According to the National Retail Federation’s findings, 19% of consumer respondents globally, have used digital payment solution for the first time in May 2020.
- Covid19 is expected to speed up the adoption curve of contactless payments, which is being accounted for in our market growth forecast. Of those respondents, 56% used a contactless card and 62% used their phone, per the survey results.
- Walmart, CVS, and Tractor Supply are among top retailers that have adopted digital payment options in the U.S. recently. Gen Z and millennial shoppers were the primary consumers of contactless payments before the pandemic upended the U.S. retailer operations. However, the pandemic uncertainties have sped up contactless payment adoption, as customers test the option with increased emphasis on creating clean and safe environments.
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Further findings from the report suggest:
- Smartphones & wearables was a booming segment in 2019 owing to the innovations made in wearables such as payment rings and payment bands. The extensive use of smartphones has massively increased over the past decade and is factoring market growth.
- North America witnessed a surge and is also projected to emerge as the key regional markets during the analysis timeline. The growth is primarily attributed to the deployment of cloud-based touchless transactional technologies in several verticals, including retail and transportation amongst others.
In terms of transaction value, the retail application segment accounted for around 62% of the market share in 2019. The growth can be attributed to an increase in the number of ‘tap-and-go’ transactions across the globe. The tap-and-go feature speeds up the check-out process and thus contactless payments are being preferred by the customers in developed as well as developing nations. Besides, contactless payments also find uses in service businesses, such as movie theaters, gas stations, restaurants, and convenience stores, thereby boosting the payments in the retail sector.
- Visa Inc.
- Giesecke & Devrient GmbH
- Heartland Payment Systems, Inc.
- Ingenico Group SA
- On Track Innovations Ltd.
- Thales Group
- Wirecard AG
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