01-11-2019 04:34 PM CET - Business, Economy, Finances, Banking & Insurance

+45% CAGR Growth To Be Achieved By Contactless Payments Market – Know About Its Top Growing Factors By Focusing Key Companies Like Ingenico Group, Verifone Systems, Inc., Inside Secure, On Track Innovations

Press release from: The Research Insights

The mobile payment industry has evolved through key technicians and innovative technologies that provide payment convenience using devices such as mobile handsets, POS terminals, NFC chips, and smart cards. The contactless payment system consists of devices that integrate smart cards or RFID or NFC technology to make secure, contactless payments. Unlike mobile payments over the Internet, contactless payments are physically proximate, thus preventing unauthorized access during transactions.

The Global IoT engineering services market estimated at a CAGR of +45% during forecast period.

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The key players operating in the 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.

Near Field Communication (NFC) technology enables non-contact payments by exchanging information between devices and point of sale (POS) terminals using standards-based wireless communication technology to provide a better and more cumbersome customer experience. NFC is also used in mobile wallets, which is convenient for secure fund transfer and ticketing transactions.

Contactless payments enhance collaboration in the enterprise environment to ensure fast and secure transactions. These payments also provide security of card details stored in the phone in the form of security elements. This security element can be in the form of a Subscriber Identity Module (SIM), a security chip, or a secure digital card. In addition, hardware encryption can only be used in close proximity to point of sale, where contactless payment is one of the safest payment

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Global non-contact payment markets are categorized by device type, industry type, and region. Depending on the type of device, mobile handsets, POS terminals, NFC chips, and smart cards are distinguished. By industry, there are BFSI, retail, IT & communication, transportation, hospitality, and government. Markets are analyzed. The market is analyzed based on region across North America, Europe, Asia-Pacific, and LAMEA including country level analysis for each region.

Reason to Access Contactless Payments Market Research Report:
Analysis of Contactless Payments market and its upcoming growth prospects is been mentioned with maximum precision. This study includes an elaborative summary of market which also includes snapshots that offer depth of information of various other segmentations. Through qualitative and quantitative analysis of key factors which are responsible for boosting or hampering the market growth and the promising opportunities in market have been provide. Primary and secondary research is been done in detail which helps the readers have a strong understanding of the complete market for the forecast period.

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This release was published on openPR.
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