Contactless Payment Market In-depth Insights, Revenue Details, and Business Information 2017-2027

The report "Contactless Payment Market: Global Industry Analysis and Opportunity Assessment 2017-2027", has been prepared based on an in-depth market analysis with inputs from industry experts.

The main objective of this report is to aid the user in understanding the market “Contactless Payment ” as a whole, its definitions, segmentation, market potential, influential trends, and the barriers that it is facing. Meticulous research and analysis were an important part of the report preparation. Those reading the report will be able to get a detailed understanding about the market. Industry experts have verified and checked the data and information that have been taken from credible sources like websites, annual reports of companies, journals, and other resources. In order give the facts and data a pictorial form, diagrams, graphs, pie charts, and other representations have been used. That augments the visual appeal of the report and makes understanding it much easier.

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The demand within the global market for contactless payment has been rising due to the popularity of digital transactions. Customers have become increasingly aware of the various types of options available for making contactless payments which has given an impetus to market growth. Furthermore, the emergence of digital currencies such as bitcoin has also played to the advantage of the global market for contactless payment. Safety and security of payments has become the most important concern for individuals, businesses, governments, and organisations. For this reason, contactless payment has been adopted as the primary means for transaction of huge funds from one entity to another.

The demand for contactless payment has been rising at a robust rate as advanced digital platforms for fund-transaction emerge. It is expected that the market vendors in the global market for contactless payment would come up with better services and features on their apps to attract a larger consumer base. Furthermore, the availability of data packets on mobile phones and other communication devices has also played an underhanded role in the growth of the global market for contactless payment in recent times. The emphasis given by government organisations on the deployment of advanced payment options across industries has also aided the growth of the global contactless payment market.

The use of contactless payment in the retail sector has played a pivotal role in the growth of the global market for contactless payment. It is projected that the use of digital transactions in the medical and healthcare industries would also propel demand within the global contactless payment market.

Contactless payment is the mode where in secure payment transactions are done using technologies such as bluetooth, infrared, radio frequency identification (RFID), and near field communication (NFC). Contactless payment takes almost one-tenth of the time taken by the traditional electronic transaction making it more hassle-free for the customers. The need to make payment more securely and the convenience to pay fast without having any cash or identity details is making contactless payment mode popular game changer. Initially, contactless cards were used in the form of travelling tickets only; it has evolved and is helping consumers to make payments for almost anything. Contactless payment has an upper limit to amount paid and number of transactions per day.

Contactless Payment Market: Drivers

A number of factors are contributing to the growth of contactless payment systems such as advancement in contactless payment technology, rising awareness of plastic money among the buyers, increasing frequency of purchases and the need for fast transaction time without any inconvenience of standing in long queues. Contactless payment is further evolving, making itself a useful interface between the consumers and retailers, advertiser, and marketers.

Contactless Payment Market: Restraints

The initial installation cost, government limitation to number of contactless payment transactions per day and the amount limitation that can be transacted per day are few shortfalls of contactless payment which are hindering the contactless payment market growth. Risk of spyware, malware and virus attacks due to usage of numerous systems is limiting the adoption of contactless payment globally. Low awareness of this mode of payment, especially across Asia Pacific and Latin America, is further restricting the contactless payment market growth.

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Contactless Payment Market: Segmentation

Contactless payment market can be segmented on the basis of type, mode of payment, end user, technology and region. On the basis of type, contactless payment market can be segmented into hardware and software. Hardware can be sub-segmented into smart-cards, point of sale (POS) terminals and smart-card readers. The software segment can be sub-segmented into smartcard reader drivers, POS software, application programing interface (API), software development kit (SDK) and mobile applications. On the basis of mode of payment, contactless payment market can be segmented into smart card, smart wearable, smartphone and others. On the basis of end user, contactless payment market can be segmented into Banking, Financial services and Insurance (BFSI), retail, public sector, transportation and logistics, hospitality, and others. On the basis of technology, contactless payment market can be segmented into infrared based, Bluetooth based, NFC based and RFID based. On the basis of region, contactless payment can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa.

Contactless Payment Market: Regional Outlook

As of 2016, contactless payment system has high penetration in North America. The market in Europe is expected to grow considerably in the near future. Asia Pacific is contributing to the contactless payment market with growing purchasing power of people in the region, and also due to increasing acceptance of this mode of payment.

Contactless Payment Market: Competition Landscape

The key players in the contactless payment market include ACS (Advanced Card Systems) Ltd., Chip & Pin Solutions Ltd., Mifare Pty Limited, Ingenico Inc., Gemalto N.V., Verifone Systems Inc., Heartland Payment Systems Inc., On Track Innovations Ltd., Castles Technology Co. Ltd., and Bindo Labs Inc. These companies are investing in updated technologies to improve the existing system and a few of them are following the strategy of mergers and acquisition to upgrade their payment system. Increasing innovation in the contactless payment mode and initiatives to enhance awareness of contactless payment technology is anticipated to drive the contactless payment market.

The report covers exhaustive analysis on:

Contactless Payment Market Segments

Contactless Payment Market Dynamics

Historical Actual Market Size, 2013 - 2015

Contactless Payment Market Size & Forecast 2017 to 2027

Supply & Demand Value Chain

Contactless Payment Market Current Trends/Issues/Challenges

Competition & Companies involved

Technology

Value Chain

Contactless Payment Market Drivers and Restraints

Regional analysis for Contactless Payment Market includes development of these systems in the following regions:

North America
US
Canada
Latin America
Brazil
Argentina
Mexico
Rest of Latin America
Western Europe
U.K.
France
Germany
Italy
France
Spain
Nordic
Benelux
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific Excluding Japan
Australia and New Zealand (A&NZ)
Greater China
India
ASEAN
Rest of Asia Pacific Excluding Japan
Japan
Middle East and Africa
GCC Countries
Israel
South Africa
Turkey
Rest of Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

Report Highlights:

Detailed overview of parent market

Changing market dynamics in the industry

In-depth market segmentation

Historical, current, and projected market size in terms of volume and value

Recent industry trends and developments

Competitive landscape

Strategies of key players and products offered

Potential and niche segments, geographical regions exhibiting promising growth

A neutral perspective on market performance

Must-have information for market players to sustain and enhance their market footprint

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