Global Contactless Payment Market Is Likely to Experience a Tremendous Growth in Near Future | Market Opportunities and Forecast, 2019-2025 | Major Companies: Wirecard AG, Gemalto N.V., Thales Group, Visa Inc., Mifare Pvt. Ltd. Square Inc., and Glance Tec

According to OMR analysis, the global contactless payment market is expected to grow at a significant rate during the forecast period 2019-2025. Contactless payment is a method for consumers to purchase products or services via debit, credit or smartcards with the help of RFID technology or near-field communication (NFC). Advancement in contactless payment technology and increasing rate of purchases are driving the market growth. Also, government initiatives for the adoption of digital services in order to develop a digital economy is augmenting the growth of the market. Some of the factors such as the initial cost of installation and limitation to a number of transactions per day is restraining the growth of the market. Risk of virus attacks and hacks are also affecting the growth of the market.

A Full report of Global Contactless Payment Transaction Market is available at https://www.omrglobal.com/industry-reports/contactless-payment-transaction-market/

Contactless payment systems also help in making online payments through mobile and desktop. The information regarding credit and debit card is stored in the mobile payment system. The users are allowed to pay for their purchases with the use of this system either by simply waving or tapping their smartphones in front of RFID or NFC. Payment through these mobile systems has many advantages, including multi-layered security protection and the convenience of carrying fewer cards. Some of the disadvantages of using contactless payments include incompatibility with older phones and uneven acceptance by sellers and issuers of cards. Popular mobile payment systems available across the globe include Apple Pay, Android Pay, and Samsung Pay.

Similarly, point-of-sale (POS) terminal is a hardware system for handling card payments at retail locations. POS systems can be added into a tablet or other mobile device. Manufacturer of POS terminals is introducing their own types of portable and mobile POS device. The main benefit of these devices is they save time. These devices are most popular at retail stores and restaurants where the customer generally do not like to wait to make payments.
Companies such as Visa Inc. are tapping the market across the globe. Visa is expected to issue more than 100 million contactless cards in the US by the end of 2019. More than 60% of the Visa F2F transaction in the US were at contactless-enabled merchant locations. Other than the US, in Visa F2F transaction, Russia has continued the adoption of contactless payments with more than 200% Year-on-Year growth in contactless transactions. Malaysia market has also grown in tapping to pay with more than four million contactless transactions a month.

According to the UK Card Association, UK contactless payment market has shown a growth of 17.25%. The number of debit and credit card user has increased from 94.5 million to 110.8 million from June 2016 to June 2017. According to Statista, in 2016, the market in the US has generated around $29 billion. North America region is leading the global contactless payment market due to the established user base for mobile payments. Adoption of digital financial services attributes to the substantial share of North America in the global market. Asia-Pacific is the fastest emerging region for global contactless payment transaction market due to increasing efforts of governments for the adoption of digital payments.

Furthermore, the market is segmented on the basis of device and end-users. The report provides detailed & insightful chapters which include market overview, key findings, strategic recommendations, market estimations, market determinants, key company analysis, market insights, company profiling, market segmentation, geographical analysis, analyst insights and predictive analysis of the market.

Market Segmentation

1. By Devices
• Smartphones
• Smart cards
• Point of Sale (PoS) Terminals
• Others

2. By End-Users
• Retail
• Telecommunication
• BFSI
• Others

Region Covered

• North America (the US and Canada)
• Europe (UK, Germany, France, Spain, and Italy)
• Asia-Pacific (China, India, South Korea, and Japan)
• Rest of the Word (the Middle East & Africa and Latin America)

Company Profile

• Advanced Card Systems Ltd.
• Bank of America Corp.
• Garmin Ltd.
• Gemalto NV
• Giesecke+Devrient GmbH
• Glance Technologies Inc.
• Heartland Payment Systems Inc.
• IBM Corp.
• Infineon Technologies AG
• Ingenico Group SA
• On Track Innovations Ltd.
• PayPal Inc.
• Prepay Technologies Ltd.
• Setomatic Systems
• Sqaure Inc.
• Thales Group
• Valitor HF
• VeriFone Inc.
• Visa Inc.
• Wirecard AG

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