What’s Driving the Contactless Payment Market Growth? | Key Players are Heartland Payment Systems, Wirecard AG, On Track Innovations, Ingenico Group, Gemalto N.V., Proxama, Inside Secure, Giesecke & Devrient GmbH
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The contactless payment technology has been widely used across retail, IT & telecom, transportation, hospitality, government, and BFSI sectors. The contactless payment market in retail sector is anticipated to attain a high CAGR over the forecast time period as the industry is constantly looking for payment technologies that can provide a convenient & quick way to conduct its financial transactions. In the hospitality industry, contactless payment systems have brought down the transaction times from hours to mere seconds. The hospitals are increasingly offering contactless payment options to their patients to improve their experience and prevent them from going through the hassles of waiting in long queues.
Europe's contactless payment market will grow significantly over the forecast period due to the wide adoption of contactless payment among retailers, restaurants, bars, pubs, service stations, and supermarkets. The constant improvements in the regional infrastructure of countries including Denmark, Greece, Greece, Hungary, Croatia, the Netherlands, Poland, and Russia have been further adding to the growth of the market. In addition, the increasing penetration of smartphones across the European countries also presents myriad opportunities for the growth of the market.
TOP Key Players:
1. Heartland Payment Systems
2. Wirecard AG
3. On Track Innovations
4. Ingenico Group
5. Gemalto N.V.
7. Inside Secure
8. Giesecke & Devrient GmbH
The Asia Pacific contactless payment market is projected to grow significantly over the forecast period. The supportive government initiatives in countries including India and China to promote the adoption of digital payments are driving the market growth. Furthermore, the increasing adoption of smartphones and the growing card network in the region is encouraging the adoption of non-contact payment solutions.
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The widespread adoption of smartphones across the globe also acts as a major driver for the contactless payment market. The smartphone manufacturers are incorporating various short-range communication technologies, such as Bluetooth, RFID, Wi-Fi, and Near Field Communication (NFC), in their smartphones. This has allowed smartphone users to securely store their card information in their smart devices, making payments on POS terminals secure. The non-contact payment solution does not rely on internet services to make the transaction, instead works on tags and readers to complete the transaction.
The widespread acceptance of numerous e-commerce platforms and mobile banking applications coupled with the emergence of online banking applications has been spurring the growth of the BFSI market. The contactless payment market growth is driven by increasing number of government initiatives aimed at promoting the use of digital payment is further adding to the transition of users toward contactless payment.
Major players in the contactless payment market are Heartland Payment Systems Inc., Wirecard AG, On Track Innovations, Ingenico Group, Gemalto N.V., Proxama, Inside Secure, Giesecke & Devrient GmbH, and Ingenico Group. The large companies in the market are focusing on strategically acquiring various start-ups working on contactless payment solutions. For instance, in September 2018, PayPal acquired iZettle for approximately USD 2.2 billion. This has enabled the company to enhance its product capabilities and services specifically to meet the requirements of small businesses. It is intended to accelerate the adoption of its contactless payment solutions and provide a smooth transaction experience for business owners.
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