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Contactless Payment Market Set For Rapid Growth 2019-2025 | Heartland Payment Systems Inc., Wirecard AG, On Track Innovations, Ingenico Group, Gemalto N.V., Proxama
Contactless Payment Market
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BFSI, retail and healthcare would be some of the key application segments in the contactless payment market. Paying medical bills at hospitals or pharmacy constitutes a significant share of the total consumer expenditure. It has been observed that patients have to shell out more from their pockets as the health and insurance sectors are evolving. In the U.S., patient payments had reportedly reached a total of USD 423.8 billion in 2016, indicating the considerable opportunities for payment solution providers to tap into a promising application segment.
Contactless payment solutions help customers cut down processing times at hospitals and avoid queues at pharmacies. In addition, it has been reported that on an average, healthcare providers are able to collect only about 54% of their outstanding receivables, endorsing the need for effective payment systems at hospital systems, doctor’s clinics and dental practices. Growing installation of POS systems at healthcare facilities to accommodate payments through smart cards and mobile wallets will undoubtedly strengthen demand for contactless payment market.
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 contactless payment market is categorized on the basis of devices into mobile handsets, POS terminals, NFC chips, and smart cards. The POS terminals market is anticipated to hold a major share in the market due to the large-scale adoption of POS devices across retail channels and restaurants. Moreover, the integration of the NFC chip-enabled cards also presents a huge opportunity for the growth of the POS market.
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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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.
Contactless Payment Market, By Device Type, 2014-2025 (USD Million)
• Mobile Handsets
• Point-of-Sale (POS) Terminals
• NFC Chips
• Smart Cards
Market, By Application, 2014-2025 (USD Million)
• BFSI
• IT & Telecom
• Retail
• Healthcare
• Others
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