Next Generation Payment Technology Market Growth Powered With Latest Development Scenario and Influencing Trends | Apple, Samsung, Google, MasterCard, Visa, PayPal, Ingenico, Alipay, Square, Verifone

The next generation payment technology ecosystem has been supportive in addressing security, authenticity, and latency, inconvenience issues of the individuals doing payments through timely, accurate and convenient deployment of payment technology solutions.

The development in the market is accredited to the enormous demand of stringent payment security regulations, innovation by technology companies, reforming payments landscape, speed of transactions, ease of use, secure and robust systems against potential attackers to systems among others. By virtue of this development, technology companies, financial institutions, e-commerce companies, payment service providers and payment hardware suppliers among others have adopted payment technology products to ensure simplified and time saving transactions.

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Key Players:

Apple, Samsung, Google, MasterCard, Visa, PayPal, Ingenico, Alipay, Square, Verifone, First Data, Cayan, Adyen and Worldpay etc.

The growth for this market is being driven by factors such as:

• Massive proliferation of smartphones and tablets with payment technology capabilities
• Growing popularity of wearable technology
• Increasing adoption of e-commerce and m-commerce services

The payment technology market consists of certain opportunities which can lead to augmentation of the payment technology market and its overall growth:
• Future in e-commerce
• Global adoption of digitalization services

With the exponential growth of mobile and digital payments, service providers and customers have expressed interest in next generation payment technology, mostly due to change in spending pattern and increased convenience. The massive infrastructure changes required to upgrade outdated and legacy payment systems and the increasingly high number of security standards imposed by the regulatory bodies have given impetus to usage of latest payment technology. Technology companies and financial institutions have laid a foundation to create a simple, global and secure payment solution which will enable customers to make payments easily. There is a dynamic shift in the security requirements and that has boosted overall business of companies from every vertical or sector.

Market Segmentation:

Market segment by Type, the product can be split intoEMV Chip
• Near Field Communication (NFC)
• Magnetic Secure Transmission (MST)
• Bluetooth Low Energy (BLE)
• Quick Response Code (QR Code)

Market segment by Application, split intoRetail and Commercial
• Enterprise
• Healthcare
• Hospitality
• Others

Regional Analysis:

North America accounted for highest share in global payment technology market with robust growth in transaction value throughout the forecast period. Asia Pacific is the next region leading the payment technology market and will under-go a fast growth rate throughout the forecast period.
Europe is expected to have largest market share of the contactless payment technology market in 2016 due to technological advancements and increasing contactless smart cards such as NFC enabled cards adoption. APAC is anticipated to have the highest growth rate during the forecast period due to increasing number of contactless payment technology enabled smartphones and mobile devices in countries such as China, Australia, Japan and India.

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