Contactless Payment Market 2020 - POS Terminals To Hold a Major Industry Share By 2025
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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.
The Contactless Payment Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2014 to 2025 for the following segments:
By Device Type, 2014-2025 (USD Million)
• Mobile Handsets
• Point-of-Sale (POS) Terminals
• NFC Chips
• Smart Cards
By Application, 2014-2025 (USD Million)
• IT & Telecom
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.
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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.
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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