Future of the Mobile Contactless Payment Market | Rising Demand for Mobile and Wearable Payment Devices

Contactless payment is a secure method for consumers to purchase products or services, with the use of devices such as smart cards, wearables, key fobs, smartphones, and others. Primarily, Mobile Contactless payment uses Radio-frequency Identification (RFID) and Near Field Communication (NFC) technologies in order to facilitate contactless transactions in the Mobile Contactless payment industry. In addition, the embedded chip & antenna placed in transaction devices enable consumers to wave or tap their smart cards, key fob, or handheld device over a reader at the point of sale (POS) terminal.

The Mobile Contactless payment market growth is attributed to the rapid & secured transactions, real-time transaction processing, and reduces time for executing payments, and other benefits provided by Mobile Contactless payment option. In addition, surge in demand for mobile & wearable payment devices, and rise in adoption of technology by merchants for small value transactions propel the market growth.

The report focuses on growth prospects, restraints, and trends of the Mobile Contactless payment market share analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the Mobile Contactless payment market.

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⦿ Competitive Landscape

The Mobile Contactless payment terminals market is consolidated due to few players are having the significant share of the market. Moreover, the lack of awareness of consumers towards contactless cards and concern over the security issue makes the market tough to enter for new players. Some of the key players in the market are Heartland Payment Systems, Oberthur Technologies, Ingenico Group, Verifone, Inside Secure, On Track Innovations, Cryptomathic, Wirecard, Giesecke & Devrient, Location Sciences, Gemalto, among others.

⦿ Scope of the Report

Mobile Contactless payment systems are credit card, debit cards, smart cards or other devices, including smartphones and other mobile devices that uses radio-frequency identification (RFID) or near field communication (NFC), e.g Google Pay, Apple Pay, Fitbit Pay, Merpay or any bank mobile application that support Contactless technology for making secure payments.

⦿ Regional Analysis

Region wise, the Mobile Contactless payments market was dominated by Europe in 2019, and is expected to retain its position during the forecast period. The major factor that drives the growth of the Mobile Contactless payment market in this region includes early adoption of advanced technology among end users and rise in government initiatives for increasing the adoption of wearable and Mobile Contactless payment in Germany, the UK, and France. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to increase in adoption rate of wearable devices and Mobile Contactless payments among the developing countries of Asia-Pacific such as China and India.

However, increased rules & regulations imposed by banks toward payment is some of the factors that limit the Mobile Contactless payment market growth. Furthermore, developing economies offer significant opportunities for Mobile Contactless payment solution providers to expand & develop their offerings, especially among emerging economies such as Australia, China, India, Singapore, and South Korea. In addition, integration of Internet of Things (IoT) with an existing Mobile Contactless payment terminal is expected to provide lucrative opportunities during the forecast period.

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⦿ Key Market Trends

Retail Industry to Hold Major Share: The evolution of mobile-based POS (mPOS) includes a card reader connected to a basic ePOS app running on a tablet or smartphone. Merchant onboarding is simple, and the service is delivered on a ‘pay-as-you-go’ model. With the initial target being the micro-merchants, it has observed a quick adoption by large enterprises for its convenience, competitive pricing, and value to the business and adding new store concepts.

With initiatives, such as Cashless India, and support from government apps, like BHIM, India is expected to be a growing market for mobile payments adopting across the retail sector. In India, with the Unified Payments Interface (UPI), an instant real-time payment system facilitated 799.54 million inter-bank transactions and a value of USD 19 billion as of March 2019, with 142 banks live on this interface. In February 2020, the Reserve Bank of India proposed to set up alternative digital retail payments organizations to encourage new payment systems as it aims to prevent a monopoly in a system that is currently dominated by National Payments Corporation of India Ltd. (NPCI).

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