Contactless Payments Market: A Strong Foundation Post Covid Sets The Stage For Continued Outperformance

The Contactless Payments Market has witnessed continuous growth in the past few years and is projected to grow even further during the forecast period (2021-2026). The assessment provides a 360° view and insights, outlining the key outcomes of the industry. These insights help the business decision-makers to formulate better business plans and make informed decisions for improved profitability. In addition, the study helps venture or private players in understanding the companies more precisely to make better informed decisions.

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Contactless payment is a secure method for consumers to purchase products or services via debit, credit or smartcards, by using RFID technology or near-field communication (NFC). To make a contactless payment, a person simply needs to tap their card near a point-of-sale terminal. Contactless payments are carried out in close physical proximity preventing unauthorized access during the transactions. As contactless payments do not require a signature or a PIN, transactions sizes on cards are limited. The allowable amount for a contactless transaction varies by country and bank. Examples of non-credit or debit card contactless payments include transit cards, Apple Pay, Android Pay, and Google Wallet, among others.

On 27 Feb 2018, Verifone, announced that it will enable its North America payment devices to support all Mastercard EMV transactions, including contact and contactless. Thereby, merchants will be able to provide customers with faster checkout and a wider range of EMV-secure payment options.

On 9 Oct 2018, Inside Secure has announced that Vipps AS, the provider of Norway’s national payment system BankAxept, has chosen Inside Secure to protect its mobile contactless payments.

Major Players are:
Ingenico Group (France),Verifone Systems, Inc. (United States) ,Inside Secure (France) ,On Track Innovations (Israel),Oberthur Technologies SA (France) ,Location Sciences Group PLC (United Kingdom),Wirecard AG (Germany),Giesecke & Devrient GmbH (Germany) ,Gemalto N.V. (Netherlands) ,Heartland Payment Systems, Inc. (United States) ,

NOTE: Our analysts monitoring the situation across the globe explain that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

The titled segments and sub-section of the market are illuminated below:
Application (BFSI, Retail, IT & Telecom, Transportation, Hospitality, Government, Others), Devices Type (Mobile Handsets, Point of Sale Terminals, NFC Chips, Smart Cards, Others)

Market Trends:
Mobile Phone-Based Payments Has Emerged As a Popular Payment Choice among Young and Affluent Consumers

Market Drivers:
Reduced Transaction Time Due to Contactless Payments
Increased Internet Infrastructure across the Globe
Convenience in Processing Low-Value Payments
Increased Disposable Income of Individuals

Challenges:
Lack of Awareness among the Underdeveloped Countries

Opportunities:
Emergence of Mobile Phone-Based NFC (Near-Field Communication) Payments
Technology Integration Opportunities

Years considered for this report:
 Historical Years: 2015-2020
 Base Year: 2020
 Estimated Year: 2021
 Forecast Period: 2021-2026

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Extract from Table of Content:
Chapter 01 – Executive Summary
Chapter 02 – Market Overview
Chapter 03 – Key Success Factors
Chapter 04 – Covid-19 Crisis Analysis on Global Contactless Payments Market
Chapter 05 – Global Contactless Payments Market - Pricing Analysis
Chapter 06 – Global Contactless Payments Market Background
Chapter 07 -- Global Contactless Payments Market Segmentation
Chapter 08 – Key and Emerging Countries Analysis in Global Contactless Payments Market
Chapter 09 – Global Contactless Payments Market Structure Analysis
Chapter 10 – Global Contactless Payments Market Competitive Analysis
Chapter 11 – Assumptions and Acronyms
Chapter 12 – Research Methodology

What are the market factors that are explained in the Contactless Payments Market report?
– Key Strategic Developments: Strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors.
– Key Market Features: Including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin.
– Analytical Tools: The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

Key Questions Answered in the Report:
• How much is the Contactless Payments Market Worth?
• What is the Growth Rate of the Contactless Payments Market?
• Which Segment of the Contactless Payments to Hold the Highest Market Share?
• Which Segment of the Contactless Payments Market to Witness Fastest Growth Rate?
• Which Region to Hold the Biggest Market Share?
• Who are the Key Players of the Contactless Payments Market?

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