Contactless Payment Market: An Insight On the Important Factors and Trends Influencing the Market | StraitsResearch

Contactless Payment Market Snapshot:

Rapid digitalization has resulted in a world where consumers are constantly connected, and consumer expectations are constantly changing. Consumers demand secure and faster seamless payment solutions, compelling merchants around the globe to accept the concept of ‘digital payments.’ This concept operates across channels such as e-commerce, in-app payment, and point-of-sale (POS) with contactless payment.

Mass Market Uptake of Contactless Payment suggests several factors, at a micro or macro level, influence the growth of the contact payments market; for instance, mandates associated with contactless payment. Mandates made by companies such as MasterCard, Visa, and American Express have given contactless payment momentum for rapid adoption not only in the U.S. but also around the globe. As a result, more than 50% of the payments in face-to-face transactions across several countries globally are contactless.

Issuer Insights:
The adoption of contactless payment technology would help issuers be competitive in the marketplace and retain existing customers. Some of the other benefits include the following:

Low-value transactions below the ‘Cardholder Verification Limit’ do not demand the need to enter or sign a pin
Capturing transactions specifically of cash nature
High levels of consumer satisfaction
Branding as well as co-branding opportunities, specifically with payment partners

Merchant Insights:
Most of the new POS terminals introduced in the market required for EMV payments have contactless capabilities in-built. As per our analysis, an approx. of 90–95% of all the new terminals that are being deployed attain contactless capabilities. However, procuring the certification that enables the capability of contactless is a simple process that many large retailers are already seeking benefits of.

Consumer Insights:
One of the key drivers for the adoption of contactless payment is consumer preference. Nowadays, consumers demand convenience, ease, and security while making transactions. With the concept of contactless payments establishing strong grounds, consumer expectations for instant gratification or speed in payments is reinforced in a daily basis. Studying the global scenario, the adoption of contactless payment methods is expected to reach an approx. of 85–90% by the end of 2023.

Contactless payment is a payment method that offers consumers the convenience of making payments without swiping a payment card, wherein users can tap their respective contactless-enabled payment devices onto a contactless-enabled reader to complete the transaction. Further getting into the technicality of its operations, the chip and antenna in the payment device enable the secured transmission of payment details via a wireless medium to a contactless reader, which is either integrated within or connected with the merchant’s POS system. In the scenario of a low-value payment, the customer is notified with a ‘payment received’ notification in no time. The contactless capability of a user is denoted by the universal ‘Contactless Indicator’ present on all contactless cards.

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The Major Players Covered in this Report: Gemalto, Infineon, Ingenico, Wirecard, Verifone, Giesecke+Devrient, IDEMIA, On Track Innovations, Identiv, CPI Card Group, Bitel, Setomatic Systems, Valitor, PAX Global Technology, MYPINPAD, Mobeewave, Alcineo, Castles, SumUp, PayCore, & More...

Contactless Payment Market Segmentation-
By Component- Hardware, POS, Cards, Others, Software, Services, Consulting, Integration and Deployment, Support and Maintenance,
By Industry Vertical- Retail, Hospitality, Healthcare, BFSI, Other

Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Contactless Payment in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Contactless Payment market during the forecast period 2021-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Contactless Payment and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Contactless Payment. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

Impact of COVID-19 on the Contactless Payment Market:
From the time of the COVID-19 outbreak in March 2020, there is a growing awareness among the general public to avoid physical contact and practice social distancing, as the virus survives on hard surfaces for about 72 hours, which makes it risky to use PIN pads and touch-screens at the point-of-sale (POS). When studying a regular routine of an individual, it is fair to say that in a typical day, he/she would make several transactions at different locations, such as a gas station, grocery store, café, and restaurant, which exposes the payer to the threat of infection. The current payment systems aren’t prepared to face the risks of COVID-19.

With an aim to cope with the mentioned scenario, merchants operating in the market are adopting technologies that help reduce the need for customers to interact physically with POS terminals. They are leveraging the concept of ‘tap-to-pay’ or ‘contactless payment,’ which uses short-range wireless technology to make a secured payment between payment-enabled devices or contactless cards and the checkout terminal. This technology not only offers a fast, easy, and secured payment experience at checkout but also reduces the need for physical interaction with the POS terminal.

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The report covers exhaustive analysis on:
Overview of the parent market
Global Contactless Payment Market Segments, Dynamics, Market Size, Share, Price, Volume, and Cost
Historical, current and projected market size in terms of volume and value
Global Contactless Payment Market Forecast 2021 to 2029
Supply & Demand Value Chain
Global Contactless Payment Market dynamics, including the current trends/drivers/threats/restraints/challenges
Potential and niche segments/regions exhibiting promising growth
Market landscape, competition, and leading companies involved
Strategies of leading companies and product offerings
Technological advancements

Segmentation Overview:
Increasing technological advancements and rising customer expectations are encouraging key retail players to modify their traditional payment and billing solutions and adopt sophisticated contactless payments. Manufacturers are developing advanced solutions for integrating different functions of retail stores, such as staff management, sales and order management, and warehouse management. Furthermore, retailers are choosing POS systems that can efficiently handle functions, such as employee management, gift cards, and loyalty services.

Efficient and quick check out is a crucial aspect of the customer experience in grocery stores. POS systems with integrated scales, touch screens, and automatic discount applications are thus observing widespread adoption in these outlets. Accurate and precise inventory data is another vital aspect of the sector. Many groceries are perishable with limited shelf life, which makes it imperative to identify and track the slow and fast-moving items for procurement forecasts.

Additionally, POS terminal vendors are focusing on developing solutions based on business size and requirements. For instance, Retail Pro International (RPI) offers POS solutions in three business categories: chain store, global enterprise, and small business. Such business-specific solutions help enterprises efficiently run business functions with the integration of cost-effective technologies.

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Key questions answered in this report:
What will be the market size by the end of the forecast period?
What are the factors driving the growth of the market?
What are the trends and developments that are likely to drive the growth of the market?
Who are the key players operating in the market?
What are the challenges, threats, and opportunities faced by the leading players?
What are the strengths and weaknesses of the key players of the market?

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