Contactless Payments Market Gain a Competitive Edge in the Competitive Landscape with Massive Opportunities (Wirecard, VeriFone, Inc., Giesecke+Devrient GmbH, IDEMIA, Track Innovations LTD., Identiv, Inc., CPI Card Group Inc.)

The global contactless payments market was valued at US$ 11.2 Bn in 2019 and is expected to reach US$ 26.3 Bn by 2027 at a CAGR of 12.9% between 2020 and 2027.

The term contactless payment refers to a secure method for consumers to purchase products or services using a debit, credit, smartcard, or another payment device by using radio frequency identification (RFID) technology and near-field communication (NFC). This payment method works by tapping a payment card or other device near a point-of-sale terminal equipped with contactless payment technology. Contactless payment is also referred to as tap-and-go or tap by some banks and retailers.
𝗖𝗼𝗺𝗽𝗮𝗻𝘆 𝗕𝘂𝗶𝗹𝗱𝗲𝗿𝘀:- Thales Group, Infineon Technologies AG, Ingenico Group, Wirecard, VeriFone, Inc., Giesecke+Devrient GmbH, IDEMIA, Track Innovations LTD., Identiv, Inc., CPI Card Group Inc., Setomatic Systems, Valitor, PAX, PINPAD, Mobeewave, alcineo, and Paycor, Inc.

𝗚𝗲𝘁 𝗮 𝗣𝗗𝗙 𝗦𝗮𝗺𝗽𝗹𝗲 𝗳𝗼𝗿 𝗺𝗼𝗿𝗲 𝗱𝗲𝘁𝗮𝗶𝗹𝗲𝗱 𝗺𝗮𝗿𝗸𝗲𝘁 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀 @
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◦ Ease of use Quicker transactions and shorter queues at the checkout are the most significant advantages of contactless payment. Handling cash is not a concern at the checkout. You also don’t have the hassle of punching in your PIN.

◦ Safer transactions Tap-to-pay technology is more reliable and secure than other forms of payment. The chip technology protects you against any fraudulent purchases through encryption and dynamic data technologies.

◦ The flexibility of payment devices Says goodbye to bulky wallets once you go cashless. Your NFC-enabled smartphone is all you need to make your payments.

◦ Loyalty benefits Most loyalty programs offered by stores are in sync with the tap-to-pay smartphone that you use for payments. They automatically confer discounts and loyalty points at the time of payment.

A contactless payment, as the name suggests, doesn’t require any physical contact between the buyer’s smartphone or credit card and the POS. Payments are enabled via secure contactless systems such as Samsung Pay, Apple Pay, Google Pay, Fitbit Pay, or any bank mobile application that supports contactless. To pay for something with contactless payment, you hold the card or your mobile phone near a payment terminal (the RFID reader), which picks up the signal and then communicates with the card on file to processes the payment. The benefits of contactless cards include being easy to get, simple to use, and conveniently linking to your smartphone so you never have to dig for your wallet again. They cut down transaction time and let you get on with the rest of your day.

The global contactless payments market is expected to witness significant growth during the forecast period (2020–2027). Increasing use of digitalized payment options is expected to drive the market growth over the forecast period. The emerging economies are easing their tax policies and companies are providing loyalty offers on every transaction to encourage people to opt for digital transaction instead of cash transaction. The payment industry is shifting towards EMV (Europay, MasterCard and Visa) chip cards to provide improved security and finer control for offline transaction, which is expected to be another major factor fueling growth of the contactless payments market. Contactless payment card offers high security as compared to cash payment. For instance, in October 2019, SBI launched SBI Card Pay, a contactless mobile payment for all credit card users. This card provides faster, convenient, and more secure card payment using mobile phones. Moreover, payment industry is shifting towards contactless payment methods such as

Google Pay, Samsung Pay, and others. Payment industries are using contactless payment methods to protect users from fraud and provide seamless experience such as Omni channel (personalized user experience), improving security of cards through EMV (Europay, MasterCard and Visa), loyalty offers on payment, and card holder verification method (CDCVM) to verify user identity, which are expected to increase demand for contactless payments market. All these features provide the customer/company with more security, cashless experience, and better tracking of expenses and reports based on spending, which is expected to drive the growth of the market.

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For making informed decisions in businesses, it offers analytical data with strategic planning methodologies.
Researchers throw light on the dynamics of the market such as drivers, restraints, trends, and opportunities.
It offers a regional analysis of the Contactless Payments Market Market along with the business profiles of several stakeholders.
It offers a seven-year assessment of the Contactless Payments Market Market.
It helps in understanding the major key product segments.
It offers massive data about trending factors that will influence the progress of the Contactless Payments Market Market.
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