Contactless Payment Market to Witness Steady Expansion During 2021 to 2029 | Gemalto, Infineon, Ingenico

Contactless Payment Market

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the 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.

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. 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. The analysis of the Contactless Payment Market by lays out the market size information and knowledge about the market trends along side factors and parameters influencing it in both short- and long-term. The research provides a comprehensive 360° view and insights, outlining the main outcomes of the industry. These essential insights assist the decision-makers in formulating better business plans and make informed decisions for improved profitability. Moreover, the analysis helps venture capitalists in understanding the businesses with a far better perspective and make aware decisions.

Our analysis 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.

EMV technology was a trend in the past, and the current trend is that of POS technology. To date, Brazil stands out among other countries in South America when it comes to adapting to changing trends. Following Brazil, Chile, Colombia, Costa Rica, and Peru are in full-swing transitions to contactless payments, and our analysis concludes that about 55–60% of the POS terminals installed in the region are currently contactless ready.

With contactless POS penetration attaining maturity, the issuance of contactless-enabled credit and debit cards is the next wave of contactless payments in the region. Currently, it is in the early stages as a handful of banks have invested in NFC-enabled mobile wallets and issued contactless-enabled debit and credit cards. Some bankers and issuers are studied to be still in the stage of defining their contactless strategy, which is reflecting minimal uptake in the region. As per our analysis, in the present time, less than 2% of the credit and debit card volume in South America is spent using the contactless payment method.

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The Major Prominent 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

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, Others

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2021 to 2029, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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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.

Key Questions Answered in The Report:
What will the Contactless Payment market growth rate?
What are the key factors driving the global Contactless Payment market?
Who are the key manufacturers in the Contactless Payment market space?
What are the market opportunities, market risk, and market overview of the Contactless Payment market?
What are sales, revenue, and price analysis of top manufacturers of the Contactless Payment market?
Who are the distributors, traders, and dealers of the Contactless Payment market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Contactless Payment Industry?
What are sales, revenue, and price analysis by regions of Contactless Payment industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Insights associated with how contactless payment technology adoption benefits key stakeholders and drives growth are briefly discussed below.

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

Further analysis indicates issuers around the globe are focused on capitalizing opportunities so as to migrate cost cash transactions over to branded payments mediums, which include both mobile as well as card solutions. A study conducted by MasterCard reflected that an approx. increase of 30–40% in total spends in 2017 was observed post contactless adoption in the U.S. Similarly, a survey conducted by Visa in Europe estimated that issuers observed an increase of approx. 18–20% in transactions post the implementation of contactless technology.

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.

Merchants that operate at a smaller scale, for whom an uptick in cart abandonment or longer lines leads to customer dissatisfaction, are studied to depict higher adoption of contactless payment methods. For instance, drugstores, convenience stores, and fast-food restaurants exhibit high adoption of contactless payment methods for ease in operations and improving face-to-face customer experience.  Globally, about 55–65% of all face-to-face transactions occur at contactless-enabled merchants.

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.

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