Contactless Payments Global Market Analysis, Size, Share, Growth, Trends And Forecast Research Report 2014 - 2020 | Researchmoz

Researchmoz added Most up-to-date research on "Contactless Payments Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast, 2014 - 2020" to its huge collection of research reports.

Efficiency, reliability and speed are the major cornerstone for modern economy. Cash dominated the world’s payment history for centuries. Today, as consumers want payment through mobile phones and online, there is increase in shift towards the cashless society. Contactless payment allows payment of transactions without any physical connection between point of sales terminal and consumer payment device. Additionally, contactless payments are perceived to be significantly faster than cash transactions or Chip & PIN transactions thereby reducing the queuing time.

The increasing trends of QR codes, ID codes, internet shopping and mobile banking services provide major driver for contactless payment market. The use of contactless payments is set to increase as many retail sectors have installed point of sales devices. Additionally, more consumers are increasingly adopting contactless payment technology as there is no need to have correct change and it reduces the need to carry cash and find cash machine. Most of the contactless payments are done with cards, however, stickers, key fobs and mobile phone payments are some of the other methods that involve contactless payment. Today, by providing secure contactless payment devices, financial service providers offer increased transaction volumes and convenient payment mechanism. Recently in July 2014, CaxiaBank, launched wristband that acts as contactless payments and is connected directly to bank account of end user. However, despite technological advances regarding new payment methods, cash is still preferred as payment instrument, thereby acting as a restraint for this market.

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Contactless payments market by payment modes is segmented on similar lines as that of cards (payment cards). The key payment modes for contactless payments include contactless smart cards and mobile handsets. Various application areas of contactless payment market include transport and logistics, telecom and IT, consumer goods and retail, government and public sector, and banking financial services and retail. Retail and consumer goods sector are supplement to large supermarkets and are located at varied locations. Retail and consumer goods sector offer small, “on-the-go” transactions, thereby driving the demand for contactless payments. Additionally, transit authorities in North America and Europe have migrated towards the usage of payment using contactless technology in form of MasterCards’s PayPass service and Visa’s payWave service. The usage of mobile phones to enable payment at public transit systems act as value added differentiator by providing greater utility and increased service.

Geographically, North America remains the largest market for contactless payment. Market innovations made possibly by smart chip technology such as rewards and loyalty is attributed to growth of contactless payment market in North America. In Europe, high penetration of smartphones is expected to drive the contactless payment market. However, Asia Pacific shows strong growth prospect due to increasing adoption of mobile payment services coupled with dense population of Asia Pacific region The key players in this market include MasterCard Worldwide, America Express Co., Merchant Customer Exchange, Verifone Systems, Inc., Renesas Electronics Corporation, Opus Software Solutions, Oberthur Technologies, Heartland Payment Systems, Visa Inc, Paypal Inc, and Microsoft Corporation Inc. among others.

This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include

- North America
- Asia Pacific
- Europe
- Rest of the World

This report provides comprehensive analysis of

- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years

This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.

Reasons for Buying this Report

- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- It provides distinctive graphics and exemplified SWOT analysis of major market segments

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