Global Next Generation Payment Technology Market to grow at a CAGR of 35.98% while North America is expected to grow at a CAGR of 58.26%

With the exponential growth of mobile and digital payments, service providers and customers have expressed interest in next generation payment technology, mostly due to change in spending pattern and increased convenience. The massive infrastructure changes required to upgrade outdated and legacy payment systems and the increasingly high number of security standards imposed by the regulatory bodies have given impetus to usage of latest payment technology. Technology companies and financial institutions have laid a foundation to create a simple, global and secure payment solution which will enable customers to make payments easily. There is a dynamic shift in the security requirements and that has boosted overall business of companies from every vertical or sector.
The advent of digitalization in the payment transactions have caught the attention of global industrial ecosystem and it is expected to drastically change the dynamics of the payment technology market by creating new participants across mobile network carriers, handset original equipment manufacturer (OEM), terminal and readers’ manufacturers, near field communication (NFC) technology enablers, Europay MasterCard Visa (EMV) chip makers and financial institutions among others. All major players from each payment technology aim to record good share of revenues from payment technology products and solutions. Traditional stakeholders such as issuers, payment networks, and acquiring banks will need to focus on maintaining their current share of revenue from card transactions to newer forms of payment transactions such as mobile app and mobile wallet.
For sample copy of this report: https://goo.gl/pgYWqS
Next generation payment technology has helped to deliver secure financial services in various circumstances where threat to login data and financial information prevails. Latest payment technologies such as Europay MasterCard Visa (EMV) Chip, Near Field Communication (NFC), Bluetooth Low Energy (BLE), Quick Response Code (QR Code) and Magnetic Secure Transmission (MST) have made the payment transactions both technically and commercially feasible.
Evident transformation has taken place in the world of digital and mobile payments in the last 4 years (2013-2016). The rise of internet, the success of mobile point-of-sale devices and smartphones in terms of usage by various applications and the availability of large unbanked population in emerging economies have created new and exciting opportunities for service providers. These opportunities have been sensed by technology, and commercial organizations and by even telecommunication players. Banks and other financial institutions in the financial transaction ecosystem have developed in-house payment products in order to preserve their payments revenues and take advantage of emerging payment platforms such as mPOS, mobile wallets, virtual terminals, mobile apps and mobile money.
The next generation payment technology market is expected to progress at a significant rate since the end customers belong from diversified application portfolio ranging from retail to healthcare. The growth for this market is being driven by factors such as:
The following figure shows estimation of payment transaction value for next generation payment technology from 2016 to 2022. Transaction value is estimated for 3 types of payment technology which are EMV Chip, NFC, and QR Code. For other 2 types of technology namely MST and BLE beacons, estimation was done based on transactions volume. Transaction volume is forecasted from 2016 to 2022 for two next generation payment technologies, MST and BLE.
For More information: https://goo.gl/J8Rzdg
With associated advantages of multi-level security, convenience and advanced quality, the global next generation payment technology market will witness unprecedented growth and is anticipated to have double digit growth rate in the forecast period. The total transaction value through payment transactions from latest payment technology is estimated to grow over $14,000 billion by 2022 at a CAGR of 35.98% through the forecast period. The retail application segment is expected to grow at a CAGR of 36.64% from 2016 to 2022 as the demand for payment technology integrated smartphones, tablets, and wearable devices and demand of terminals, beacons, readers, point-of-sale devices for merchants is increasing. Also, the mobile payments and mobile point-of-sale entitled transactions are more accepted when compared to payment transactions using fixed POS devices, magnetic strip cards, and bank account transfer as they are more convenient to carry out transactions.
The NFC payment technology market size is growing at the highest rate due to increasing adoption of contactless payment technology in mobile handsets and wearables while EMV will dominate the payment technology market by 2022. Ease of integration of NFC payment technology with existing payment systems and increase in payment transaction is driving the growth of the market.
North America accounted for highest share in global payment technology market with robust growth in transaction value throughout the forecast period. North America is expected to grow at a CAGR of 58.26% in the forecast period from 2016 to 2022. Asia Pacific is the next region leading the payment technology market and will under-go a fast growth rate of 41.58% throughout the forecast period.

Research N Reports is a new age market research firm where we focus on providing information that can be effectively applied. Today being a consumer driven market, companies require information to deal with the complex and dynamic world of choices. Where relying on a sound board firm for your decisions becomes crucial. Research N Reports specializes in industry analysis, market forecasts and as a result getting quality reports covering all verticals, whether be it gaining perspective on current market conditions or being ahead in the cut throat Global competition. Since we excel at business research to help businesses grow, we also offer consulting as an extended arm to our services which only helps us gain more insight into current trends and problems. Consequently we keep evolving as an all-rounder provider of viable information under one roof.

Contact us:

Mr. Sunny Denis

Contact No. +1-888-631-6977

sales@researchnreports.com

(ResearchnReports)

This release was published on openPR.