Contactless Payments Market: Industry Analysis and Opportunity Assessment
Some of the prominent names in the global Contactless Payment Transaction Market are Apple Inc., Barclays, Giesecke & Devrient GmbH, Gemalto N.V., Ingenico Group, On Track Innovations Ltd., Verifone Systems Inc., Heartland Payment Systems, Inside Secure, Samsung Elecrronics Ltd., and Wirecard AG.
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As per a report by Transparency Market Research, the global contactless payment transaction market is likely to expand at a jaw-dropping 55.5% CAGR for the forecast period between 2017 and 2025 for the market to be worth US$801.44 bn by 2025.
Rising Popularity of Wireless Devices for Communication Pushes Europe to Lead Position
In terms of mode of payment, the segment of contactless cards accounted for the dominant share in the market in 2016 revenue-wise and volume-wise. The segment is expected to stay in the lead in terms of rate of adoption displaying a massive 94.3% CAGR vis-à-vis revenue in the global contactless payment transaction market over the report’s forecast period.
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From a geographical standpoint, Europe is expected to be at the forefront in terms of growth in the global contactless payment transaction market. In 2016, Europe held a massive 59.4% share of the overall market. The region is expected to register strong growth over the report’s forecast period chiefly driven by the rising use of NFC-enabled smart wearable devices and increased adoption of contactless cards.
Rising Use of Mobile Phones Majorly Fuelling Growth
At the forefront of driving growth in the global contactless payment transaction market is the rising demand for fast and convenient means for completing transactions, predominantly in the retail and transport sectors underpinned by the rising use of smartphones for payments. Businesses are increasingly recognizing the direct benefits of contactless payment transaction options in the form of speedy counter sales processes and a considerable increase in the number of transactions during a business day. This is leading to the swift uptake of contactless payment systems across industry sectors such as hospitality, healthcare, and media and entertainment for its tangible benefits.
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The increasing uptake of smartphones or basic mobile phones is having a profound impact on the adoption of contactless payment systems. These devices allow payment to be completed without having to carry cash and credit/debit cards which is encouraging consumers as well merchants to use contactless payment systems as one of the primary mode for completing transaction.
Apart from this, mobile phones that are equipped with advanced features such as mobile wallets eliminate the need for NFC-based PoS machines to complete transactions, which is boosting the acceptance for contactless payment transactions.
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