The report Global Contactless Payments Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast” anticipates the market to reach USD 18.82 billion by 2021. The global contactless payments market was USD 4.90 billion in 2014.The latest report on global contactless payments market added by DecisionDatabases.com evaluates the market in terms of revenue and volume under the study period.
Growing consumer awareness towards the usage of plastic money coupled with more convenience for the same, are considered to be the major factors driving the contactless payments market. Rising demand for less time consuming payment modes along with increasing need for cash-free travelling has boosted the demand for contactless payments system in the global market. Moreover contactless payments are the best solutions in recent scenarios as consumers are demanding for queue-free and safer low value payments.
In the report the contactless payments market has been segmented based on solutions, payment mode, services, application and geography.The global contactless payments market is estimated to grow at a significant rate over the forecast period owing to the increased internet penetration among consumers along with growing usage of smart phones across the globe. Rising demand for MPOS (mobile point of sale) led by enhanced customer experience and cost-saving are also expected to further drive the market demand for these systems. However, high capital-investments involved in EPOS (electronic point of sale) are the major market constraints which may hinder the market growth over the coming years.
In addition, a high threat for cyber-attacks is another key challenge for the market players. The financial payment industry has designed multiple layers of security throughout the traditional credit and debit payment systems to protect all parties involved in a payment transaction. Most of these protective measures are independent of the technology used to transfer the consumer payment account information from the payment card or device to the merchant POS terminal and are used for both magnetic stripe and contactless transactions.
Contactless payments are already providing huge benefits to consumers and retailers alike, in terms of higher levels of control and convenience for consumers and higher throughput for retailers. By issuing secure contactless payment devices, financial service providers are not only supplying consumers with a more convenient payment mechanism, they are also increasing transaction volumes by replacing cash. In addition, it will help in further growth of contactless payment markets in the near future. Growing retail and e-commerce industry is also expected to fuel market demand over the coming years.
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Geographically North America is the leading market for contact less payment and is expected to grow at a substantial rate over the forecast period owing to the expanding cards market along with a large number of retailers. The market in Europe is estimated to grow at a considerable rate in the near future on account of rising shopping investment along with the ease in payment mode. Asia Pacific is the fastest growing market and is anticipated to grow at a substantial rate owing to high purchasing power of the consumer along with the rising number of new entrants in the contactless payment market especially in the debit card segment.
A rise in the adoption of mobile payments and related systems such as EMV in the U.S. is likely to drive the parent market in the coming years owing to growing demand for advance payments infrastructure in the region. Supportive regulations such as low-value payments processing, mobile wallets, internet payment security, cross-border system and CEPAS are introduced in the global market, which will create a favourable environment for the market growth of the product. In June 2015, Apple Pay has launched Apple’s contactless system that allows payment with an iPhone or Apple Watch in the UK. Contactless e-Purse Application (CEPAS) is the new trend in this market. Such innovation and technological advancement will continue to propel the market under the forecast period.
The report provides a detailed description of the overall market with company profiles of the key players such as Giesecke & Devrient GmbH, MasterCard Worldwide, Heartland Payment Systems, Inc., Gemalto N.V., Ingenico Group, Oberthur Technologies SA, On Track Innovations Ltd., Paypal Inc., Proxama PLC, Verifone Systems Inc., Visa Inc. and Wirecard AG.
SEGMENTATIONS IN REPORT:
A. Contactless Payment Market Analysis By Solution
- Payment Terminal Solution
- Contactless Mobile Payment Solution
- Device Management Solution
- Transaction Management Solution
- Data Management Solution
- Security And Fraud Management Solution
- Hosted POS Solution
- Analytics Solution
B. Contactless Payment Market Analysis By Payment Mode
- Mobile Handsets
- Contactless Smart Cards
- Contactless Form Factors
C. Contactless Payment Market Analysis By Service
- Professional Services
- Managed Services
- Multi-Channel Payment And Value-Added Services
D. Contactless Payment Market Analysis By Application
- Banking, Financial Services And Insurance (BFSI)
- Telecommunication & IT
- Transportation & Logistics
- Energy & Utilities
E. Contactless Payment Market Analysis By Geography
- North America
- Asia Pacific
- Latin America
- Middle East And Africa
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