Global Contactless Payment Market
The Global Contactless Payment Market was valued at USD 6.81 billion in 2016 and is projected to reach USD 39.73 billion by 2025, growing at a CAGR of 21.65% from 2017 to 2025.
A contactless payment system is an innovation in point-of-sale payments that does not require the traditional transactions used in either cash or conventional credit or debit card design. Using this method, users just have to place a card or another item in proximity to a piece of cashiering hardware in order to complete the transaction and no PIN number is required. Benefits of contactless payment system include â€“ convenient and easy to use, increased safety and security, provide operational efficiency, and can have technology integration option.
1. Market Drivers
1.1 Adoption of dual-interface chip technology
1.2 Increasing need for contactless payment technology in mobile handsets
1.3 Flexible integration with existing cards and increased average transaction value
1.4 Decreasing transaction time and increasing revenue opportunity
1.5 Improved service delivery and better customer insights
2. Market Restraints
2.1 Poor standardization and consumer awareness
2.2 Increasing deployment costs
2.3 Security concerns related to contactless technologies
The Global Contactless Payment Market is segmented on the payment mode, component, application, and region.
1. By Payment Mode:
1.1 Contactless Smart Cards
1.2 Contactless Form Factors
1.3 Mobile Handsets
2. By Component:
2.1.1 Hosted POS Solution
2.1.2 Analytics Solution
2.1.3 Transaction Management Solution
2.1.4 Device Management Solution
2.1.5 Payment Terminal Solution
2.1.6 Contactless Mobile Payment Solution
2.1.7 Data Management Solution
2.1.8 Security and Fraud Management Solution
2.2.1 Professional Services
2.2.2 Multi-channel Payment and Value-added Services
2.2.3 Managed Services
3. By Application:
3.4 IT and Telecom
3.5 Banking, Financial Services, and Insurance (BFSI)
3.6 Transportation and Logistics
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
The major players in the market are as follows:
1. Giesecke & Devrient GmbH
2. Proxama, PLC
3. Verifone Systems, Inc.
4. on Track Innovations
5. Ingenico Group
6. Oberthur Technologies Sa
7. Wirecard AG
8. Inside Secure
9. Gemalto N.V.
10. Heartland Payment Systems, Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Contactless Payment Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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