The global contactless payment market is estimated to surpass $19 billion in 2025 and is estimated to grow at a CAGR of more than 15.0% during the forecast period (2019-2025). Contactless payment is a method for a user to purchase products through debit, credit or smartcards, smartphones or any other smart devices such as smart watches and fitness band by using radio-frequency identification (RFID) technology or near-field communication (NFC).
Request a Free Sample of our Report on Contactless Payment Market: https://www.omrglobal.com/request-sample/contactless-payment-transaction-market
Government initiatives for the adoption of digital financial services to develop a digital economy is one of the major factors augmenting the growth of the global contactless payment market. In addition, the fintech sector has been contributing into the growth of digital payment services across the globe. The sector is revolutionizing the payment services in the potential region due to increasing demand for digital platforms for the financial sector.
Moreover, the benefits offered by contactless payment is driving its demand across the globe. Contactless payment is considered to be highly secure payment method as it has the protection method similar to chip & PIN payments. Further, contactless payment devices such as cards are also embedded with multiple layers of security to protect against fraud. Further, contactless payment can be done only when a card or device is within a few centimetres of the NFC reader, making it virtually impossible for any details to be intercepted while in use. Contactless payment benefits various sectors such as retail, telecommunication, BFSI, and others such as healthcare in a variety of ways. It is a cost-effective payment method and easy to implement which is increasing its adoption across the globe.
SPLENDID OPPORTUNITIES FOR SMART WEARABLES
Smart wearables have been predicted as the most emerging contactless payment application in the near future. Connected wearable devices offer endless possibilities for increased convenience and connectivity. Smart wearables allow convenient tracking of its user’s data which can be related to their health and exercise habits along with their overall well-being. Some key vendors offering NFC enabled smart wearables are Apple Inc., FitBit Inc., and Fossil. NFC-enabled smart wearables are easy to use and suitable for fast payment. All these benefits offered by smart wearables are attracting people towards it and is expected to create splendid opportunities in the near future.
FUNDING AND INVESTMENT OPPORTUNITY
Realizing the potential of contactless payment in various fields such as retail and BFSI, investments are being made quickly which is helping in the exploration of technology in every potential area. For instance, Mobeewave, a contactless payment company closed a big Series B $16.5 million round led by NewAlpha Asset Management, Mastercard and Forestay Capital in 2018. The investment fund allows Mobeewave to continue the deployment of its patented solution across the globe.
COMPETITION IN CONTACTLESS PAYMENT MARKET
Global contactless payment market comprises of many market players that are significantly operating across the globe. Key cloud managed service providers include Giesecke & Devrient GmbH, Gemalto NV, Wirecard AG, Verifone Inc., and Ingenico Group SA. Gemalto NV is one of the leading players and the growth of the company is attributed to its strong geographical presence. The company designs and develops contactless payment solutions under its Smartcards & Issuance business segment and markets these solutions across the globe including Europe, Middle East and Africa, Asia-Pacific, North America, and Latin America. In 2018, the company reported nearly 47.1% of its total sales from Europe, CIS, and Middle East & Africa. Moreover, it reported 23.7%, 17.4%, and 11.8% from the US, Asia-Pacific, and Canada and Latin America combined, respectively in 2018. These figures reflect the diversified nature of the company’s business across every region of the globe.
A Full Report of Contactless Payment Market is Available at https://www.omrglobal.com/industry-reports/contactless-payment-transaction-market/
The Report Contactless Payment Market – Segmentation
Global Contactless Payment Market by Device
• Smartphones
• Smartcards
• Point of Sale (PoS) Terminals
• Others
Global Contactless Payment Market by End-User
• Retail
• BFSI
• Transportation
• Others
Contactless Payment Market – Segment by Region
North America
• United States
• Canada
Europe
• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Rest of Asia-Pacific
Rest of the World
• Middle East & Africa
• Latin America
Company Profiles
• Advanced Card Systems Ltd.
• Bank of America Corp.
• Garmin Ltd.
• Gemalto NV
• Giesecke+Devrient GmbH
• Glance Technologies Inc.
• Heartland Payment Systems Inc.
• IBM Corp.
• Infineon Technologies AG
• Ingenico Group SA
• On Track Innovations Ltd.
• PayPal Inc.
• Prepay Technologies Ltd.
For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/contactless-payment-transaction-market
For More Information, Visit https://www.omrglobal.com/
Media Contact:
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +91 780-304-0404
About us:
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.
This release was published on openPR.
