What is Mobile Contactless Payments Market Scope?
Mobile contactless payment applications have made it simpler for customers to book services or buy products because they provide two highly convenient choices, including digital payment and online ordering. RFID refers to Radio Frequency Identification which is mostly used for reading electronic tags that contains important data or information. The radio frequency identification method can easily support smartphones and other mobile devices for making secure payments. Because of many technological advances, various mobile applications have accomplished to offer users with a convenient online experience.
The Mobile Contactless Payments market study is being classified by Type (IOS System and Android System), by Application (Managed Services, Professional Services, Multi-Channel Payment and Others) and major geographies with country level break-up.
The market is highly fragmented with the presence of local players and regional players operating in the market. Various players operating in the market such as Heartland Payment Systems, Inc. (United States), Oberthur Technologies (France), Ingenico Group (France), Verifone (United States), among others. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Mobile Contactless Payments market throughout the predicted period.
Heartland Payment Systems, Inc. (United States), Oberthur Technologies (France), Ingenico Group (France), Verifone (United States), Inside Secure (France), On Track Innovations (Isreal), Cryptomathic (Denmark), Wirecard AG (Germany), Giesecke & Devrient (Germany), Location Sciences (United Kingdom) and Gemalto Inc. (United States) are some of the key players profiled in the study.
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Mobile Contactless Payments market by Type, Application and Region.
On the basis of geography, the market of Mobile Contactless Payments has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In October 2019, the SBI launches a contactless mobile payment facility for credit cardholders. Hence, this launch will affect the growth of the market.
Influencing Market Trend
- Technology Advancement regarding Mobile Contactless Payment
Market Drivers
- Rising Demand for Smart Phones in both Developed and Developing Countries
- Increasing Usage of Mobile Contactless Payment in Various Application
Opportunities
- Growing Demand from Emerging Market such as China and India
Restraints
- Stringent Government Rules as well as Regulation
Challenges
- Issue related to Lack of Awareness as well as Trust
Key Target Audience
Mobile Contactless Payments Companies, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others
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