Contactless Payments Market Scope
Contactless payment is a secure method for consumers to purchase products or services via debit, credit or smartcards, by using RFID technology or near-field communication (NFC). To make a contactless payment, a person simply needs to tap their card near a point-of-sale terminal. Contactless payments are carried out in close physical proximity preventing unauthorized access during the transactions. As contactless payments do not require a signature or a PIN, transactions sizes on cards are limited. The allowable amount for a contactless transaction varies by country and bank. Examples of non-credit or debit card contactless payments include transit cards, Apple Pay, Android Pay, and Google Wallet, among others.
According to AMA, the Global Contactless Payments market is expected to see growth rate of 21.02%
Research Analyst at AMA estimates that United States, France, and Germany Players will contribute to the maximum growth of Global Contactless Payments market throughout the predicted period.
Ingenico Group (France), Verifone Systems, Inc. (United States), Inside Secure (France), On Track Innovations (Israel), Oberthur Technologies SA (France), Location Sciences Group PLC (United Kingdom), Wirecard AG (Germany), Giesecke & Devrient GmbH (Germany), Gemalto N.V. (Netherlands) and Heartland Payment Systems, Inc. (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Contactless Payments market , by Application (BFSI, Retail, IT & Telecom, Transportation, Hospitality, Government and Others) and Region with country level break-up.
On the basis of geography, the market of 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).
Market Leaders and their expansionary development strategies
On 14 May 2019, On Track Innovations Ltd., a global provider of near field communication (NFC) and cashless payment solutions, has received a new purchase order to deliver 3,000 of OTI's Uno-8 advanced secure contactless NFC readers to the global Smart ATM market. and On 25 Feb 2019, Ingenico Group, the global leader in seamless payment, announced that it will demonstrate a Tap on Phone (ToP) proof of concept (PoC) – enabling secure NFC payments on consumer-off-the-shelf devices with a dedicated app – at the Mobile World Congress (MWC) in Barcelona on 25–28 February 2019.
On 27 Feb 2018, Verifone, announced that it will enable its North America payment devices to support all Mastercard EMV transactions, including contact and contactless. Thereby, merchants will be able to provide customers with faster checkout and a wider range of EMV-secure payment options. and On 9 Oct 2018, Inside Secure has announced that Vipps AS, the provider of Norway’s national payment system BankAxept, has chosen Inside Secure to protect its mobile contactless payments.
Market Trend
- Mobile Phone-Based Payments Has Emerged As a Popular Payment Choice among Young and Affluent Consumers
Market Drivers
- Reduced Transaction Time Due to Contactless Payments
- Increased Internet Infrastructure across the Globe
- Convenience in Processing Low-Value Payments
- Increased Disposable Income of Individuals
Opportunities
- Emergence of Mobile Phone-Based NFC (Near-Field Communication) Payments
- Technology Integration Opportunities
Restraints
- High Costs Involved For the Installation of EPOS Terminals and Lower Rate of Adoption
Challenges
- Lack of Awareness among the Underdeveloped Countries
Key Target Audience
Contactless Payments Devices Manufacturers, Contactless Payments Devices Traders/Distributors, Technology Investors, Regulatory & Government Bodies, End Users and Others