Contactless Payments - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Contactless Payments market is accounted for $8.00 billion in 2018 and is expected to reach $24.99 billion by 2027 growing at a CAGR of 13.5% during the forecast period. While the factors such as increased customer satisfaction and improved loyalty programs, and enhanced purchase experience are driving the growth of the market. However, the high cost of deploying contactless payment technologies is restraining market growth. Moreover, the rising demand for mobile and wearable payment devices is creating ample opportunities across the globe.
Contactless Payment, a service offered by banks is a secure way for consumers to purchase goods or services via smart cards without signing or entering a pin. A contactless transaction can be done by just tapping the card on a Point of Sale terminal. The primary goal of these payments is to speed up the transaction for consumers. Contactless payment transactions are limited as these are not authenticated by a pin or a signature. Banks and Credit Card issuers also get benefited from contactless payments as the customers who tap tend to use their cards more frequently. In a contactless payment transaction, the data associated with your card or device constantly changes and can hardly be hacked.
Based on end-user, the retail segment is likely to have a huge demand in the forecast period due to retailers are adopting innovative technologies, like cloud computing, big data analytics, digital stores, and social networks, to increase their visibility and presence in the market. Moreover, retailers are modernizing their brick-and-mortar stores to provide improved services for customers and establish online stores to increase revenues.
By geography, Europe is estimated to grow at a significant rate due to the presence of the diverse range of countries such as UK, Spain, and Poland which are the leading countries in total contactless spending with the increasing circulation of contactless cards and terminals by card companies, such as Visa and Mastercard.
Some of the key players in Contactless Payments Market include Gemalto N.V, Giesecke& Devrient Gmbh, Verifone Systems, Inc, Ingenico Group, Wirecard AG, Heartland Payment Systems, Inc, Inside Secure, Oberthur Technologies SA, On Track Innovations, Proxama, Paycor, SumUp, Castle, Alcinéo, and Mobeewave.
Operational Frequencies Covered:
• Ultra High Frequency
• High Frequency
• Low Frequency
• Radio Frequency Identification (RFID) Technology
• Near Field Communication (NFC) Technology
• Infrared (IR) Technology
• Plastic Cards
• Watch and Wrist Band
• Key Fobs
• Mobile Phones
• Car Tag
• Smart Cards
• Mobile Handsets
• Application Programming Interface (API)
• Mobile Applications
• Software Development Kit (SDK)
• Other Components
Transaction Models Covered:
• Offline Stored Value Card
• E-Z Pass
• Europay, MasterCard and Visa (EMV) Card
• Track 1 and Track 2 Data
End Users Covered:
• Government & Public Sector
• Telecommunication & IT
• Energy & Utilities
• Transportation & Logistics
• Banking, Financial Services and Insurance (BFSI)
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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