Global Contactless Payment Market -Trends and Forecast to 2027
Global Contactless Payment Market Scenario:
According to MRFR, Global Contactless Payment
Market is expected to register a CAGR of
11.2% during the review period of 2020 to 2027. A variety of factors lead to
the growth of contactless payment systems such as innovation of contactless
payment technologies, increased recognition among buyers of plastic currency,
increased purchasing frequency and the need for quick checkout time without the
hassle of waiting in long queues. Contactless payment is growing further,
making itself a convenient platform for consumers and merchants, advertisers
and marketers alike. The need for faster and more efficient payment methods are
key factors driving market growth.
With the increasing integration of contactless payment technology
into mobile handsets and smart phones, demand for contactless payment solutions
has grown immensely across all countries. A big change is under way in the
retail vertical. Retailers are modernizing their brick-and - mortar shops to
offer quality customer support and opening up online outlets to raise sales. To
improve their exposure and business reach, they are embracing disruptive
innovations, such as cloud storage, big data analytics, physical shops and
social networking. Retailers also take advantage of contactless payments, which
have a shortened checkout period, increased revenue, improved operational
efficiency, and diminished operating costs. Mobile payments at retail stores
have helped accelerate the transaction process and decrease counter queues.
The
sudden challenges created by the ongoing COVID-19 are captured effectively to
exhibit the long term growth projections in the MRFR report on Global
Contactless Payment Market. The growth sectors of the Global Contactless Payment
Market are identified with precision for a better growth perspective.
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Competitive Outlook:
The Global Global Contactless
Payment Market is characterized by the presence of several regional and local
providers. Some of the key players in the market are Infineon Technologies
(Germany), Gemalto NV (Netherlands), Idemia (France), Verifone Holdings, Inc
(US), CPI Card Group (US), On Track Innovations (Israel), Wirecard AG
(Germany), Ingenico. (France), Giesecke+Devrient (India), Identiv (US), Valitor
(Iceland), Mypinpad (London), Idemia (France), Paycore (Turkey), and Alcenio
(France).
Segmentation:
·
The Global Global Contactless Payment Market has been
segmented based on component, payment mode, technology, vertical, and region.
·
Based on Technology, the market has been segmented into near field
communication, radio frequency identification, and host card emulation.
·
Based on the Component, the market has been segmented into solution,
hardware, and service. The hardware segment has been segmented into
point of cards, sale, and others. The services segment has been segmented into
integration and deployment, consulting, and support and maintenance.
·
By Payment Mode, the market has been segmented into smartcards,
smartphones, and others.
·
By Vertical,
the market has been divided into hospitality & travel, BFSI, retail,
transportation & logistics, healthcare, media & entertainment, and
others.
Regional Analysis:
The regional Contactless
Payment industry has been geographically classified as North America, Europe ,
Asia-Pacific, Middle East & Africa , and South America.
Due to the presence of key
industry players, such as Wirecard, Ingenico and Valitor, Europe is projected
to lead the market with the largest share in the forecast era. In terms of
market share, the contactless payment industry in Europe is the largest and is
strongly fragmented based on multi-currency and multi-language. The region
includes a diverse range of countries, from economically and technologically
advanced countries like the United Kingdom and Germany to heavily debt-ridden
countries like Greece and Austria. The leading countries on the European market
are UK, Poland, Spain and Germany. With the growing proliferation of
contactless cards and terminals by card providers, such as Visa and Mastercard,
overall contactless spending in these countries has risen.
Owing to the growing use of
electronic payment technologies, the Asia-Pacific Region is expected to
progress to the highest CAGR during the forecast period.
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Table of Contents:
1.
Executive Summary
2.
Market Introduction
2.1. Definition
2.2. Scope Of The Study
2.3. Market Structure
3.
Research Methodology
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
3.5. Forecast Model
3.6. List Of Assumptions
4.
Market Dynamics
Continued….
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