Contactless Payment Market
Added: (Tue Sep 17 2019)
Pressbox (Press Release) -
Market Overview:
Contactless payment is the mode where in secure payment transactions are done using technologies such as Bluetooth, infrared, radio frequency identification (RFID), and near field communication (NFC). Contactless payment takes almost one-tenth of the time taken by the conventional electronic transaction making it more hassle-free for the consumers. The need to make payment more securely and the convenience to pay fast without having any cash or identity details is making contactless payment mode popular game changer. The size of the contactless payment market was close to USD 9.84 billion by revenue, at the end of 2018 and is estimated to raise at a CAGR of 21.43% to reach close to USD 25.98 billion by the end of the year 2023.
Market drivers and restraints:
A number of factors are contributing to the growth of contactless payment systems such as advancement in contactless payment technology, increasing awareness of plastic money among the buyers, rising frequency of purchases and the need for fast transaction time without any inconvenience of standing in long queues. Risk of spyware, malware and virus attacks owing to usage of several systems is limiting the adoption of contactless payment globally.
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Report segmented as:
By type:
• Hardware
• Software
By mode of payment:
• smart card
• smart wearable
• smartphone
• others
By end user:
• Banking
• Financial services and Insurance (BFSI)
• Retail
• public sector
• transportation and logistics
• hospitality
• others
By technology:
• infrared based
• Bluetooth based
• NFC based
• RFID based
Geographical analysis:
On the basis of region, contactless payment can be segregated into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa.
Important market players:
The key players in the contactless payment market are ACS (Advanced Card Systems) Ltd., Chip & Pin Solutions Ltd., Mifare Pty Limited, Ingenico Inc., Gemalto N.V., Verifone Systems Inc., Heartland Payment Systems Inc., On Track Innovations Ltd., Castles Technology Co. Ltd., and Bindo Labs Inc.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
About Us:
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.
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