Global Contactless Payment Market accounted for US$ 10.7 billion in 2020 and is estimated to be US$ 31.82 billion by 2030 and is anticipated to register a CAGR of 11.5%. Contactless payment frameworks are credit cards and debit cards, key fobs, smart cards, or other devices, including cell phones and other cell phones, that utilization radio-frequency identification (RFID) or close to handle correspondence (NFC, for example Samsung Pay, Apple Pay, Google Pay, Fitbit Pay, or any bank portable application that upholds contactless) for making secure installments. The implanted incorporated circuit chip and radio wire empower purchasers to wave their card, coxcomb, or handheld gadget over peruse at the retail location terminal. Contactless installments are made in close actual vicinity, not at all like different kinds of portable installments which utilize expansive region cell or WiFi organizations and don’t include close actual nearness. EMV is a typical standard utilized by significant Visa and cell phone organizations for use in everyday business. Contactless keen cards that capacity as put away worth cards are becoming well known for use as travel framework fare cards, for example, the Oyster card or RioCard. These can frequently store non-money esteem (like month to month passes), in extra to toll esteem bought with cash or electronic installment. A few providers guarantee that exchanges can be twice just about as quick as a traditional money, credit, or check card buy. Since no signature or PIN check is normally required, contactless buys are commonly restricted to little esteem deals. Absence of confirmation gives a window during which deceitful buys can be made while the card proprietor is uninformed of the card’s misfortune.
Analyst View & COVID impact on Contactless Payment Market:
Increasing demand from merchants and consumers to reduce billing and transaction time will propel the market growth. The secure and security of cash exchanges is the essential worry of customers and dealers. Different drivers, like rising government drives and progressing headways in systems administration framework for the advancement of savvy arrangements, are relied upon to fuel the market development. A few government organizations across the globe are empowering their vendors to execute settlement ahead of time arrangements. The outbreak of COVID-19 has positive effect on the market. The COVID-19 pandemic has essentially affected the market attributable to the expansion in reception and utilization of digitalized and online installment techniques across the globe. Moreover, to check the spread of the infection, various state run administrations have forced lockdown, which has brought about brought down utilization of money. In any case, the ascent of digital assault and absence of framework in creating economies are relied upon to hamper the market development.
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Key Highlights of Contactless Payment Market:
- In 2020, CPI Card Group introduced dual interface metal cards in January 2020, which combine high-quality design with contactless capabilities.
- Mobeewave and IDEMIA announced an extension of their agreement in October 2019 to implement secure mobile PoS and fare validation across Australia.
- Wirecard and Sisal Group signed a contract in the field of contactless payment solutions in August 2019.
Key Market Insights from the report:
The Global Contactless Payment Market accounted for US$ 10.7 billion in 2020 and is estimated to be US$ 31.82 billion by 2030 and is anticipated to register a CAGR of 11.5%. Global contactless payment market has been segmented into on the basis of type, mode of payment, end-use industry, and region.
Competitive Landscape & their strategies of Contactless Payment Market:
Key players operating in the global contactless payment market includes Advanced Card Systems Limited, Chip & PIN Solutions Ltd, Placard Pty Ltd, Ingenico Inc., Gemalto N.V., VeriFone Systems, Inc., Heartland Payment Systems, Inc., On Track Innovations Ltd., Castles Technology Co., Ltd., and Bindo Labs, Inc. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market.
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Global Contactless Payment Market, By Type:
- Hardware
- Software
Global Contactless Payment Market, By Mode of Payment:
- Contactless Card (NFC/RFID)
- Wearable Device
- Contactless Mobile Payment
Global Contactless Payment Market, By End-User:
- Banking
- Financial Services and Insurance (BFSI)
- Retail
- Public Sector
- Transportation and Logistics
- Hospitality
- Media and Entertainment
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
Some Important Points Answered in this Market Report Are Given Below:
- Explains an overview of the product portfolio, including product development, planning, and positioning
- Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the forecasted period.
- Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate the market.
- Study on the regional analysis that is expected to register the highest growth over the forecast period
Related Reports:
Global Mobile Payments Market, By Purchase (Airtime Transfer and Top-Ups, Money Transfers and Payments, Merchandise and Coupons, Travel and Ticketing, and Digital Products), By Type (Proximity Payment (Near Field Communication (NFC) and QR Code Payment) and Remote Payment (SMS-Based, USSD/STK, Direct Operator Billing (Credit/Debit Card-Based), and Digital Wallet)), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) – Trends, Analysis and Forecast till 2029
https://www.prophecymarketinsights.com/market_insight/Global-Mobile-Payments-Market-By-456
Global Real Time Payments Market, By Nature of Payment (Person-to-Person (P2P), Person-to-Business (P2B), Business-to-Person (B2P), and Others), By Component (Solutions (Payment Gateway Solution, Payment Processing Solution, Payment Security, and Fraud Management Solution) and Services (Professional Services and Managed Services), By Deployment Models (On-premises and Cloud), and By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East, & Africa) – Trends, Analysis, and Forecast till 2029
https://www.prophecymarketinsights.com/market_insight/Global-Real-Time-Payments-Market-540
Market Purview
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Estimation
- Top-Down Approach
- Bottom-Up Approach
- Market Breakdown and Data Triangulation
- Research Assumptions
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
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