Increased smartphone penetration & Advantages of contactless payments impelling the growth of contactless payments market | Top Regions, Key Players, Growth Drivers
Contactless payment systems comprise smart cards or other devices that integrate RFID or NFC technologies for making secure and contactless payment. Unlike mobile payments that are done through the internet, contactless payments are carried out in close physical proximity preventing unauthorized access during the transaction(s).
The mobile payment industry has evolved over the past decade with advanced technologies and innovative developments by the key players for providing ease of payment using devices such as mobile handsets, point of sale terminals, NFC chips, smart cards, and others.
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Consumers as well as enterprises have increasingly adopted number of ways for convenient and secure payments. One of such medium is a contactless system that has revolutionized the retail and transportation industries in the past few years.
The global contactless payments market is driven by convenience in processing low-value payments, increased revenue opportunities, and reduced transaction time. However, high costs involved for the deployment of EPOS terminals and lack of trust and security concerns hamper the market growth.
The global contactless payments market was valued at $6,734 million in 2016, and is projected to reach at $25,565 million by 2023, growing at a CAGR of 21.2% from 2017 to 2023. In 2016, the mobile devices segment accounted for the highest revenue share in the contactless payments market.
Europe dominated the global market in 2016, and is expected to continue this trend during the forecast period, owing to the growing adoption of contactless smart cards. Furthermore, Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
The global contactless payments market was led by the mobile devices segment in 2016, and is expected to continue this trend during the forecast period. However, the smart cards segment is expected to witness the highest growth, owing to rise in adoption of these cards due to advantages such as convenience and speed.
In 2016, the global market was dominated by the BFSI industry, and is expected to continue this trend during the forecast period. However, the others segment is expected to witness the highest growth, owing to increase in installation of contactless readers in the premises of hospitals for convenience of both patients and doctors.
Contactless Payments Market Key Segments:
By Device Type
- Mobile Handsets
- Point of Sale Terminals
- NFC Chips
- Smart Cards
- Others
By Industry Vertical
- BFSI
- Retail
- IT & Telecom
- Transportation
- Hospitality
- Government
- Others
Key Benefits
- This study includes the analytical depiction of the global contactless payments market along with current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed impact analyses.
- The current market is quantitatively analyzed from 2016 to 2023 to highlight the financial competency of the industry.
- Porters five forces analysis illustrates the potency of buyers & suppliers in the global contactless payments industry.
The key players operating in the contactless payments market include Ingenico Group, Verifone Systems, Inc., Inside Secure, on Track Innovations, Oberthur Technologies SA, Proxama, PLC., Wirecard AG, Giesecke & Devrient GmbH, Gemalto N.V., and Heartland Payment Systems, Inc.
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