SEATTLE, March 24, 2021 (GLOBE NEWSWIRE) -- The global contactless payments market was valued at US$ 11.2 Billion in 2019 and is estimated to account for 26.3 Billion in terms of value by the end of 2027.
Contactless payment is a method to make a secure payment from your electronic devices like phone, computer, tablet, and other smart phones and portable devices, using radio-frequency identification or biometrics for making secured payments. Contactless payment system allows you to make secure purchases without having to carry around lots of different cards or signatures. It is used by a lot of companies like banks, restaurants, and many more.
Market Drivers:
1. Increasing demand for biometric contactless smart cards in the U.S. and Europe is expected to drive growth of the global contactless payments market during the forecast period
The demand for biometric contactless smart cards has increased in the developed regions such as Europe and North America. These cards offer various advantages including sophisticated mode of transactions, speed & efficiency, temperature scanning, and with COVID-19 pandemic mandating social distancing, users can maintain distance with contactless payment smart cards. For instance, in December 2019, Fingerprint Cards AB, a Swedish biometrics company, collaborated with Valid to launch a contactless payment card, which features Fingerprints’ T-Shape module. Hence, such factors are expected to drive growth of the global contactless payments market during the forecast period.
2. Increasing penetration of smartphones in Asia Pacific is expected to propel the global contactless payments market growth over the forecast period
With increasing proliferation of high-speed internet at competitive prices, the demand for smartphones in emerging economies such as India, Indonesia, and China has increased massively in the recent past. High adoption of smartphones has prompted the use of contactless payments with the advent of e-wallets such as Paypal, G-Pay, and PayTm. Hence, such factors are expected to propel growth of the global contactless payments market growth over the forecast period.
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Market Opportunities:
1. Introduction of novel security features such as Blockchain can provide lucrative growth opportunities in the global contactless payments market
When it comes to online transactions, there is always a risk involved with data theft, cyber-attacks, and many more. However, the advent of Blockchain technology and 5G has reduced this risk significantly. 5G internet connectivity offers high-speed internet, which could reduce the delays in transactions. Furthermore, Blockchain uses the tamper-proof, decentralized mode of transactions, and hence it has gained major traction in digital transactions.
2. Increasing demand for mobile and wearable payment devices can provide major business opportunities in the global contactless payments market
The demand for mobile and wearable payment devices has increased over the years. The wearable payment devices use secure, contactless payments and thus it is witnessing high demand among businesses and users. Recently, in March 2021, Axis Bank launched contactless wearable payment devices ‘Wear N Pay’ to allow customers to make on-the-go transactions more conveniently.
Market Trends:
1. The retail sector is registering a high demand for contactless payments
Retailer across the globe are increasingly adopting innovative technologies such as cloud computing, big data analytics, social networks, and digital stores to enhance their market presence. Besides, retailers are understanding the benefits of contactless payments, which offer consumers an easy mode of transactions. For instance, in September 2018, Amazon inaugurated its first cashier-less grocery store called Amazon Go in Seattle, Washington where consumers can use the Amazon Go app to pick up what they need and leave. The items will be charged to their Amazon account automatically.
2. Mobile payment apps have gained significant traction in the market
Smartphones have emerged as the most favored device for digital transactions. The usage of smartphones and wearables is increasing rapidly every day, which is expected to fuel the demand for contactless payment solutions in the near future.
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Competitive Landscape:
Major companies involved in the global contactless payments market are NEC Corporation, Thales Group, Toshiba Corporation, Panasonic Corporation, NCR Corporation, Giesecke & Devrient GmbH, Wirecard AG, Posiflex Technology, Track Innovations Ltd., and Oberthur Technologies SA.
For instance, in September 2020, Titan Company Limited partnered with the State Bank of India (SBI) to introduce Titan Pay powered by YONO SBI.
Market segmentation:
- By Device Type: Smart Cards, Smartphones, POS, NFC Chips, and Others.
- By Component: Solution and Services (Consulting, Integration and Deployment, and Support and Maintenance.
- By Vertical: Retail, Hospitality, Energy & Utilities, Transportation & Logistics, BFSI, and Others (Government, Telecommunication, and Education).
Related Market Intelligence Reports:
Mobile Payment Technologies Market, By Type (Proximity Payment and Remote Payment), Type Purchase (Airtime Transfers & Top-ups, Money Transfers & Payments, Merchandise and Coupons, Travel and Ticketing and Others), By End-use Application (Hospitality & Tourism Sector, BFSI, Media & Entertainment, Retail Sector, Health Care, Education and Others)and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027
Read more: https://www.coherentmarketinsights.com/market-insight/mobile-payment-technologies-market-3687
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