New York, US, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Contactless Payment Market information by Technology, by Components, by Solution and Service, by Payment Mode, by Vertical and Region – forecast to 2027” market size to grow at a compound annual growth rate of 11.2% by 2025.
Market Scope:
Contactless payments have penetrated the transaction process of urban consumers thanks to proliferation of the internet and adoption of digital transactions by merchants. Acceptable standards by regulatory bodies coupled with encouragement to new innovations in fintech due to mobile wallets and mobile applications can bode favorably for the contactless payments industry. MRFR’s report on the global contactless payments market covers emerging trends of customer behavior and regulatory policies for the forecast period (2020-2027). The COVID-19 pandemic and its effects on the market are covered in high detail.
Dominant Key Players on Contactless Payment Market Covered are:
- Identiv
- Paycore
- Gemalto NV
- Alcenio
- Wirecard AG
- Giesecke+Devrient
- On Track Innovations
- Ingenico
- CPI Card Group
- Mypinpad
- Valitor
- Verifone Holdings Inc
- Infineon Technologies
- Idemia
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Market USP Exclusively Encompassed:
Market Drivers
Cashless Methods to Influence Market Demand
Nations aiming to connect the large populace of cities with rural areas can lead to heave investments in rail infrastructure. Expansions of rail road projects to serve as a reliable backup for trade and being integral to logistics and supply chains can drive the contactless payments market. Bids and auctions invited by governments to modernize the railways can serve as an incentive to contactless payments manufacturers.
Acceptance by Merchants to Boost Market Growth
The fuel burn penalty for contactless payments emitting nitrogen oxide can motivate railroad operators to opt for engines with alternative fuels such as diesel, LNG, and electric. Replacement of gasoline engines with diesel and encouragement of brake thermal efficiency can bode well for the market. Investments in fuel injection technology to improve the performance of contactless payments engines has high potential in the market.
Security Concerns to Impede Market Growth
Hybrid contactless payments are estimated to gain precedence slowly in the market as nations look to introduce sustainable development goals in their budget. Benefits of low fuel consumption and noise reduction compared to its conventional counterpart can drive its demand. Modernization initiatives by nations to rapidly upgrade its railroad infrastructure and connect citizens to faraway routes can bode well for the market. This is exemplified by the agreement between Hyundai Rotem and the Tanzania Railway Corporation for electric contactless payments and electric multiple units.
Browse In-depth Market Research Report (100 Pages) on Contactless Payment Market:
https://www.marketresearchfuture.com/reports/contactless-payment-market-9558
Segmentation of Market Covered in the Research:
By technology, the market has been segmented into radio frequency identification, near field communication, and host card emulation.
Hardware Component Deemed to Rule Market Growth
By Component, the market has been segmented into hardware, solution, and service. The hardware segment has been further segmented into cards, point of sale, and others. The services segment has been further segmented into consulting, integration and deployment, and support and maintenance.
Smartphones to be Primary Payment Mode in Global Market
By payment mode, the market has been segmented into smartphones, smartcards, and others.
Retail Vertical to Dominate Market Demand
By vertical, the market has been divided into retail, hospitality & travel, BFSI, media & entertainment, transportation & logistics, healthcare, and others.
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Regional Analysis
APAC to Lead Global Contactless Payments Market
APAC is touted to be highly lucrative for the market owing to a large customer base and the potential for railroad networks. Rapid industrialization and transport of goods through freight carriers can drive the regional contactless payments market growth. Huge production of rolling stock and investments in railroad connectivity projects can influence the market.
COVID-19 Impact on the Global Contactless Payment Market
The COVID-19 pandemic has been positive for the contactless payments market with merchants and B2C transactions adopting the digital route. Increasing use of cashless payments for grocery shopping, medical bills, utility bills, fuel bills, and other daily transactions is likely to bode well for the market. Modernization of payment channels and integration of payment merchants in mobile applications can entice customers. Prevention of exposure to the virus has accelerated its use.
Industry News
Mastercard and Verizon have agreed to a partnership on contactless payments on 5G network for SMEs and individuals. The alliance will capitalize on digitization of transactions and changing attitudes of customer behaviour.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
