Magnetic-stripe cards, a thing of the 1960s, have become passe, giving way to spectrum of contactless payments. They are similar to EMV payments but far more secure and flexible for merchants and users. The contactless payment framework is based on NFC or RFID, and enable consumers to make contactless payments when the card is within … Continue reading Contactless Payment Market – Exclusive Report on the Latest Trends and Opportunities in the Market
Emerging Trends and Opportunities in the Contactless Payment Market
Magnetic-stripe cards, a thing of the 1960s, have become passe, giving way to spectrum of contactless payments. They are similar to EMV payments but far more secure and flexible for merchants and users. The contactless payment framework is based on NFC or RFID, and enable consumers to make contactless payments when the card is within a specific distance of the machines, typically 10 cm or less, such as near POS or retail counters. Contactless mobile payments market have made some striking strides on the back of rapidly increasing penetration of smart mobile devices, such as smartphones. A wide array of contactless payment apps are being used for making online purchases and also in paying utility bills. Easy-to-use apps by stalwarts such as Google and Apple have enriched the landscape of the contactless payment market. The Covid-19 pandemic-led social distancing measures caused an upsurge in contactless payments, expanding the horizon for industry stakeholders to make these prompt and safe. Several financial merchants such as banks are offering facility of contactless payment through their cards. Some of the key services used are payment terminal solution, security and fraud management.
The study on the contactless payment market presents statistically-derived insights on historic trends, impacts of various developments on the technological and microeconomic landscape, analysis of the recent regulatory changes. The data-based insights and estimations of current and future opportunities in various segments comprise the quantitative assessment of the evolving trajectories in the contactless payment market.
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Contactless Payment Market: Key Trends
The past few decades have seen the surge in adoption of payment systems that are hassle-free both for merchants and consumers. Rise in online payment transactions on-the-go is another key trend in the contactless payment market. Rise in use of credit cards at POS has also fuelled the opportunities in the market. Advancements in financial technologies are key to expanding the customer reach of contactless payments in various geographies. Ceaselessly growing penetration of smartphones is a key trend boosting the use of contactless payment modules. Governments in various developing economies over the past few years have been emphasizing on the use of cashless transactions for multiple reasons, notably for paper reduction, ease for record keeping, and reducing the frauds by keeping trail of transactions. These initiatives have been highly instrumental in expanding the utilization of contactless payments, thereby boosting investments in the market. The advantage for faster checkouts for customers at retail outlets using contactless payment modules is another attractiveness proposition for spurring the popularity of these.
Contactless Payment Market: Competitive Dynamics and Key Developments
Strides in digital payment services have increasingly shaped the competitive scenario in the contactless payment market. Need for maintaining distance due to COVID has spurred the preference of contactless payments even among the smallest retailers in 2020. Thus, companies offering mobile wallets have been keenly advancing the underlying payment systems to make them safer and hassle-free. A number of players also opt for offers and loyalty points for attracting users. Large-scale disruptions in the brick-and-mortar banks in several parts of the world have also favorably influence the competitive dynamics in the contactless payment market.
Some of the key industry players in the market are;
- Wirecard AG
- Verifone Systems Inc.
- Thales Group
- Ingenico Group SA
- Visa Inc.
Contactless Payment Market: Regional Assessment
Numerous economies in Asia Pacific have emerged as markedly lucrative regions in the contactless payment market. The region has high latent demand, fueled in part by the growing focus of governments on digital payments.
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