Global Contactless Payment Market: Increased Demand from Industry to Spell Growth for Market, Says IGR

 Infinium Global Research’s recent report on the “Contactless Payment Market (By Device (Smartphones and Wearables, Point-of-Sales Terminals, and Smart Cards), Solution (Payment Terminal Solution, Transaction Management, Security and Fraud Management, Hosted Point-Of-Sales, and Analytics), Application (Retail, Transportation, Healthcare, Hospitality, and Government)): Global Industry Analysis, Trends, Size, Share and Forecasts upto 2026” provides a comprehensive outline of the factors responsible for the growth of the market. According to the report published by Infinium Global Research, the global contactless payment market is projected to grow at a CAGR of 20.4% from nearly USD 1.4 trillion in 2020 to USD 4 trillion in 2026 during the forecast period of 2020 – 2026.

"We are Now Including the Impact Analysis of the COVID-19 on this Premium Report and the Forecast Period of this Report shall be Revised to 2020-2026." 

The Section on the Impact of COVID-19 on this Market is Included in the Report for Free. To Know More Request Sample of this Report: https://www.infiniumglobalresearch.com/reports/sample-request/26638

Contactless payment is a protected method for consumers to purchase products or services, with the usage of devices such as smart cards, wearables, key fobs, smartphones, and many others. Predominantly, contactless payment uses Radio-frequency Identification (RFID) and Near Field Communication (NFC) technologies in order to enable contactless transactions in the contactless payment industry. Furthermore, the embedded chip & antenna placed in transaction devices allow consumers to wave or tap their smart cards, key fob, or handheld device over a reader at the point-of-sale (POS) terminal.

Furthermore, as a result of the COVID-19 crisis, a rise in contactless payment activity and curtailment in trips to brick-and-mortar branches is witnessed in the marketplace. The recent epidemic has forced consumers who once repelled digital payments to adopt digital banking apps as their novel default. The more these consumers understand how suitable it is to bank digitally, the less likely they are to go back to physical branches. And as the prominence of digital payment distribution channels upsurges in the aftermath of the COVID-19 eruption, it is likely to see a substantial acceleration of key digital trends.

Based on Application, the Retail Segment to Hold the Largest Market Size Over the Forecast Period

The retail application segment is expected to lead the market and accounts substantial share during the forecast period. Furthermore, retailers are adopting innovative technologies, for example, big data analytics, cloud computing, social networks, and digital stores to upsurge their presence and visibility in the market. In addition, retailers also understand the benefits of contactless payments, which comprise augmented revenue, reduced transaction time, minimized operating costs, and improved operational efficiency. Moreover, contactless payments have helped retailers to reduce counter queues and accelerate the transaction procedure.

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Europe to be the Dominant Region in Digital Banking Platform Market

Geographically, Europe generated the largest revenue in the contactless payments market in 2019 and is expected to continue its dominance over the forecast years. The presence of major players and rapid adoption of the latest technology in the European region is expected to boost the contactless payments market growth. Furthermore, on the other hand, the Asia Pacific region is predicted to exhibit strong growth in the contactless payments market due to booming IT infrastructure and hefty investments from the private and public players in the region.

Verifone Systems Inc., Ingenico Group SA, Visa Inc., Gemalto N.V.to Emerge as Top Vendors of the Contactless Payments Market

The contactless payments market is intensely competitive with the presence of several multinational and regional players. The major players Verifone Systems Inc., Ingenico Group SA, Visa Inc., Gemalto N.V., Giesecke&Devrient GmbH, Heartland Payment Systems, On Track Innovations (OTI) Ltd., and many others are constantly focusing on improving R&D and enable other organic strategies to gain a competitive edge in the market. Nevertheless, with technological advancements and product innovation, mid-size to smaller vendors in the contactless payments market are raising their market presence by securing new contracts and partnerships.

Infinium Global Research’s recent report on the global contactless payments market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the contactless payments market and also estimates the impact of recent developments on the global market.

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